Delhi-NCR Logs Maximum Growth In Average Flat Size To 1,890 Sq Ft On Rising Demand For Luxury Apartments: Anarock

According to the data, the average size of apartments slipped in the Mumbai Metropolitan Region (MMR) and Kolkata, however, it increased in Delhi-NCR, Bengaluru, Hyderabad, Pune, and Chennai in 2023

The average flat sizes in the top seven cities in the country increased to 1,300 square feet in 2023, against 1,175 square feet in 2022

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Average flat size increased 11 per cent last year across seven major cities as builders constructed bigger homes to cater to the consumers’ demand, a survey by real estate consultant, Anarock, revealed. The data showed that average flat sizes in the top seven cities in the country increased to 1,300 square feet in 2023, against 1,175 square feet in 2022, with Delhi-NCR logging the largest jump in the average size.

The consultant analysed the fresh supply of housing units during the reviewing period across the primary residential markets in the seven major cities, reported PTI. According to the findings, the average size of apartments slipped in the Mumbai Metropolitan Region (MMR) and Kolkata, however, it increased in Delhi-NCR, Bengaluru, Hyderabad, Pune, and Chennai in 2023. 

The average flat size stood at 1,050 square feet in 2019, 1,167 square feet in 2020, and 1,170 square feet in 2021. In MMR, the average flat size decreased 5 per cent to 794 square feet in 2023, against 840 square feet a year earlier. In Kolkata, the average apartment size logged a 2 per cent decline to 1,124 square feet in the reviewing period, compared to 1,150 square feet in the preceding year.

The data further showed that Delhi-NCR reported the highest jump in average flat size at 37 per cent to 1,890 square feet in 2023, from 1,375 square feet in 2022. Anarock noted that builders in Delhi-NCR were actively keeping a track of demand and constructing larger homes. This demand remained skewed majorly toward luxury apartments, it added, which are defined by bigger sizes.

The average flat size remained the highest in Hyderabad at 2,300 square feet, an increase of 30 per cent from 1,775 square feet in 2022. In Bengaluru, the average apartment size grew by 26 per cent to 1,484 square feet in 2023, compared to 1,175 square feet in 2022. For Pune, the average flat size climbed 11 per cent on a year-on-year (YoY) basis and touched 1,086 square feet in 2023, from 980 square feet a year earlier. The average apartment size increased 5 per cent in Chennai to 1,260 square feet from 1,200 square feet, on a YoY basis.

Commenting on the data, Anuj Puri, Chairman, Anarock, noted, “Northbound housing prices in the top cities have in no way dispelled the demand for generous living spaces. The supply of bigger luxury homes increased significantly last year. 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.”

Elaborating on the real estate demand, 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.”