Among seven cities, Delhi-NCR saw average flat size rising 50 per cent to 1,700 square feet in the first quarter of 2023 from 1,130 square feet in January-March last year.
Developers in Delhi-NCR are closely tracking demand and launching bigger homes in this region, Anarock noted.
Kolkata saw flat sizes increase by 44 per cent to 1,150 sq ft in Q1 2023 from 800 sq ft in the year-ago period.
The average flat size in Hyderabad rose 29 per cent to 2,200 sq ft in January-March from 1,700 sq ft in Q1 of 2022.
Pune witnessed a 16 per cent yearly increase to 1,013 square feet in Q1 2023 from 877 square feet in the first quarter of the last calendar year. Bengaluru witnessed an 8 per cent rise in average flat sizes to about 1,300 square feet in January-March 2023 from 1,200 square feet in the year-ago period. The average size of flats in Chennai declined 6 per cent to 1,175 square feet in Q1 2023 from 1,250 sqft in the year-ago period.
Mumbai Metropolitan Region (MMR) saw average flat sizes decrease by 5 per cent to 743 sq ft in January-March this year from 783 square feet in Q1 2022.
“Before COVID-19, apartment sizes were shrinking annually to meet the demand for compact homes prevalent then,” Anarock Chairman Anuj Puri said.
“The central concerns were affordability and millennials’ preference for low-maintenance homes. 2020 saw an abrupt reversal of buyer preferences,” Puri added.
With a sudden emphasis on the WFH (work from home) and study-from-home culture, flat sizes began increasing for the first time in four years, he added.
In 2023, property prices are heading north but the demand for bigger homes continues, the consultant said.
According to Anarock, average flat sizes in fresh supply hitting the top 7 cities grew 7 per cent in the last five years to 1,225 sq ft in Q1 of 2023 from 1,150 sq ft in 2018.
The average flat size in these cities stood at 1,185 sq ft last year, 1,170 sq ft in 2021, 1,150 square feet in 2020 and 1,050 square feet in the 2019 calendar year.
MMR is the only city where average flat sizes reduced in the last five years – from 932 sq ft in 2018 to 743 sq ft in January-March this year, Anarock said.
Among the top seven cities, Delhi-NCR saw the highest growth in average flat size in the last five years to 1,700 square feet from 1,250 sq ft in 2018.
