Published on 22/01/2021 10:33:38 AM | Source: IANS

Average flat size increases in top cities in 2020: Report

Posted in Industry News| #India #Industry

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In a major trend reversal in the post-Covid world, the demand for bigger homes has increased across the top cities of India.

Data released by Anarock Property Consultants shows that average apartment sizes in the top seven cities have risen by 10 per cent on a yearly basis, to 1,150 square feet in 2020 from 1,050 square feet in 2019.

The trend in past four years trends indicate that average apartment sizes were reducing y-o-y since 2016.

The average apartment size is highest in Hyderabad at 1,750 square feet among the top cities, around two-times bigger than that in Mumbai Metropolitan Region (MMR) where, at 932 squre feet, average size continue to be the lowest.

MMR nevertheless saw the maximum rise of 21 per cent in 2020.

Anuj Puri, Chairman of Anarock Property Consultants, said: "The two main reasons for apartment sizes reducing 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."

"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," he said.