According to property consultancy Anarock, the average size of newly launched apartments in India's major cities has seen a significant increase, with a 5% annual surge during the first quarter of 2023. This reflects the evolving real estate market, where developers are catering to the rising demand for larger living spaces. Among the cities, Delhi-NCR experienced the most prominent surge, with average flat sizes expanding by 50%. The trend signifies a shift from previous preferences for compact homes, driven by affordability and millennial lifestyle trends.
In recent years, the average size of newly launched apartments in India's seven primary cities has seen a significant growth spurt, with a notable 5% annual surge during the first quarter of 2023. This trend, reported by property consultancy Anarock, reflects the evolving real estate market where builders have started catering to consumers' increasing demand for larger living spaces.
Data reveals that the average size of flats launched across these cities grew from 1,170 square feet during the same period last year to 1,225 square feet in Q1 2023.
Among these metropolises, Delhi-NCR witnessed the most prominent surge, with average flat size expanding by a remarkable 50% to 1,700 square feet from 1,130 square feet a year earlier. Developers in the region seem to be effectively tuning into consumer demands and consequently delivering larger homes.
Kolkata and Hyderabad also experienced significant expansions in their average flat sizes with increases of 44% and 29% respectively. In contrast, the size of flats in Chennai dipped by 6%, and Mumbai Metropolitan Region saw a 5% decline.
Anuj Puri, Chairman of Anarock, shed light on this dynamic shift, noting that prior to the pandemic, flat sizes were consistently shrinking to cater to consumer preferences for more compact, low-maintenance homes, primarily driven by affordability and millennial lifestyle trends. The dramatic upheaval brought about by the pandemic in 2020, including the necessity of working and studying from home, led to an abrupt change in these preferences.
Despite the upward trend in property prices, the appetite for larger living spaces persists in 2023. In the past five years, there has been a 7% growth in the average size of flats being launched across the top seven cities, hitting 1,225 sq ft in Q1 2023, up from 1,150 sq ft in 2018.
However, the Mumbai Metropolitan Region stands out as the lone city to see a decrease in average flat sizes over the last five years, with a drop from 932 sq ft in 2018 to 743 sq ft in Q1 2023.
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