News: Average apartment size increases for the rst time since 2016: Report-22-01-2021
Synopsis
Past 4-year trends, however, indicate that average apartment sizes were reducing y-o-y since 2016. 2017 saw the maximum yearly decline of 13% in average apartment sizes in the top 7 cities against the preceding year – from 1,440 sq ft in 2016 to nearly 1,260 sq ft in 2017.
New Delhi:- Average apartment size in India has increased for the first time since 2016 after Covid-19 forced homebuyers to opt for bigger homes, as per a report by property consultant Anarock. As per Anarock’s data, average apartment sizes in the 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. The trend for the last four years had , however, indicated that average apartment sizes were reducing y-o-y since 2016. The maximum yearly decline (in average apartment size) of 13% was recorded in 2017– it fell to nearly 1,260 sq ft from 1,440 sq ft in 2016.
The two main reasons for apartment sizes reducing in the previous years were aordability and millennials’ preference for low-maintenance homes. “Keen to generate more buyer interest with smaller price tags, developers whittled down their at sizes. 2020 saw an almost immediate reversal of buyer preferences. With the accent suddenly being on accommodating the FH and learn-from-home culture, at sizes began increasing for the rst time in four years,” said Anuj Puri, chairman, Anarock Property Consultants. Of the seven cities, the Mumbai Metropolitan Region (MMR) has seen maximum increase of 21% - to 932 sq ft in 2020 from 773 sq ft in 2019, followed by Pune with 12% annual rise. “The increase in size might be in the form of an extra study room, which is in demand after WFH has been announced by many corporations. Buyers are going for housing societies, townships or projects that provide spaces for basic necessities inside the project and provide enough space for people to take care of their work requirements by providing them with extra space to work without disturbance,” said Achal Raina, COO, Raheja Developers. Among the top cities, the average apartment size is still highest in Hyderabad at 1,750 sq ft, about two times bigger than that in MMR where, at 932 sq ft, average size continue to be the lowest. In NCR, average apartment size was 1,290 sq ft in 2020—a 3% increase from 1,250 sq ft in 2019. “Not only the size of units, but also the number of amenities inside a project will matter in the coming years. Buyers are looking for projects with spaces for various requirements such as senior citizen areas, pet care zones, meditation points, and greenery, including medicinal plants,” said Yukti Nagpal, director, Gulshan Homes.
