 "housing, housing finance")
In 2023, the average flat size across these cities was 1,420 sq. ft., signifying a 7 per cent increase in the last six months alone.
The average flat sizes in the top seven cities grew by 32 per cent in the last five years, from 1,145 sq. ft. in 2019 to 1,513 sq. ft. in the first half of 2024 (H1 2024). The top seven cities are Delhi National Capital Region (NCR), Hyderabad, Bengaluru, Kolkata, Pune, Chennai, and Mumbai Metropolitan Region (MMR), according to a report by ANAROCK, a real estate advisory firm.
In 2023, the average flat size across these cities was 1,420 sq. ft., signifying a 7 per cent increase in the last six months alone. Among the top seven cities, NCR recorded the highest growth of 96 per cent, from 1,250 sq. ft. in 2019 to 2,450 sq. ft. in H1 2024. The region also reported a rise of 30 per cent in the average flat size in the last six months, the most among the country’s top seven cities. It increased from 1,890 sq. ft. at the end of 2023 to 2,450 sq. ft. in H1 2024, largely due to the increased new supply in the luxury segment during this period, the research stated.
Commenting on the statistics, Santhosh Kumar, vice chairman of ANAROCK Group, said, “This significant jump in NCR’s average flat size is largely due to the increased new supply of luxury apartments in the last year. Developers here are responding to the higher demand for spacious luxury homes with appropriate supply.”
Meanwhile, according to the research, MMR continued to offer the smallest average flat size among the top seven cities, at 825 sq. ft. in H1 2024. However, it reported an increase of 5 per cent in H1 2024 compared to 2019, when it stood at 784 sq. ft. In the last six months, the average flat size in the region also rose by 4 per cent.
“As expected, MMR saw the least growth in average flat sizes over this five-year period. The average flat size in MMR rose from 784 sq. ft. in 2019 to 825 sq. ft. in the first half of 2024—a mere 5 per cent increase. In this five-year period, only 2020 saw a notable 21 per cent annual rise in the region’s average flat size compared to 2019. Since 2020, the average size here was highest in 2022, at 840 sq. ft. It then fell by 5 per cent in 2023 compared to the preceding year,” Kumar added.
Further, as per the research, Hyderabad reported an increase of 18 per cent over the five years. The average flat size in the city stood at 2,010 sq. ft. in H1 2024. Average flat sizes in the other major southern cities—Chennai and Bengaluru—were found to be 1,450 sq. ft. and 1,630 sq. ft., respectively.
The average flat size in Kolkata remained at 1,125 sq. ft., while in Pune, it stood at 1,103 sq. ft., reporting increases of 13 per cent and 21 per cent over the five years, respectively.
First Published: Aug 12 2024 | 1:55 PM IST
