Updated January 28th, 2024 at 13:46 IST
Average size of flats increased by 11% in last 7 years: Anarock
While the average size decreased in MMR and Kolkata, it grew in Delhi-NCR, Bengaluru, Hyderabad, Pune, and Chennai.
Metro cities demand bigger homes: Real estate builders are responding to consumer demand for larger homes, with the average size of flats increasing by 11 per cent across seven major cities last year, as per Anarock, a real estate consultant. Analysing the fresh supply of housing units in 2023 across Delhi-NCR, Mumbai Metropolitan Region (MMR), Kolkata, Bengaluru, Hyderabad, Pune, and Chennai, the data reveals that the average flat size in the top 7 cities rose from 1,175 square feet in 2022 to 1,300 square feet in 2023.
While the average size decreased in MMR and Kolkata, it grew in Delhi-NCR, Bengaluru, Hyderabad, Pune, and Chennai. Anarock Chairman Anuj Puri noted that despite rising housing prices, there is a sustained demand for larger living spaces. The supply of bigger luxury homes increased significantly last year, with around 23 per cent of new launches falling into the luxury category.
Puri attributed the demand for larger homes to the enduring effects of the pandemic on homebuyer preferences, stating that the trend initiated by the pandemic seems sustainable three years later. Krisumi Corporation MD Mohit Jain underlined the aspirational segment's role in driving demand for spacious and larger premium homes, predicting the trend to continue in the foreseeable future.
Among the seven major cities, Delhi-NCR saw the highest rise in average flat size (37 per cent), reaching 1,890 square feet in 2023. In MMR and Kolkata, the average flat sizes decreased by 5 per cent and 2 per cent, respectively. Developers in Delhi-NCR are actively responding to demand by launching larger homes, particularly focusing on luxury apartments defined by larger sizes.
Hyderabad leads with the highest average flat size at 2,300 square feet, a 30 per cent increase from 2022, while Bengaluru, Pune, and Chennai also witnessed notable size increases. This trend reflects a shift in homebuyer preferences towards more spacious and luxurious living spaces.
(With PTI inputs)
Published January 28th, 2024 at 13:46 IST