Average flat sizes in top seven cities rise by 11% in 2023 - Hindustan Times
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Average flat sizes in top seven cities rise by 11% in 2023; Delhi-NCR witnesses highest growth in average apartment size

Jan 28, 2024 01:50 PM IST

MMR and Kolkata are the only cities where average flat sizes declined annually by 5% and 2% respectively; The average flat size in Hyderabad was the highest

The average apartment sizes in the top seven cities have grown by 11% annually last year – from 1,175 sq ft in 2022 to 1,300 sq ft in 2023 on the back of increasing demand for bigger homes, data shared by Anarock Research showed.

The average apartment sizes in the top seven cities have grown by 11% annually last year – from 1,175 sq ft in 2022 to 1,300 sq ft in 2023 on the back of increasing demand for bigger homes(Pixabay)
The average apartment sizes in the top seven cities have grown by 11% annually last year – from 1,175 sq ft in 2022 to 1,300 sq ft in 2023 on the back of increasing demand for bigger homes(Pixabay)

Back in 2021 and 2020, the average flat size across the top 7 cities were comparable to 2022 - 1,170 sq. ft. in 2021 and 1,167 sq. ft. in 2020.

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The top seven cities included NCR, Mumbai Metropolitan Region, Hyderabad, Kolkata, Pune, Chennai and Bengaluru.

Also Read: Living large in a shoebox! Is it worth living in New York's tiniest apartment or size does matter?

Kolkata and MMR were outliers, seeing a drop in average flat sizes in the year by 2% and 5%, respectively. In Kolkata, average flat sizes decreased from 1,150 sq. ft. in 2022 to 1,124 sq. ft. in 2023, while in MMR it reduced from 840 sq. ft. in 2022 to 794 sq. ft. in 2023. However, on a 5-yearly basis, the cities saw average sizes rise - in MMR by a mere 1% between 2019 and 2023, but a 12% increase in Chennai in the same period.

Among the top 7 cities, NCR saw the highest growth (37%) in average flat size in the last one year – from 1,375 sq. ft. in 2022 to 1,890 sq. ft. in 2023. If one were to consider 5-yearly trends, average flat size jumped by 51% 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.

Hyderabad has the highest average flat size in 2023 at 2,300 sq. ft., followed by NCR with 1,890 sq. ft. In the other southern cities - Chennai and Bengaluru – average flat sizes are 1,260 and 1,484 sq. ft., respectively. Pune’s average flat size stood at 1,086 sq. ft. in 2023. Avg. flat sizes in Hyderabad witnessed a 30% yearly increase, and a 35% 5-yearly rise. The average flat sizes in the city stood at 1,700 in 2019, 1,775 sq. ft. in 2022, and 2,300 sq. ft. in 2023.

Also Read: Everest Food Products promoters buy luxury apartments of over 143 crore in Mumbai

In Bengaluru, the average flat size increased by 26% in the year - from 1,175 sq. ft. in 2022 to 1,484 sq. ft. in 2023. On a 5-yearly basis, India’s Silicon Valley saw a 16% jump in avg. flat sizes, from 1,280 sq. ft. in 2019.

Average flat sizes in Pune saw a 11% yearly increase to 1,086 sq. ft. in 2023 from 980 sq. ft. back in 2022. In the last five years, the city saw a 19% jump in average flat sizes. In 2019, it stood at 910 sq. ft.

Chennai saw a 5% yearly jump in avg. flat sizes – from 1,200 sq. ft. in 2022 to 1,260 sq. ft. in 2023, and a 15% a 5-yearly rise. The average flat size stood at 1,100 sq. ft. in 2019.

“North-bound housing prices in the top cities have in no way dispelled the demand for generous living spaces,” says Anuj Puri, chairman – ANAROCK Group. “The supply of bigger luxury homes increased significantly in 2023.

ANAROCK data indicates that more than one lakh units (or approximately 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,” he added.

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