Despite normalization of life across the country and increase in housing prices, the demand for larger apartments is not decreasing. According to the latest data from real estate consultancy firm Anarock, the average flat size in the top-7 cities grew 11 per cent year-on-year last year – from 1,175 sq ft in 2022 to 1,300 sq ft in 2023.
“In 2021 and 2020, the average flat size in the top-7 cities was the same in 2022 – 1,170 sq ft in 2021 and 1,167 sq ft in 2020,” according to the Anarock report.
A deeper look at the data from top cities reveals that MMR and Kolkata were the only two cities where the average flat size has declined in the last one year.
“In MMR, the average flat size was 840 sq ft in 2022 and will decline to 794 sq ft in 2023 – an annual decline of 5 per cent. However, over a 5-year period, the avg. The size in MMR was 784 sqft, similar to 2019,” it said.
In Kolkata, the average flat size saw a 2 per cent annual decline from 1,150 sq ft in 2022 to 1,124 sq ft in 2023. However, over a period of 5 years, the average flat size in the city has increased by 12 percent. It said the average flat size in the city in 2019 was 1,000 sqft.
Among the top 7 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 area are actively tracking demand and launching larger homes – homebuyer demand is largely tilted towards luxury apartments, which are primarily defined by larger size.
The average flat size in 2023 is highest in Hyderabad at 2,300 sq ft, followed by 1,890 sq ft in NCR. In other southern cities – Chennai and Bengaluru – the average flat size is 1,260 and 1,484 sq ft respectively. Pune’s average flat size in 2023 to be 1,086 sq ft
Anuj Puri, Chairman, ANAROCK Group, said, “The upward trend in housing prices in the top cities has by no means eliminated the demand for generous living spaces. The supply of large luxury homes increases significantly in 2023. ANAROCK data suggests that more than one lakh units (or about 23 per cent) of the total new launches in 2023 were in the luxury category.
He said the demand for larger-sized homes started due to the pandemic, but three years later there is no sign of it slowing down. Led by a permanent ‘new normal’ in home buyer preferences, this demand seems quite sustainable.
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