Flats are becoming bigger in the major cities in the country. The latest report by Anarock revealed that the average size of flats in the top seven cities increased by 32 per cent in the last five years. The survey indicated that consumers are leaning towards spacious homes rapidly.
The study by the real estate advisory firm found that the average flat size climbed to 1,513 square feet in the first half of 2024, against 1,145 square feet clocked in 2019 in the major cities. These cities included Delhi-National Capital Region (NCR), Bengaluru, Kolkata, Hyderabad, Chennai, Pune, and Mumbai Metropolitan Region (MMR), reported Business Standard.
In the last six months itself, the average flat size soared by 7 per cent, the study found. Notably, in 2023, the figure across these cities stood at 1,420 square feet.
Amongst the cities, NCR clocked the sharpest growth of 96 per cent in average flat size to 2,450 square feet in the first six months of 2024, against 1,250 square feet logged in 2019. This change in preference was attributed to an elevated supply in the luxury flats segment during the period under review.
Meanwhile, MMR recorded the lowest average flat size amongst the cities at 825 square feet in H12024, rising 5 per cent against 784 square feet reported in 2019. During the last six months, the city saw the average flat size inch up by 4 per cent.
Elaborating on the study’s findings, Santhosh Kumar, vice chairman, Anarock Group, noted, “This significant jump in NCR’s average flat size is largely due to the increased new supply of luxury apartments in the last year. Developers here are responding to the higher demand for spacious luxury homes with appropriate supply.”
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Other regions such as Hyderabad clocked a gain of 18 per cent in average flat size during the reviewing period, while Kolkata and Pune saw the figure jump by 13 and 21 per cent respectively during the five years.