Synopsis
The average flat sizes in India's major cities grew by 8% in 2024, reaching 1,540 sq ft, with the NCR leading at 29%. This growth reflects a significant rise in luxury housing supply, particularly in the NCR, which accounts for a large share of new launches.Key Takeaways
- 8% increase in average flat sizes in top Indian cities in 2024.
- NCR experienced a 29% rise in average flat sizes.
- Luxury housing supply drives the increase.
- Developers are responding to market demand.
- Average flat size in NCR up by 95% since 2019.
Mumbai, Jan 22 (NationPress) The average flat sizes across the seven major metropolitan areas in India experienced an increase of 8 percent year-on-year in 2024, rising from 1,420 square feet in 2023 to 1,540 square feet in 2024, according to a report released on Wednesday.
The National Capital Region (NCR) recorded the most significant increase at 29 percent, escalating from 1,890 square feet in 2023 to 2,435 square feet in 2024, primarily driven by a surge in luxury housing supply, as noted by the Anarock Group.
In 2019, the average flat sizes in these cities were 1,145 square feet, demonstrating a remarkable 34 percent increase over a six-year period.
Anuj Puri, Chairman of the Anarock Group, stated that this growth is mainly due to the substantial new luxury housing stock introduced in NCR over the past year.
“Developers are attentively monitoring and adapting to market demand, which is why NCR has witnessed a significant influx of new properties in the Rs 1.5 crore and above price range. The size of properties is a critical indicator of luxury homes,” he remarked.
Out of the 36,735 units launched in 2023, the luxury segment represented 40 percent. In 2024, this category made up 70 percent of the 53,000 units launched in NCR.
The Mumbai Metropolitan Region (MMR), facing chronic space limitations, recorded the least growth in average flat sizes during this six-year span, according to Puri.
The average flat size in MMR was 784 square feet in 2019, showing an 8 percent increase to 849 square feet in 2024. Notably, since 2020, the average size in MMR peaked in 2024 at 849 square feet.
In contrast, the average flat sizes in the southern cities of Chennai and Bengaluru were 1,445 square feet and 1,660 square feet respectively in 2024. Kolkata had an average flat size of 1,149 square feet, while Pune recorded 1,135 square feet in 2024.
In the NCR, the average flat size surged by 95 percent over the past six years, increasing from 1,250 square feet in 2019 to 2,435 square feet in 2024, as per the report.
