Apartment Sizes In Top Seven Cities Surge in 2024: ANAROCK Report

In 2024, apartment sizes across India’s top seven cities saw a significant 8 per cent increase, according to ANAROCK data. The average size increased from 1,420 sq. ft. in 2023 to 1,540 sq. ft. in 2024, indicating an increasing demand for larger living areas despite rising housing costs.

The luxury home segment accounted for 70 per cent of the 53,000 units launched in NCR in 2024, up from 40 per cent of the 36,735 units launched in 2023. Also, the region's proportion of affordable housing decreased significantly, from 24 per cent in 2023 to 11 per cent in 2024.

Anuj Puri, Chairman, ANAROCK Group says, “A deep dive into the data shows that NCR saw the highest annual growth in average flat size at 29 per cent, from 1,890 sq. ft. in 2023 to 2,435 sq. ft. in 2024."

He added, “This surge is primarily due to the rise in luxury housing supply over the last year. Developers are responding to demand, with NCR seeing significant new supply in the Rs 1.5 Cr price range. Size is one of the key defining characteristics of luxury homes.”

The report reveals that NCR has witnessed a remarkable 95 per cent 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.

Hyderabad Sees a Decline Amid Rising Prices

As the ANAROCK report indicates, not all cities followed the upward trend. However, the average flat size in Hyderabad dropped by 9 per cent in 2024, from 2,299 sq. ft. in 2023 to 2,103 sq. ft. The decrease is due to rising housing costs, which have determined people to reside in smaller flats.

MMR and Bengaluru’s Growth Trends

The Mumbai Metropolitan Region (MMR) recorded the smallest average flat size among the major cities in 2024, with only 849 sq. ft., despite an 8 per cent rise since 2019.

Puri mentioned, “Chronically space-constrained MMR saw the lowest average flat size growth during this six-year period. The average flat size in MMR was 784 sq. ft. in 2019, increasing by 8 per cent to 849 sq. ft. in 2024. Since 2020, 2024 marks the highest average size in MMR at 849 sq. ft.”

Meanwhile, Bengaluru witnessed a 30 per cent increase in average flat size over the past six years, rising from 1,280 sq. ft. in 2019 to 1,660 sq. ft. in 2024, with a 12 per cent increase between 2023 and 2024 alone.

City-wise Growth Trends in Real Estate

In terms of regional growth, Chennai’s average flat size in 2024 stood at 1,445 sq. ft., reflecting steady demand in both the affordable and luxury segments.

The average size of an apartment in Kolkata was 1,149 square feet, while the average size in Pune was 1,135 square feet. Both cities' growth trajectories were fuelled by local demand as well as growing demands for larger units in suburban complexes.

Follow Outlook Money's Complete Coverage of The Union Budget 2025 Here.