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New Delhi: The average flat size in the fresh supply of top seven cities ie Chennai, Hyderabad, Kolkata, Mumbai Metropolitan Region (MMR), the National Capital Region (NCR), Pune grew by 7% in the last five years – from around 1,150 sq ft in 2018 to around 1,225 sq ft in Q1 2023, according to 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 has come down 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 an average flat size in MMR. An annual growth of 21% over 2019. Since 2020, homes in this area have been shrinking,” says Anuj Puri, chairman, Anarock Group.
Among the top seven cities, NCR witnessed the highest growth in average flat size in the last five years – approx. In 2018 approximately 1,250 sq. ft. In the first quarter of 2023, 1,700 sq. ft. Developers in the NCR are closely tracking the demand and launching larger homes in the region.
Hyderabad has the highest approx average flat size. 2,200 sq. ft. in Q1 2023, followed by NCR approx. At 1,700 sq ft, in Chennai and Bengaluru, the average flat size stands at approx. respectively 1,175 and 1,300 sq. ft. In Kolkata, the average flat size was approx. The average flat size clocks in at 1,150 sq ft, approx in Pune. 1,013 Sq.ft.
“Before Covid-19, apartment sizes were shrinking annually to meet the demand for compact homes prevalent then. The central concern was affordability and the millennial preference for low-maintenance homes. 2020 witnessed a sudden reversal in the preferences of the buyers. Puri said that with the sudden thrust on WFH and study-from-home culture, flat sizes started increasing for the first time in four years.
Property prices are headed north in 2023 but the demand for bigger homes continues. Q1 2023 saw an increase of nearly 7% in the average apartment size in the top seven cities since 2018, with the MMR seeing a decrease in average home size of only 20% over the period.
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