India witnesses 8 pc jump in average flat size in 2024, NCR sees 29 pc

Mumbai, Jan 22 Average flat sizes in the top seven Indian cities rose by 8 per cent annually in 2024 – from 1,420 square feet in 2023 to 1,540 square feet in 2024, said a report on Wednesday.

The national capital region (NCR) saw the steepest rise at 29 per cent – from 1,890 square feet in 2023 to 2,435 sq ft in 2024, largely due to higher luxury supply, according to Anarock Group.

Back in 2019, the average flat sizes in these cities was 1,145 sq ft, indicating a whopping 34 per cent six-year jump.

According to Anuj Puri, Chairman, Anarock Group, this surge is primarily attributable to the increased new luxury housing supply in NCR over the last one year.

“Developers here are closely tracking and responding to demand, which is why NCR has seen significant new supply in the Rs 1.5 crore and above price bracket. Size is one of the key defining characteristics of luxury homes,” he mentioned.

Of the total 36,735 units launched in 2023, the luxury segment comprised a 40 per cent share. In 2024, this segment accounted for 70 per cent of the 53,000 units launched in NCR.

“Chronically space-constrained Mumbai Metropolitan Region (MMR) saw the lowest average flat size growths in this six-year period,” said Puri.

The average flat size in MMR was 784 square feet in 2019 and increased by 8 per cent to 849 sq ft in 2024. From 2020 onward, the average size in MMR was the highest in 2024, at 849 sq ft.

Average flat sizes in the other southern cities - Chennai and Bengaluru – were 1,445 and 1,660 sq ft respectively in 2024. Kolkata’s average flat size stood at 1,149 sq ft while in Pune, it was 1,135 sq ft in 2024.

In NCR, the average flat size increased by 95 per cent in the last six years - from 1,250 sq ft in 2019 to 2,435 sq ft in 2024, according to the report.

—IANS

na/

Source: IANS