Average Flat Sizes Up 7% in Top 7 Cities in 2024, NCR Sees Highest 29% Jump..!
- Avg. flat sizes in the top 7
cities rose from 1,420 sq. ft. in 2023 to 1,540 sq. ft. in 2024
- NCR saw the steepest rise
among the top 7 cities – from 1,890 sq. ft. in 2023 to 2,435 sq. feet in
2024, largely due to higher luxury supply
- Among the top 7 cities,
NCR's avg. flat size is highest, followed by Hyderabad; predictably, MMR
has lowest avg. flat size
- Only Hyderabad saw a yearly
avg. size decline (9%) - from 2,299 sq. ft. in 2023 to 2,103 sq. ft. in
2024
- B/w 2019 & 2024, avg.
flat sizes in top 7 cities saw a significant 34% rise; NCR saw the highest
jump of 95%
Mumbai,
22 January 2025: Despite
the significant rise in housing prices across cities in 2024, homebuyers
continue their quest for bigger living spaces. Latest ANAROCK data shows that
average flat sizes in the top 7 cities rose by 8% annually in 2024 – from 1,420
sq. ft. in 2023 to 1,540 sq. ft. in 2024. Back in 2019, the avg. flat sizes in
these cities was 1,145 sq. ft., indicating a whopping 34% 6-year jump.
 |
| Anuj Puri, Chairman - ANAROCK Group. |
"A deep-dive into the data shows that at 29%, NCR saw the highest annual growth of average flat size – from 1,890 sq. ft. in 2023 to 2,435 sq. ft. in 2024," says Mr. Anuj Puri, Chairman - ANAROCK Group.
"This surge is primarily
attributable to the increased new luxury housing supply in the region over the
last one year. Developers here are closely tracking and responding to demand,
which is why NCR has seen significant new supply in the >INR 1.5 Cr price
bracket. Size is one of the key defining characteristics of luxury homes."
Of the
total 36,735 units launched in 2023, the luxury segment comprised a 40% share.
In 2024, this segment accounted for 70% of the 53,000 units launched in the
region. NCR's affordable housing segment saw its supply share drop by another
13% in the last one year – from 24% in 2023 to 11% in 2024.
“Chronically
space-constrained MMR saw the lowest average flat size growths in this six-year
period,” adds Puri. “The average flat size in MMR was 784 sq. ft. in 2019 and
increased by 8% to 849 sq. ft. in 2024. From 2020 onward, the average size in
MMR was the highest in 2024, at 849 sq. ft.”
- Among the top 7 cities, NCR
recorded the highest average flat size at 2,435 sq. ft. in 2024, followed
by Hyderabad with 2,103 sq. ft.
- Average flat sizes in the
other southern cities - Chennai and Bengaluru – were 1,445 and 1,660 sq.
ft. respectively in 2024.
- Kolkata’s average flat size
stood at 1,149 sq. ft. while in Pune, it was 1,135 sq. ft in 2024.
Notably,
average flat sizes across the top 7 cities are rising despite significantly
increased property prices. The 6-year trend indicates a significant jump in
average flat sizes post-COVID, and this is driven by actual demand. Flat sizes
are increasing because of significant and consistent traction in the luxury
segment.
City Highlights
The
six-yearly trend of average flat sizes in the top 7 cities shows an overall 34%
rise – from 1,145 sq. ft. in 2019 to 1,540 sq. ft. in 2024. In the last one
year, there has been a 8% jump, with Hyderabad the only city to see flat sizes
decrease in this period.
- In NCR, the average
flat size increased by 95% in the last six years - from 1,250 sq. ft. in
2019 to 2,435 sq. ft. in 2024. In the last one year, there was a 29% rise
in the region. In 2023, the avg. flat size in NCR was 1,890 sq. ft. In
both periods, NCR saw the highest jump among all the top 7 cities.
- In MMR, avg. flat
sizes remain the lowest among the top 7 cities, at 849 sq. ft. in 2024.
There has been an 8% increase in 2024 against 2019 (when it was 784 sq.
ft.) In the last one year, the region saw the avg. flat size rise by 7%.
- In Hyderabad, the
average flat size rose 24% in this six-year period - from 1,700 sq. ft. in
2019 to 2,103 sq. ft. in 2024. Contrastingly, between 2023 and 2024,
Hyderabad was the only city to see the average flat size decrease (by 9%).
- Bengaluru saw a 30% six-yearly jump –
from 1,280 sq. ft. in 2019 to 1,660 sq. ft. in 2024. Between 2023 and
2024, the city saw a 12% rise.
- In Kolkata, the avg.
flat size saw a 15% increase in six years - to 1,149 sq. ft. in 2024 from
1,000 sq. ft. in 2019. In 2023, the avg. flat size was around 1,124 sq.
ft., denoting a modest 2% yearly rise in 2024.
- In Pune, the avg.
flat size saw a 25% six-yearly increase - to 1,135 sq. ft. in 2024 from
910 sq. ft. in 2019. In the last one year, there has been a 4% jump in
avg. flat sizes in the city.
- Chennai saw a 31% jump in the last
six years – from 1,100 sq. ft. in 2019 to 1,445 sq. ft. in 2024. In the
last one-year period, the city saw a 15% jump in avg. flat size.
