Builders respond to demand, increasing flat sizes by 11% in seven major cities. Meeting consumers’ preferences for larger homes, Anarock reports.
Builders are constructing larger homes to meet consumer demand as the average size of apartments increased by 11 percent last year across seven major cities, according to findings by Anarock.
The real estate consultancy firm analyzed the recent influx of housing units in 2023 across seven major urban centers. The data revealed that the average size of flats in these cities rose to 1,300 square feet last year from 1,175 square feet in 2022. While Mumbai Metropolitan Region (MMR) and Kolkata experienced a decrease in average apartment size, cities like Delhi-NCR, Bengaluru, Hyderabad, Pune, and Chennai witnessed growth in 2023. Back in 2019, the average size stood at 1,050 square feet, followed by 1,167 sq ft in 2020 and 1,170 sq ft in 2021. “Despite the upward trajectory of housing prices in major cities, the demand for spacious living areas remains robust,” noted Anarock Chairman Anuj Puri.
Puri also highlighted a significant increase in the supply of larger luxury homes last year, constituting around 23 percent of total new launches. “The demand for more spacious residences, which gained momentum during the pandemic, continues unabated even after three years. Fueled by enduring shifts in homebuyer preferences, this demand appears to be sustainable,” remarked Puri.
Mohit Jain, Managing Director of Krisumi Corporation, emphasized the role of the aspirational segment in driving the demand for premium, spacious homes. “This trend is likely to persist in the foreseeable future,” he added.
Among the seven major cities, Mumbai Metropolitan Region (MMR) and Kolkata were the only ones where average apartment sizes decreased in 2023. In MMR, the average size decreased by 5 percent to 794 sq ft in 2023 from 840 square feet in 2022. Similarly, Kolkata witnessed a 2 percent decline in the average apartment size to 1,124 sq ft last year from 1,150 square feet in 2022. Meanwhile, Delhi-NCR saw the highest increase, with average apartment size rising by 37 percent 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.
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