In a shift reflective of evolving homebuyer preferences, average apartment sizes in the top seven cities witnessed an annual growth of 11%, reaching 1,300 sq. ft. in 2023, as revealed by data from Anarock Research. This surge is attributed to an increasing demand for larger living spaces.
Comparing to 2022, the average flat size remained relatively consistent at 1,175 sq. ft. However, significant growth has occurred since 2021 and 2020 when the average flat size was around 1,170 sq. ft.
As per the report which is with the Marksmen Daily, the top cities, including NCR, Hyderabad, Kolkata, Pune, Chennai, and Bengaluru, experienced this upward trend. However, Kolkata and MMR stood out as outliers, witnessing a 2% and 5% decline, respectively, in average flat sizes during the year.
NCR exhibited the highest growth of 37% in average flat size over the past year, soaring from 1,375 sq. ft. in 2022 to 1,890 sq. ft. in 2023. Hyderabad claimed the top spot with the highest average flat size of 2,300 sq. ft., closely followed by NCR.
In contrast, MMR experienced a decrease from 840 sq. ft. in 2022 to 794 sq. ft. in 2023. Nevertheless, the five-year comparison shows a 1% increase between 2019 and 2023, with Chennai leading the way with a 12% growth during the same period.
Notably, luxury apartments with larger sizes have become a focal point for developers in NCR. Hyderabad saw a remarkable 30% yearly increase, reaching 2,300 sq. ft. in 2023. Bengaluru and Pune witnessed 26% and 11% yearly growth, respectively.
Anuj Puri, Chairman of ANAROCK Group, emphasised that the demand for spacious living spaces remains robust, with more than one lakh luxury units launched in 2023, indicating a sustained preference for larger homes despite upward housing price trends in top cities.
