Average flat sizes in top 7 cities rise by 11% in 2023
NCR sees the highest growth in average flat size, while MMR and Kolkata were the only two cities where the average flat size decreased during the last one year
image for illustrative purpose
In Hyderabad alone, there has been a noticeable increase in the average house size, rising by at least 50 per cent over the past few years. Notably, many projects now feature large and modern homes exceeding 10,000 sq ft, a trend that is gaining popularity among buyers
Mumbai: Demand for bigger apartments refuses to wane despite life returning to normalcy across the country - and rising residential prices. Latest Anarock data indicates that average flat sizes in top seven cities have grown by 11 per cent annually last year – from 1,175 sq ft in 2022 to 1,300 sq ft in 2023.
Back in 2021 and 2020, the average flat sizes across the top seven cities were comparable to 2022 - 1,170 sq ft in 2021 and 1,167 sq ft in 2020.
Talking to Bizz Buzz, Prashant Rao, Managing Director, Poulomi Estates, a Hyderabad-based real estate developer says, “There is a clear trend indicating that homebuyers are increasingly seeking larger homes equipped with additional amenities. In response to this demand, developers are making efforts to offer more spacious and sizable homes.”
The widespread acceptance of the hybrid work system, which is likely to persist, has made the inclusion of a dedicated workspace and study room a crucial necessity. This is particularly evident in cities with a significant IT sector population, he said.
In Hyderabad alone, there has been a noticeable increase in the average house size, rising by at least 50 per cent over the past few years. Notably, many projects now feature large and modern homes exceeding 10,000 sq ft, a trend that is gaining popularity among buyers. The shift towards larger homes reflects the evolving preferences of homebuyers, who are increasingly prioritizing spacious living areas and designated spaces for remote work and study.
A deep dive into the data across the top cities reveals that MMR and Kolkata were the only two cities where the average flat size decreased in the last one year.
In MMR, average flat sizes stood at 840 sq ft in 2022 and decreased to 794 sq ft in 2023 – a 5 per cent yearly decline. However, over a 5-year period, avg. sizes in MMR were similar to 2019 at 784 sq ft.
In Kolkata, average flat sizes saw a 2 per cent yearly decline from 1,150 sq ft in 2022 to 1,124 sq ft in 2023. However, over a five-year period, average flat sizes have risen by 12 per cent in the city. Avg. flat size in the city stood at 1,000 sq ft in 2019.
Mohit Jain, Managing Director, Krisumi Corporation says, “The rising living standards manifest in several ways -increased business opportunities, jobs, and higher disposable incomes. All these factors fuel aspirations for a more elevate lifestyle.”
Consequently, contemporary homebuyers are prioritising spacious dwellings in prestigious housing societies, a trend exacerbated by India's rapid economic growth, he added.
The aspirational segment of society is also playing a pivotal role in propelling the demand for premium homes, which are spacious and bigger in sizes. This trend may continue in the foreseeable future. Among the top seven cities, NCR saw the highest growth (37 per cent) in average flat size in the last one year – from 1,375 sq ft in 2022 to 1,890 sq ft in 2023. Developers in the region are actively tracking demand and launching larger homes - homebuyer demand is skewed significantly towards luxury apartments, which are primarily defined by bigger sizes.
