Average apartment sizes in top 7 cities grew 10% in 2020, says study

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Average apartment sizes in the top 7 cities have risen by 10 per cent on a yearly basis – to 1,150 sq ft in 2020 from 1,050 sq ft in 2019, said a new study.

 
Trends for the past four years indicate that average apartment sizes were declining y-o-y since 2016. The year 2017 saw the maximum yearly decline of 13 per cent in average apartment sizes in the top 7 cities against the year before – from 1,440 sq ft in 2016 to nearly 1,260 sq ft in 2017, said a report by Anarock Property Consultants.

 
"A fairly sudden change in consumer preferences against the backdrop of Covid-19 exigencies in 2020 first halted, then reversed the ‘honey, I shrunk the flat’ effect," the report said.

 
The average apartment size is still highest in Hyderabad at 1,750 sq ft among the top cities – nearly two times bigger than that in MMR where, at 932 sq ft, average sizes continue to be the lowest. MMR nevertheless saw the maximum rise of 21 per cent - from 773 sq ft in 2019 to 932 sq ft in 2020. Pune came next with a 12 per cent annual increase in average apartment sizes – from 878 sq ft in 2019 to 986 sq ft, it said.

 
Anuj Puri, chairman, Anarock Property Consultants, said, “The two main reasons behind falling apartment sizes in previous years were affordability and millennials’ preference for low-maintenance homes. Keen to generate more buyer interest with smaller price-tags, developers whittled down their flat sizes. The year 2020 saw an almost immediate reversal of buyer preferences. With the accent suddenly being on accommodating the WFH and learn-from-home culture, flat sizes began increasing for the first time in four years.”

 
Indian developers were quick to catch on that size matters again and the second half of 2020 saw average apartment sizes in the top 7 cities increase by approximately 10%. MMR and Pune, which had the smallest average flat sizes among all top cities, saw the maximum increase in 2020 over the previous year – by 21% and 12%, respectively, the study said.


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