Flat Sizes In Top Seven Cities Rise 11% In 2023: Anarock

Flat sizes in India's top seven cities have grown at an average rate of 11% annually last year, with the Mumbai Metropolitan Region and Kolkata being the only two to witness a reduction.

On an average, flats have expanded to 1,300 sq. ft. in 2023 from 1,175 sq. ft. in 2022 in places like the National Capital Region, Hyderabad, Bengaluru, Pune and Chennai, according to the latest research by Anarock Property Consultants Pvt. that was released on Sunday.

The demand for bigger-size homes was kickstarted by the pandemic, but 2023 saw the first significant surge since the stagnation in sizes witnessed during and since the Covid years.

Among the seven cities, the NCR saw the highest growth in average flat size in the last one year — from 1,375 sq. ft. in 2022 to 1,890 sq. ft. in 2023, representing a 37% rise.

Developers in the region are actively tracking demand and launching larger homes, complimented by the fact that homebuyer demand is skewed significantly towards luxury apartments, which are primarily defined by bigger sizes.

Here are a few other highlights from the report:

• Hyderabad has the highest average flat size in 2023 at 2,300 sq. ft., followed by the NCR with 1,890 sq. ft.

• In 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

However, the report found that Mumbai and Kolkata were the only two cities of the seven where the average flat sizes decreased in 2023.

• In the MMR, average flat sizes decreased to 794 sq. ft. in 2023 from 840 sq. ft. in 2022, indicating a 5% yearly decline. However, over a five-year period, average sizes in the MMR remained similar to 2019 at 784 sq. ft.

• In Kolkata, average flat sizes saw a 2% yearly decline from 1,150 sq. ft. in 2022 to 1,124 sq. ft. in 2023. Over a five-year period, average flat sizes have risen by 12% in the city from the 2019 level.

"North-bound housing prices in the top cities have in no way dispelled the demand for generous living spaces," Anuj Puri, chairperson of Anarock Group, said.

"Our data indicates that more than one lakh units of the total new launches in 2023 were in the luxury category. Led by an enduring 'new normal' in homebuyer preferences, this demand seems eminently sustainable," he said.