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The average flat sizes across seven major Indian cities increased by 8% annually in 2024, reaching 1,540 sq ft compared to 1,420 sq ft in 2023, as per Anarock's report. Over a six-year period, flat sizes rose by 34%, with notable growth in NCR (29%) and Bengaluru (30%). Hyderabad saw a decline in average flat sizes. Luxury housing supply in NCR surged, reducing affordable housing's share. Cities like Pune, Kolkata, and Chennai also recorded steady increases, reflecting changing consumer preferences for larger homes.
Average flat sizes in seven Indian cities experienced an 8% annual increase in 2024, reaching 1,540 sq ft from 1,420 sq ft in the preceding year, according to a report by Anarock. Over six years, the average size has risen by 34%, from 1,145 sq ft in 2019 to 1,540 sq ft in 2024. Advertisement
Among the cities, NCR recorded the most significant annual growth of 29%, attributed to a surge in new luxury housing supply. Anuj Puri, chairman of Anarock Group, highlighted that NCR's new supply in the luxury segment accounted for 70% of 2024 launches, compared to 40% in 2023. This increase has caused a notable drop in affordable housing, with its share decreasing from 24% in 2023 to 11% in 2024.
The report reveals that NCR has witnessed a remarkable 95% increase in average flat sizes over the past six years, growing from 1,250 sq. ft. in 2019 to 2,435 sq. ft. in 2024, reinforcing the region's leadership in the luxury housing market.
In Hyderabad, however, flat sizes declined during the past year. Meanwhile, in Mumbai Metropolitan Region (MMR), the average size reached its peak in 2024 at 849 sq ft, marking an 8% increase since 2019.
Bengaluru witnessed a 30% rise in average flat sizes over six years, with a 12% jump in the past year alone. Similarly, Pune experienced a 25% increase over six years and a 4% rise in the past year. Kolkata reported a 15% growth over six years, with a modest 2% annual increase in 2024. Chennai saw one of the highest six-yearly jumps of 31%, with a 15% rise in the last year. Average flat sizes in the other southern cities - Chennai and Bengaluru - were 1,445 and 1,660 sq. ft. respectively 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.
The data underscores a sustained trend of increasing flat sizes across Indian cities, driven by evolving consumer preferences and the growing focus on luxury housing. Developers are aligning new supply with market demand, especially in premium housing segments, contributing to this growth. However, the decline in affordable housing in key markets like NCR highlights a shifting focus that may impact lower-income buyers.
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