Despite a significant jump in residential prices across the major cities, bigger homes continue to attract homebuyers. Latest ANAROCK research indicates that average flat sizes in the top 7 cities grew by 32% in the last five years – from 1,145 sq. ft. in 2019 to 1,513 sq. ft. in H1 2024.
In 2023, the average flat size across the top 7 cities was 1,420 sq. ft. – indicating a 7% jump in the last six months alone.
A deep-dive into data from the top 7 cities shows that NCR saw the highest growth – a staggering 96% – in average flat size in the last five years: from 1,250 sq. ft. in 2019 to 2,450 sq. ft. in H1 2024.
Among the top 7 cities, NCR overtook Hyderabad to record the highest average flat size of 2,450 sq. ft. in H1 2024. In Hyderabad, it was 2,010 sq. ft.
- Average flat sizes in the other major southern cities – Chennai and Bengaluru – are 1,450 sq. ft. and 1,630 sq. ft. respectively in H1 2024.
- Kolkata’s average flat size stands at 1,125 sq. ft. while in Pune, it is 1,103 sq. ft.
While 5-year trends indicate a significant jump in flat sizes across cities because of the pandemic-specific demand profile, the rise on a half-yearly basis highlights this continued consumer preference – despite life returning to normalcy and prices rising across cities.
Besides seeing the highest rise of 96% in average flat size in the last five years, NCR has also recorded the highest rise in the last six months. They rose by 30% – from 1,890 sq. ft. by 2023-end to 2,450 sq. ft. in H1 2024, essentially due to the increased new supply in the luxury segment in this period.
Of approx. 24,300 units launched in NCR in H1 2024 across different budget segments, luxury homes comprised the maximum share of 77% – approx.18,600 units.
