A recent report exhibits strong homebuying sentiment, despite an increase in property prices as homebuyers prefer spacious flats. The latest report by Anarock shows that average flat sizes in the top 7 Indian cities grew by 32 percent in the last five years. According to the report, apartment size amplified from 1,145 sq ft in 2019 to 1,513 sq ft in 2024.
The average flat size in 2023 in the top 7 Indian cities was 1,420 sq ft, which is 7x times higher in the last six months only.
The insights of the data for the top 7 Indian cities exhibit NCR recording the highest growth of 96% in apartment size in the last five years. The size in the National Capital Region grew from 1,250 sq ft to 2,450 sq ft.
Santhosh Kumar, Vice Chairman, Anarock group said, “This significant jump in NCR’s average flat size is largely due to the increased new supply of luxury flats in the last one year. Developers here are responding to the higher demand for spacious luxury homes with appropriate supply.”
It is a significant rise, as the NCR region previously subjugated the affordable housing segment in the Indian real estate market. However, the affordable housing supply witnessed a decline in these five years in the NCR region.
Santhosh Kumar also said, “As expected, MMR saw the least growth in the average sizes in the five-year period. The average flat size in MMR (Mumbai Metropolitan Region) rose from 784 sq ft in 2019 to 825 sq ft in the first half of 2024 – a mere 5%. In this five year period, only 2020 saw a notable 21% annual rise in the region’s average flat size against 2019. Since 2020, the average size here was the highest in 2022- at 840 sq ft. It fell by 5% in 2023 against the preceding year.
