As the average size of apartments increased by 11% in seven major cities last year, builders are building larger residences to satisfy consumer demand, according to Anarock.
Anarock, a real estate consultant, has examined the new supply of housing expected in the principal residential markets of seven significant cities in 2023. According to the data, the average size of apartments in the top 7 cities increased from 1,175 square feet in 2022 to 1,300 square feet last year.The average apartment size decreased in Kolkata and the Mumbai Metropolitan Region (MMR) in 2023, but increased in Delhi-NCR, Bengaluru, Hyderabad, Pune, and Chennai.In 2019, 1,050 square feet was the average size; in 2020, 1,167 square feet; and in 2021, 1,170 square feet.”Housing prices moving northward in the top cities have in no way dispelled the demand for generous living spaces,” Anarock Chairman Anuj Puri said.
He noted that last year saw a considerable increase in the supply of larger luxury residences, noting that roughly 23% of all new launches fell into the luxury category.The pandemic sparked a demand for larger homes, and three years later, that demand shows no signs of abating. Driven by a persistent ‘new normal’ in the tastes of homebuyers, this demand is highly sustainable, according to Puri.
MD of Krisumi Corporation According to Mohit Jain, the desire for upscale, larger-sized residences is mostly being driven by the aspirational element of society.He went on, “This trend may continue in the near future.”The Mumbai Metropolitan Region (MMR) and Kolkata were the only two large cities where the average flat size fell in 2023 out of seven. The average apartment size in MMR decreased by 5% from 840 square feet in 2022 to 794 square feet in 2023.
