Average flat size increases 11 pc in 2023
Growing demand for spacious homes reflects shifting post-pandemic lifestyles.
Chennai: The size of apartments in the top seven cities increased in 2023 by 11 per cent on an average to 1300 sq ft. With a 30 per cent growth, Hyderabad remained at the top in terms of apartment size.
Despite, workforce getting back to offices after the pandemic, the average size of apartments in the top seven cities increased from 1175 sq ft to 1300 sq ft. Since the pandemic apartment sizes have been growing from 1167 sq ft in 2020 to 1170 sq ft in 2021 and. 1175 sq ft in 2022. The increase in apartment size is also linked to the increasing demand for luxury homes in 2023, finds Anarock Group.
The National Capital Region saw the highest growth of 37 per cent in average flat size from 1,375 sq. ft. in 2022 to 1,890 sq. ft. in 2023. In the past five years, average flat size jumped by 51 per cent from 1,250 sq. ft. in 2019. 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. In terms of flat size in 2023, NCR was second to Hyderabad.
Hyderabad had the highest average flat size in 2023 at 2,300 sq. ft. Average flat sizes in Hyderabad witnessed a 30 per cent yearly increase, and a 35 per cent 5-yearly rise. In the other southern cities - Chennai and Bengaluru – average flat sizes are 1,260 and 1,484 sq. ft., respectively.
Mumbai saw a 5 per cent decline in flat sizes from 840 sq. ft. in 2022 to 794 sq. ft. in 2023. Kolkata saw a 2 per cent decline in apartment size. Bengaluru saw 26 per cent yearly rise in the average flat size and Chennai saw 5 per cent rise.
“The supply of bigger luxury homes increased significantly in 2023. Anarock data indicates that more than one lakh units (or approx. 23%) of the total new launches in 2023 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,” said Anuj Puri, Chairman, Anarock Group.