NEW DELHI: Builders are constructing bigger homes to meet consumers’ demand as the average size of flats rose 11 per cent last year across seven major cities, according to Anarock.
Real estate consultant Anarock has analysed the fresh supply of housing units during 2023 across the primary residential market of seven major cities.
The data showed that average flat sizes in the top 7 cities rose to 1,300 square feet last year from 1,175 square feet in 2022.
In the Mumbai Metropolitan Region (MMR) and Kolkata, the average size of apartments fell, but it grew in Delhi-NCR, Bengaluru, Hyderabad, Pune and Chennai in 2023.
The average size stood at 1,050 square feet in 2019, 1,167 sq ft in 2020, and 1,170 sq ft in 2021.
“Northbound housing prices in the top cities have in no way dispelled the demand for generous living spaces,” Anarock Chairman Anuj Puri said.
The supply of bigger luxury homes increased significantly last year, he said, adding that around 23 per cent of the total new launches were in the luxury category.
“The demand for bigger-size homes was kick-started by the pandemic, but there are no signs of it waning three years later. Led by an enduring ‘new normal’ in homebuyer preferences, this demand seems eminently sustainable,” Puri said.
Krisumi Corporation MD Mohit Jain said the aspirational segment of society is playing a pivotal role in propelling the demand for premium homes, which are spacious and bigger in size.
“This trend may continue in the foreseeable future,” he added.
Among seven major cities, Mumbai Metropolitan Region (MMR) and Kolkata were the only two cities where the average flat sizes decreased in 2023.
In MMR, the average flat size fell 5 per cent to 794 sq ft in 2023 from 840 square feet in 2022.
In Kolkata, the average flat size saw a 2 per cent decline to 1,124 sq ft last year from 1,150 square feet in 2022.
Delhi-NCR saw the highest 37 per cent rise in average flat size to 1,890 square feet in 2023 from 1,375 sq ft in 2022.
Anarock said that developers in the Delhi-NCR are actively tracking demand and launching larger homes. The demand is skewed significantly towards luxury apartments, which are primarily defined by bigger sizes.
Hyderabad has the highest average flat size at 2,300 square feet, up 30 per cent from 1,775 square feet in 2022.
In Bengaluru, the average flat size increased by 26 per cent to 1,484 sq ft in 2023 from 1,175 sq ft in the previous year.
The average flat size in Pune saw an 11 per cent increase to 1,086 sq ft in 2023 from 980 sq ft in 2022.
Chennai saw a 5 per cent rise in average flat sizes to 1,260 square feet in 2023 from 1,200 sq ft in the previous year, Anarock said.
With inputs from PTI.
The post Average Flat Size Expands 11 Per Cent In Top 7 Cities first appeared on Latest India news, analysis and reports on IPA Newspack.
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