Residents of Delhi NCR — comprising the cities of Gurugram, Noida, Faridabad and Ghaziabad — seek bigger and more luxurious homes as compared to residents of other top cities.
According to a recent survey by real estate consultancy firm Anarock, Delhi NCR has seen highest growth of 96 percent in average flat size in the last five years as it grew from 1,250 square feet (sqft) in 2019 to 2,450 sqft in the first half of 2024 due to increased new luxury supply. Average size of the apartments was highest in NCR followed by Hyderabad.
However, the report highlighted that the Mumbai Metropolitan Region (MMR) has the least average flat size. NCR has an average flat size of 2,450 square feet (sqft) as seen in the first half of 2024, Hyderabad had 2010 sqft, while Mumbai had an average flat size of only 825 sqft, the survey found.
The report said that average flat sizes in the top seven cities increased 32 percent from 1,145 sqft in 2019 to 1,513 sqft in the first half of 2024. Yearly trends of average flat sizes in the top seven cities indicate that the first half of 2024 saw a 7 percent annual rise as the average size in 2023 stood at approximately 1,420 sqft.
Besides seeing the highest rise of 96 percent in average flat size in the last five years, NCR has also recorded the highest rise in the last six months. Flat sizes here rose by 30 percent - from 1,890 sqft by 2023-end to 2,450 sqft in the first half of 2024, essentially due to the increased new supply in the luxury housing segment in this period.
Of approximately 24,300 units launched in NCR in the first half of 2024 across different budget segments, luxury homes comprised the maximum share of 77 percent, which is around 18,600 units.
Santhosh Kumar, Vice Chairman – ANAROCK Group, said that developers in NCR are responding to the higher demand for spacious luxury homes with appropriate supply.
“This significant jump in NCR’s average flat size is largely due to the increased new supply of luxury apartments in the last one year. This is significant, considering that affordable housing previously dominated NCR’s supply. In fact, affordable segment supply in NCR has been declining steadily in the last few years,” he said.
Also Read: Flat sizes shrinking in Mumbai Metropolitan Region and Chennai: Anarock report
He added that the average flat size in MMR grew only by 5 percent in last five years as it rose from 784 sqft in 2019 to 825 sqft in the first half of 2024. In this five-year period, only 2020 saw a notable 21 percent annual rise in the region’s average flat size against 2019. Since 2020, the average size here was the highest in 2022 - at 840 sqft It fell by 5 percent in 2023 against the preceding year.”
Average flat sizes in the other major southern cities - Chennai and Bengaluru – are 1,450 sqft and 1,630 sqft respectively as seen in the first quarter of 2024. Kolkata’s average flat size stands at 1,125 sqft while in Pune, it is 1,103 sqft.
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