Average flat size grew by 32% in top seven cities over five years: Report

Delhi NCR recorded the highest growth of 96%, from 1,250 sq. ft. in 2019 to 2,450 sq. ft. in H1 2024

The average flat size in the top seven cities has grown by 32% over the last five years, suggesting an increased consumer preference for spacious homes.

From 1,145 square feet in 2019, it increased to 1,513 square feet the first half of 2024 in Delhi-National Capital Region (NCR), Hyderabad, Bengaluru, Kolkata, Pune, Chennai, and Mumbai Metropolitan Region (MMR), a report by ANAROCK, a real estate advisory firm, has said.

Interestingly, there was a 7% increase in the last six months. In 2023, the average flat size across these seven cities was 1,420 sq. ft.

Among the top seven cities, NCR recorded the highest growth of 96%, from 1,250 sq. ft. in 2019 to 2,450 sq. ft. in H1 2024.

 

The region also reported a rise of 30% 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. by 2023-end to 2,450 sq. ft. in the first half of 2024, essentially due to the increased new supply in the luxury segment in this period, the research stated.

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 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, the MMR continued to offer the least average flat size among the top 7 cities, at 825 sq. ft. in H1 2024. However, it reported an increase of 5% in H1 2024 against 2019, when it stood at 784 sq. ft. In the last six months, too, the average flat size in the region rose by 4%.

“As expected, MMR saw the least growth in the average flat size in 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%. 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,” Kumar added.

Hyderabad reported an increase of 18% over the five years. The average flat size in the Telugu city stood at 2,010 sq. ft. in H1 2024. Average flat size 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 an increase of 13% and 21% over the five years, respectively.