Average Flat Sizes Surge in India’s Top Cities; NCR Takes The Lead
Despite rising property prices across India’s major cities, a new trend is emerging: homebuyers are increasingly seeking bigger spaces. A recent report by Anarock, a real estate advisory firm, reveals a significant jump in average flat sizes across the top seven cities over the past five years.
Spacious Living Takes Centre Stage
The study highlights a 32 per cent increase in average flat sizes between 2019 and the first half of 2024 (H1 2024) in cities like Delhi-National Capital Region (NCR), Hyderabad, Bengaluru, Kolkata, Pune, Chennai, and Mumbai Metropolitan Region (MMR). This growth indicates a shift in consumer preferences towards spacious living, even as property prices continue to climb.
NCR Leads the Luxury Charge
Among these cities, NCR witnessed the most dramatic rise, with average flat sizes ballooning by a staggering 96 per cent. In 2019, the average NCR flat size stood at 1,250 square feet. By H1 2024, that number had skyrocketed to a whopping 2,450 square feet. This surge is largely attributed to a significant increase in the supply of luxury apartments within the region.
NCR’s Luxury Boom
NCR’s dominance in luxury real estate is further solidified by the fact that it also witnessed the highest rise in average flat size within the last six months. This recent period saw a 30 per cent increase, jumping from 1,890 square feet at the end of 2023 to 2,450 square feet in H1 2024. Anarock attributes this growth to the influx of new luxury apartment projects launched in the region.
MMR: A Different Story
While NCR basks in the luxury spotlight, Mumbai Metropolitan Region (MMR) tells a different story. MMR continues to offer the smallest average flat size among the top seven cities, clocking in at 825 square feet in H1 2024. Although this represents a five per cent increase from 2019, it pales in comparison to the explosive growth witnessed in other regions.
The Rise of Spacious Living
The report’s findings extend beyond NCR’s luxury boom. Even in MMR, where space is a premium, average flat sizes have grown by four per cent in the last six months. This trend, observed across all major cities, suggests a broader shift in consumer preferences. The pandemic’s influence is likely a contributing factor, with homebuyers prioritising more space to accommodate work-from-home arrangements and changing lifestyles.
Looking Ahead: A Luxurious Future?
Anarock’s report paints a picture of a changing real estate market in India. The increasing demand for luxury apartments and spacious living suggests a growing affluence among homebuyers in major cities. As developers cater to this evolving preference, the future of Indian real estate might be characterised by sprawling luxury abodes.
