In a major trend reversal in the COVID-19 pandemic world, ‘bigger is better’ is once again the catch-phrase in the Indian housing market. Fresh ANAROCK data confirms that average apartment sizes in top seven cities have risen by 10% on a yearly basis – to 1,150 sq-ft in 2020 from 1,050 sq-ft in 2019.
Past four year trends indicate that average apartment sizes were reducing year-on-year since 2016. 2017 saw the maximum yearly decline of 13% in average apartment size in the seven cities against the preceding year – from 1,440 sq-ft in 2016 to nearly 1,260 sq-ft in 2017.
The average apartment size is still highest in Hyderabad at 1,750 sq-ft among the top cities – approximately two times bigger than that in Mumbai Metropolitan Region (MMR) where, at 932 sq-ft, average sizes continue to be the lowest. MMR nevertheless saw the maximum rise of 21% – from 773 sq-ft in 2019 to 932 sq-ft in 2020. Pune came next with a 12% annual increase in average apartment sizes – from 878 sq-ft in 2019 to 986 sq-ft in 2020.
Anuj Puri, chairman, ANAROCK Property Consultants says, “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.”