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Torbit - February 04, 2024 - - 0 |

Average Flat Sizes in Top 7 Cities Rise by 11% in 2023

  • Avg. flat sizes in top 7 cities increased from 1,175 sq. ft. in 2022 to 1,300 sq. ft. in 2023
  • MMR & Kolkata the only cities where avg. flat sizes declined annually by 5% & 2% respectively
  • NCR saw maximum growth (of 37%) in avg. flat sizes among top 7 cities – from 1,375 sq. ft. in 2022 to 1,890 sq. ft in 2023
  • Among the top 7 cities, avg. flat size in Hyderabad stood the highest at 2,300 sq. ft. in 2023, followed by NCR; MMR saw least avg. flat size at 794 sq. ft.
  • 5-yearly trend shows a 24% rise in avg. flat sizes – from 1,050 sq. ft. in 2019 to 1,300 sq. ft. in 2023

Big is Beautiful

Demand for bigger apartments generated during Covid pandemic remains intact despite post-covid life normalcy across the country and rising residential prices. This is clearly evident from the growth in average flat sizes.

The latest Anarock data indicates that average flat sizes in top 7 cities have grown by 11% annually last year – from 1,175 sq. ft. in 2022 to 1,300 sq. ft. in 2023. 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.A deep dive into the data across the top cities reveals that MMR and Kolkata were the only two cities where the average flat sizes decreased in the last one year.

  • In MMR, average flat sizes stood at 840 sq. ft. in 2022 and decreased to 794 sq. ft. in 2023 – a 5% yearly decline. However, over a 5-year period, avg. sizes in MMR were similar to 2019 at 784 sq. ft.
  • In Kolkata, avg. flat sizes saw a 2% yearly decline from 1,150 sq. ft. in 2022 to 1,124 sq. ft. in 2023. However, over a 5-year period, avg. flat sizes have risen by 12% in the city. Avg. flat size in the city stood at 1,000 sq. ft. in 2019.

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. 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

According to Anuj Puri, Chairman, Anarock Group, north-bound housing prices in the top cities have in no way dispelled the demand for generous living spaces. The supply of bigger luxury homes increased significantly in 2023. Anarock data indicates that more than one lakh units (or approx. 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.

ANAROCK Research

Source: ANAROCK Research

On a yearly basis, there has been a 11% rise in average flat sizes in the top 7 cities in 2023 against 2022. The 5-year trend shows a 24% rise – from 1,050 sq. ft. in 2019 to 1,300 sq. ft. in 2023. NCR again saw the maximum rise of average flat sizes in 2023 with 51%, followed by Hyderabad with a 35% rise in this period.

  • In NCR, the average flat size increased from 1,375 sq. ft. in 2022 to 1,890 sq. ft. in 2023, thus rising by 37% on a yearly basis. If we consider 5-yearly trends, avg. flat size jumped by 51% from 1,250 sq. ft. in 2019.
  •  In Hyderabad  average flat sizes witnessed a 30% yearly increase, and a 35% 5-yearly rise. The avg. flat sizes in the city stood at 1,700 in 2019, 1,775 sq. ft. in 2022, and 2,300 sq. ft. in 2023.
  • 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.
  • In Pune average. flat sizes  saw a 11% yearly increase to 1,086 sq. ft. in 2023 from 980 sq. ft. back in 2022. In last five years, the city saw a 19% jump in avg. flat sizes. In 2019, it stood at 910 sq. ft.
  • In Chennai  a 5% yearly jump was seen in avg. flat sizes – from 1,200 sq. ft. in 2022 to 1,260 sq. ft. in 2023, and a 15% 5-yearly rise. The avg. flat size stood at 1,100 sq. ft. in 2019.
  • In Kolkata and MMR there was  a drop in avg. flat sizes in the year by 2% and 5%, respectively. In Kolkata, avg. 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 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.

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