Average flat size rises by 10% in 2020
A fairly sudden change in the consumer preferences amidst the backdrop of COVID-19 first halted and then reversed the ‘honey, I shrunk the flat’ effect
In a major trend reversal in the post-COVID-19 pandemic world, ‘bigger is better’ has once again become the catch-phrase in the Indian housing market. ANAROCK data confirms that the average apartment size in the top 7 cities has risen by 10% on a yearly basis – to 1,150 sq. ft. in 2020 from 1,050 sq. ft. in 2019.
The trend in the past four years indicates that the average apartment size has been reducing yearly since 2016. 2017 saw the maximum yearly decline of 13% in the average apartment size in the top 7 cities against the preceding year –from 1,440 sq. ft. in 2016 to nearly 1,260 sq. ft. in 2017. A fairly sudden change in the consumer preferences amidst the backdrop of COVID-19 in 2020 first halted, then reversed the ‘honey, I shrunk the flat’ effect. The average apartment size is still highest in Hyderabad at 1,750 sq. ft. amongst the top cities – approximately twice that in MMR where, at 932 sq. ft., the average apartment size continues 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 the average apartment size – from 878 sq. ft. in 2019 to 986 sq. ft. in 2020.