Real Estate developers build bigger apartments to meet growing demand
Real Estate

Real Estate developers build bigger apartments to meet growing demand

According to property consultant Anarock, real estate developers are responding to consumer demand by constructing larger apartments. In the period of January to March this year, the average size of flats launched across seven cities increased by 5 per cent compared to the previous year. The data reveals that the average size of flats in these seven major cities rose from 1,170 square feet in the same period last year to 1,225 square feet this year.

Among these cities, Delhi-NCR experienced the most significant growth, with the average flat size increasing by 50 per cent to 1,700 square feet in the first quarter of 2023 compared to 1,130 square feet in January-March of the previous year. Anarock highlights that developers in Delhi-NCR are closely monitoring demand and introducing larger homes in response.

In Kolkata, flat sizes grew by 44 per cent, reaching 1,150 square feet in Q1 2023 compared to 800 square feet in the corresponding period of the previous year. Hyderabad witnessed a 29 per cent increase, with the average flat size rising to 2,200 square feet from 1,700 square feet in Q1 2022. Pune experienced a 16 per cent yearly increase, reaching 1,013 square feet in Q1 2023 from 877 square feet in the first quarter of the previous year.

Bengaluru observed an 8 per cent rise in average flat sizes, reaching approximately 1,300 square feet in January-March 2023 compared to 1,200 square feet in the previous year. Chennai, on the other hand, saw a 6 per cent decline in average flat sizes, which decreased to 1,175 square feet in Q1 2023 from 1,250 square feet in the year-ago period. Mumbai Metropolitan Region (MMR) experienced a 5 per cent reduction, with average flat sizes decreasing from 783 square feet in Q1 2022 to 743 square feet in January-March this year.

Anarock Chairman Anuj Puri stated that prior to the COVID-19 pandemic, apartment sizes were decreasing annually to cater to the demand for compact homes, driven by affordability concerns and millennials' preference for low-maintenance residences. However, in 2020, there was an abrupt shift in buyer preferences due to the work-from-home (WFH) and study-from-home culture, leading to an increase in flat sizes for the first time in four years.

Despite the rising property prices in 2023, the demand for larger homes remains strong, according to the consultant. Anarock reports that the average flat sizes in the top seven cities have grown by 7 per cent over the past five years, reaching 1,225 square feet in Q1 2023 from 1,150 square feet in 2018. In the last five years, MMR is the only city where average flat sizes have decreased, dropping from 932 square feet in 2018 to 743 square feet in January-March this year. Delhi-NCR exhibited the highest growth in average flat size over the same period, increasing from 1,250 square feet in 2018 to 1,700 square feet.

Redefine the future of urban mobility! Join us at the Metro Rail Conference 2025 to explore groundbreaking ideas and insights. 👉 Register today!

According to property consultant Anarock, real estate developers are responding to consumer demand by constructing larger apartments. In the period of January to March this year, the average size of flats launched across seven cities increased by 5 per cent compared to the previous year. The data reveals that the average size of flats in these seven major cities rose from 1,170 square feet in the same period last year to 1,225 square feet this year. Among these cities, Delhi-NCR experienced the most significant growth, with the average flat size increasing by 50 per cent to 1,700 square feet in the first quarter of 2023 compared to 1,130 square feet in January-March of the previous year. Anarock highlights that developers in Delhi-NCR are closely monitoring demand and introducing larger homes in response. In Kolkata, flat sizes grew by 44 per cent, reaching 1,150 square feet in Q1 2023 compared to 800 square feet in the corresponding period of the previous year. Hyderabad witnessed a 29 per cent increase, with the average flat size rising to 2,200 square feet from 1,700 square feet in Q1 2022. Pune experienced a 16 per cent yearly increase, reaching 1,013 square feet in Q1 2023 from 877 square feet in the first quarter of the previous year. Bengaluru observed an 8 per cent rise in average flat sizes, reaching approximately 1,300 square feet in January-March 2023 compared to 1,200 square feet in the previous year. Chennai, on the other hand, saw a 6 per cent decline in average flat sizes, which decreased to 1,175 square feet in Q1 2023 from 1,250 square feet in the year-ago period. Mumbai Metropolitan Region (MMR) experienced a 5 per cent reduction, with average flat sizes decreasing from 783 square feet in Q1 2022 to 743 square feet in January-March this year. Anarock Chairman Anuj Puri stated that prior to the COVID-19 pandemic, apartment sizes were decreasing annually to cater to the demand for compact homes, driven by affordability concerns and millennials' preference for low-maintenance residences. However, in 2020, there was an abrupt shift in buyer preferences due to the work-from-home (WFH) and study-from-home culture, leading to an increase in flat sizes for the first time in four years. Despite the rising property prices in 2023, the demand for larger homes remains strong, according to the consultant. Anarock reports that the average flat sizes in the top seven cities have grown by 7 per cent over the past five years, reaching 1,225 square feet in Q1 2023 from 1,150 square feet in 2018. In the last five years, MMR is the only city where average flat sizes have decreased, dropping from 932 square feet in 2018 to 743 square feet in January-March this year. Delhi-NCR exhibited the highest growth in average flat size over the same period, increasing from 1,250 square feet in 2018 to 1,700 square feet.

Next Story
Infrastructure Transport

Atal Setu Records Daily Traffic Below Projections in First Year

India’s longest sea bridge, Atal Setu, which connects Sewri in Mumbai to Chirle in Navi Mumbai, has reported an average daily traffic of 22,689 vehicles in its first year, falling short of the initial projection of 56,000 vehicles per day. The 22-kilometer bridge, inaugurated by Prime Minister Narendra Modi on January 12, 2024, was constructed at a cost of Rs 178.4 billion and is hailed as a milestone in Maharashtra’s infrastructure development. According to the Mumbai Metropolitan Region Development Authority (MMRDA), the Atal Setu, formerly known as the Mumbai Trans Harbour Link (MT..

Next Story
Infrastructure Transport

Railway Board Tightens Rules for Bridge Design After Pamban Lapses

The Railway Board has mandated all zones to inform the Commissioner of Railway Safety (CRS) about the special features of significant and innovative bridges during the design phase. This directive, issued on January 10, follows findings from Southern Circle Railway Safety Commissioner AM Chowdhary, who identified critical lapses in the construction of the newly built Pamban Bridge. The Pamban Bridge, India’s first vertical-lift rail bridge, connects the mainland to Rameswaram Island in Tamil Nadu. Its construction came under scrutiny last November when the CRS flagged issues prior to gr..

Next Story
Infrastructure Urban

IISc and Tata Group to Launch Rs 5 Billion Medical School in Bengaluru

The Indian Institute of Science (IISc), Bengaluru, and the Tata Group have announced a partnership to establish the Tata IISc Medical School on the IISc Bengaluru campus. As part of the collaboration, the Tata Group will contribute Rs 5 billion to support the development of the institution. The Tata IISc Medical School is envisioned as a centre of excellence that combines basic science and engineering with clinical research and medical education. It will specialize in areas such as oncology, cardiology, neurology, nephrology, diabetes and metabolic disorders, infectious diseases, integrat..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000