Builders are building larger houses to fulfill customer demand, with the average size of apartments increasing 11% last year across seven major cities, according to Anarock.

Anarock, a real estate consultancy, analyzed the new supply of housing units in seven major cities’ principal residential markets throughout 2023.

According to the report, average flat sizes in the top seven cities increased to 1,300 square feet last year, up from 1,175 square feet in 2022.

The average size of apartments decreased in the Mumbai Metropolitan Region (MMR) and Kolkata, but increased in Delhi-NCR, Bengaluru, Hyderabad, Pune, and Chennai by 2023.

The average size was 1,050 square feet in 2019, 1,167 sq ft in 2020, and 1,170 sq ft in 2021.

“Northbound housing prices in the top cities have in no way dispelled demand for generous living spaces,” Anarock Chairman Anuj Puri stated.

He stated that the supply of larger luxury residences expanded dramatically last year, with the luxury category accounting for around 23% of all new releases.

“The epidemic sparked a surge in demand for larger-sized homes, which shows no signs of abating three years later. “Led by an enduring ‘new normal’ in homebuyer preferences, this demand appears eminently sustainable,” Puri added.

Krisumi Corporation MD Mohit Jain stated that the aspirational element of society is driving demand for luxury homes that are roomy and larger in size.

“This trend may continue for the foreseeable future,” he warned.

In 2023, the average flat size fell in just two large cities: Mumbai Metropolitan Region (MMR) and Kolkata.

In MMR, the average flat size declined 5% to 794 square feet in 2023, from 840 square feet in 2022.

In Kolkata, the average flat size fell by 2% to 1,124 square feet last year, from 1,150 square feet in 2022.

Source : Business Standard