According to a recently released report by Anarock India, in response to a rising demand for larger homes in India's major cities, real estate builders have increased the average size of flats by 11% across seven key cities. The analysis of 2023's housing supply showed a notable surge from 1,175 to 1,300 square feet. While Mumbai and Kolkata experienced declines, other cities like Delhi-NCR, Bengaluru, Hyderabad, Pune, and Chennai saw significant increases. The luxury home sector, particularly in Delhi-NCR, witnessed a 37% rise in average size. The data reflects a dynamic shift in homebuyer preferences, emphasizing the real estate sector's adaptability to evolving demands in India's urban landscape.
The demand for larger homes in India's major cities has prompted builders to construct more spacious residences, with an average size increase of 11% in flats across seven key cities, according to real estate consultant Anarock.
An analysis of the fresh supply of housing units during 2023 revealed that the average flat size in the top 7 cities surged from 1,175 square feet in 2022 to 1,300 square feet last year. This trend, however, wasn't uniform across all cities.
In terms of city-specific changes, Mumbai and Kolkata experienced a decline in average flat sizes, with Mumbai seeing a 5% decrease to 794 square feet from 840 sq. ft. in 2022 but when we look at the figures from 5 years ago i.e., 2019 the average size remains the same for Mumbai. Kolkata witnessed a 2% decrease to 1,124 square feet in 2023. Again when comparing it to 2019 the flat sizes have increased by 12% in Kolkata as the average size in the city was 1000 sq. ft.
Builders have responded to the demand for larger living spaces, with around 23% of total new launches constituting bigger luxury homes in 2023. In Delhi-NCR, developers actively launched larger homes, especially in the luxury category. In 2022, the average size was 1,375 square feet, and by 2023, it rose by an impressive 37% to reach 1,890 square feet. This indicates a substantial shift towards larger living spaces in the region. The data reflects a strong preference for more spacious homes among buyers in the Delhi-NCR area.
On the other hand, Bengaluru experienced a substantial increase of 26%, as the average flat size grew from 1,175 square feet in 2022 to 1,484 square feet in 2023. Hyderabad topped the list with the highest average flat size at 2,300 square feet, showing a remarkable 30% increase from 1,775 square feet in 2022.
Pune saw an 11% rise, with the average flat size increasing from 980 square feet in 2022 to 1,086 square feet in 2023. In Chennai, there was a 5% increase, with the average flat size rising from 1,200 square feet in the previous year to 1,260 square feet in 2023.
In conclusion, the evolving landscape of India's real estate market, particularly in its major cities, has witnessed a significant response from builders to meet the growing demand for larger homes. The overall trend reflects an 11% increase in the average size of flats across the top 7 cities in 2023. While Mumbai and Kolkata experienced slight declines in average flat sizes, other cities such as Delhi-NCR, Bengaluru, Hyderabad, Pune, and Chennai demonstrated remarkable increases. The surge in luxury home launches, especially in Delhi-NCR, showcases a substantial shift towards more spacious living spaces. As urban preferences continue to evolve, these findings underscore the dynamic nature of the real estate sector in adapting to the changing demands and expectations of homebuyers across different cities in India.
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