11% Surge in Average Flat Sizes Across Top 7 Cities in 2023

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    Despite a return to normalcy and surging residential prices, the demand for larger apartments in India’s top 7 cities remains robust. ANAROCK’s latest data reveals a significant 11% annual growth in average flat sizes, escalating from 1,175 sq. ft. in 2022 to 1,300 sq. ft. in 2023. A comprehensive analysis of city-wise trends exposes intriguing insights:

    City-wise Breakdown

    Mumbai Metropolitan Region (MMR): In 2023, MMR witnessed a 5% yearly decline in average flat sizes, dropping from 840 sq. ft. in 2022 to 794 sq. ft. However, the 5-year trend shows stability, aligning with 2019 figures at 784 sq. ft.

    Kolkata: Experiencing a 2% annual dip, Kolkata’s average flat sizes decreased from 1,150 sq. ft. in 2022 to 1,124 sq. ft. in 2023. Over a 5-year period, the city saw a noteworthy 12% increase, reaching 1,000 sq. ft. in 2019.

    Regional Dynamics

    National Capital Region (NCR): NCR emerged as the leader with a remarkable 37% growth in average flat size, soaring from 1,375 sq. ft. in 2022 to 1,890 sq. ft. in 2023. This surge is attributed to heightened demand for luxury apartments, characterized by larger living spaces.

    Hyderabad: Topping the list, Hyderabad boasted the highest average flat size in 2023 at an impressive 2,300 sq. ft., followed closely by NCR with 1,890 sq. ft.

    Southern Cities (Chennai and Bengaluru): Chennai and Bengaluru reported average flat sizes of 1,260 sq. ft. and 1,484 sq. ft., respectively.

    Pune: Pune maintained an average flat size of 1,086 sq. ft. in 2023.

    Long-Term Trend

    Over a 5-year span, there was a substantial 24% increase in average flat sizes, rising from 1,050 sq. ft. in 2019 to the current 1,300 sq. ft. in 2023.

    In conclusion, the persistent demand for larger homes, especially in NCR and Hyderabad, indicates a shifting preference towards spacious and luxurious living spaces among homebuyers. Developers, keenly attuned to this trend, continue to launch projects that cater to the evolving demands of the real estate market.

    In 2023, the top 7 cities in India experienced an 11% annual surge in average flat sizes compared to 2022. The broader 5-year trend underscores a substantial 24% increase, evolving from 1,050 sq. ft. in 2019 to 1,300 sq. ft. in 2023. Noteworthy highlights from individual cities reveal compelling insights.

    SOURCE:ANAROCK

    City Highlights: A Comprehensive Look at Average Flat Sizes in 2023

    1. National Capital Region (NCR):
      • Yearly Basis: NCR led the pack with a remarkable 37% annual growth in average flat size, escalating from 1,375 sq. ft. in 2022 to 1,890 sq. ft. in 2023.
      • 5-Year Trend: Over the past five years, NCR witnessed a staggering 51% rise, surging from 1,250 sq. ft. in 2019.
    2. Hyderabad:
      • Yearly Basis: Hyderabad showcased a substantial 30% annual increase, reaching an impressive 2,300 sq. ft. in 2023 from 1,775 sq. ft. in 2022.
      • 5-Year Trend: Over the 5-year period, average flat sizes in Hyderabad grew by 35%, starting at 1,700 sq. ft. in 2019.
    3. Bengaluru:
      • Yearly Basis: Bengaluru experienced a 26% annual growth, with average flat sizes expanding from 1,175 sq. ft. in 2022 to 1,484 sq. ft. in 2023.
      • 5-Year Trend: Over the past five years, India’s Silicon Valley saw a 16% increase, rising from 1,280 sq. ft. in 2019.
    4. Pune:
      • Yearly Basis: Pune recorded an 11% yearly increase, reaching an average flat size of 1,086 sq. ft. in 2023, up from 980 sq. ft. in 2022.
      • 5-Year Trend: Over the last five years, Pune witnessed a commendable 19% rise, starting at 910 sq. ft. in 2019.
    5. Chennai:
      • Yearly Basis: Chennai reported a 5% annual growth, with average flat sizes increasing from 1,200 sq. ft. in 2022 to 1,260 sq. ft. in 2023.
      • 5-Year Trend: Over the 5-year period, the city saw a 15% rise, starting from 1,100 sq. ft. in 2019.
    6. Outliers – Kolkata and MMR:
      • Yearly Decline: Kolkata experienced a 2% annual decrease, dropping from 1,150 sq. ft. in 2022 to 1,124 sq. ft. in 2023. MMR also saw a 5% annual decline, reducing from 840 sq. ft. in 2022 to 794 sq. ft. in 2023.
      • 5-Year Trend: Despite the yearly decline, MMR exhibited a modest 1% rise between 2019 and 2023. Kolkata, on the other hand, displayed a substantial 12% increase during the same period.
    CityYearly Change (%)Avg. Flat Size (2023)5-Year Change (%)Avg. Flat Size (2019)
    NCR371,890 sq. ft.511,250 sq. ft.
    Hyderabad302,300 sq. ft.351,700 sq. ft.
    Bengaluru261,484 sq. ft.161,280 sq. ft.
    Pune111,086 sq. ft.19910 sq. ft.
    Chennai51,260 sq. ft.151,100 sq. ft.
    Kolkata-21,124 sq. ft.121,150 sq. ft.
    MMR-5794 sq. ft.1840 sq. ft.
    (Source: ANAROCK)

    Also read: Foreign real estate investment falls 30% to $2.73B

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