Electricity consumption up to144.89 billion units in April

Pic: Godrej Properties

Due to changing lifestyles and needs, the way people live is also changing. This is the reason why there is a rapid increase in the demand for larger flats. Builders are also trying to meet the demand of customers. The notable fact is that there has been an annual increase of five percent in the average size of flats in the country’s seven major cities. According to the report by property consultant firm Anarock, during January-March this year, the average size of flats in these seven major cities increased to 1,225 square feet, compared to 1,170 square feet a year ago. Among the top seven cities, Delhi-NCR has witnessed the highest growth in the average flat size in the past five years. In 2018, it was 1,250 square feet, which has now increased to 1,700 square feet.

According to the report, real estate developers are constructing large apartments to meet the demand of consumers. In Delhi-NCR, the average size of flats increased by 50 percent to 1,700 square feet in the first quarter of 2023, compared to 1,130 square feet in the same period last year. This is why developers are continuously launching large homes in Delhi-NCR.

Rapid growth in these cities
According to the report by Anarock, the size of flats in Kolkata increased by 44 percent to 1,150 square feet in the first quarter of 2023, compared to 800 square feet in the previous year. In Hyderabad, the average flat size increased by 29 percent to 2,200 square feet during January-March, which was 1,700 square feet in the first quarter of 2022. Similarly, in Pune, it has increased from 877 square feet to 1,013 square feet. Bangalore has also witnessed an eight percent increase in flat sizes.

Reduction in flat sizes in these places
In several cities, including Delhi-NCR, where there has been an increase in the size of flats, Chennai has seen a reduction in flat sizes. In the first quarter of 2023, it decreased by 6 percent to 1,175 square feet, compared to 1,250 square feet in the previous year. In the Mumbai Metropolitan Region (MMR), the average flat size decreased by 5 percent to 743 square feet during January-March this year, compared to 783 square feet in the first quarter of 2022.

Changing preferences of buyers after COVID
Anuj Puri, Chairman of Anarock, says, “Before COVID-19, there was a demand for compact homes. The size of apartments was decreasing annually to meet their requirements. People also preferred to live in such homes with less maintenance, but after COVID, there has been a sudden shift in buyers’ priorities since 2020.” He said that due to work from home and studying from home, there has been an increase in the demand for larger flats for the first time in four years.