Impact of global economic slowdown is being witnessed in the changing lifestyle among top executives based in the satellite city since the residents of the high-end apartments preferring to shift to economic class localities. They are looking for smaller flats either in the same locality or in the same area so as to continue enjoying the benefits of the vicinity and remain in the same social strata.

"Many companies are cutting costs besides implying pay cuts, therefore even employees are looking for economical flats as the major savings or cost cutting they can do is only in house rental," stated Mohanlal Maurya from Millennium Estate Consultant, Sanpada.

Majority of shift is taking place in premium apartments which are 1400 sq ft -2500 sq ft to economic flats of around 500 to 1000 sq ft. "Many people who are coming for renewal are also looking for smaller flats due to recession. The clients who were willingly paying rent of Rs 25,000 and above are now looking for the flats ranging between Rs 10,000-Rs 15,000," Maurya said and added that the estate agents are also receiving such 10-15 enquiries weekly.

Although, people prefer renting smaller flats in the same locality to continue enjoying benefits of good society and proximity to facilities like school and college, there are few who compromise and shift to other sectors or nodes.

"People prefer flats in same locality considering the schools and other amenities for their children. But, if shifting to interior areas or other sectors are saving some extra money and giving them decent rental difference, then they are also going for it," added a Seawoods-based real estate agent on condition of anonymity.

The recession is indeed costing dearly to all which is evident from the changing lifestyles of the people.

"I was staying in the 2BHK apartment in Ghansoli since two years, but due to the slowdown, our certain allowances are being reduced. Therefore, to balance my expenses I had to move in a smaller house located in economical housing society which also has decent maintenance charges compared to what I used to pay in tower with various facilities," informed Samuel D (name changed on request), an employee of a multinational company.

Prajakta Chavan/ DNA-Daily News & Analysis Source: 3D Syndication