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New Delhi: Average flat size in fresh supply is affecting top seven cities Chennai, Hyderabad, Kolkata, Mumbai In the metropolitan region (MMR), the National Capital Region (NCR), Pune witnessed a 7% growth in the last five years – from around 1,150 sq ft in 2018 to around 1,225 sq ft in the first quarter of 2023. Anarock Figures. In 2022, the average flat size in these cities is expected to be 1,185 sq ft and 1,170 sq ft in 2021.
“MMR is the only city where the average flat size decreased in the last five years – from 932 sq ft in 2018 to 743 sq ft in the first quarter of 2023. In these five years, only 2020 saw the average flat size in MMR Annual growth of 21% over 2019. Since 2020, homes in the area have been shrinking,” says Anuj Puri, chairman, Anarock Group.
Among the top seven cities, the NCR witnessed the highest increase in average flat size over the last five years – approx. In 2018 approximately 1,250 sq. ft. In the first quarter of 2023, 1,700 sq. ft. Developers in NCR are closely tracking the demand and launching larger homes in the region.
Hyderabad has the highest average flat size of approx. 2,200 sq ft in the first quarter of 2023, followed by NCR locations of approx. 1,700 sq ft, in Chennai and Bengaluru, the average flat size is approx. respectively 1,175 and 1,300 sq. ft. In Kolkata, the average flat size was approx. 1,150 sq ft whereas in Pune, the average flat size is approx. 1,013 Sq.ft.
“Prior to Covid-19, apartment sizes were reducing annually to meet the demand for compact homes prevalent at that time. The main concern was the millennials’ preference for affordability and low-maintenance homes. 2020 saw a sudden change in buyer preferences. With the sudden thrust on WFH and home-schooling culture, flat sizes started increasing for the first time in four years, said Puri.
In 2023, property prices are trending north but the demand for bigger homes continues. The average apartment size in the top seven cities in Q1 2023 saw an increase of about 7% since 2018, with the MMR being the only exception and the average house size decreasing by about 20% during this period.
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