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Average apartment sizes in top seven Indian cities decline 17% in five years: Report

Average apartment sizes in top seven Indian cities decline 17% in five years: ReportMUMBAI

: India’s top 7 cities have collectively witnessed average apartment sizes shrink by nearly 17% between 2014 and 2018. Among the top cities, Mumbai Metropolitan Region (MMR) has led the list with a 27% average decrease in apartment sizes to 700 sq ft in 2018 from 960 sq ft in 2014, showed data from

ANAROCK

Property Consultants.

Bangalore saw least decline in average property size at around 12% in the five years. The current average apartment size in Bangalore is 1,260 sq ft. Prior to 2017, the average sizes in Bangalore fluctuated by merely 1-2% year-on-year; in 2018, the sizes declined over 12% against the previous year.

“Rising demand for affordable, compact and budget-friendly housing has led to the shrinking apartment sizes across most metros. With property prices going overboard in most metros, developers have also been reducing sizes to align their offerings more with the actual homebuyer demand,” said Anuj Puri, Chairman, ANAROCK Property Consultants.

The maximum reduction in average property sizes was seen in the budget housing segment priced less than Rs 40 lakhs. The average size of homes priced below Rs 40 lakh was 750 sq ft in 2014, and it reduced by 23% in 2018.

Apartment sizes in the luxury housing segment priced above Rs 80 lakh also saw a 20% reduction over the last 5 years. The average size of properties in this segment was 1,830 sq ft in 2014, which came down to 1,460 sq ft in 2018, showed the data.

Mid-segment housing priced between Rs 40 – 80 lakhs saw the least size reduction of 17% from 1,150 sq ft in 2014 to around 950 sq ft in 2018.

The reduction in flat size has invariably been achieved by the elimination of extra balconies – and in many cases all balconies – and better apartment designs that allow more efficient use of smaller spaces.


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