The average flat size in India’s top seven cities grew by 8 percent in 2024, rising from 1,420 square feet in 2023 to 1,540 square feet, according to a report released on Wednesday.
The National Capital Region (NCR) saw the steepest rise at 29 percent – from 1,890 square feet in 2023 to 2,435 square feet in 2024, largely due to the increased supply of luxury housing, according to Anarock Group.
In 2019, the average flat size in these cities was 1,145 square feet, indicating a substantial 34 percent increase over the past six years.
Anuj Puri, Chairman of Anarock Group, attributed the surge primarily to the increased supply of new luxury housing in NCR over the past 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 said.
Of the 36,735 units launched in 2023, the luxury segment comprised 40 percent. In 2024, this segment accounted for 70 percent of the 53,000 units launched in NCR.
“The chronically space-constrained Mumbai Metropolitan Region (MMR) saw the lowest average flat size growth in this six-year period,” Puri added.
The average flat size in MMR was 784 square feet in 2019 and increased by 8 percent to 849 square feet in 2024. From 2020 onward, the average size in MMR reached its highest point in 2024, at 849 square feet.
Average flat sizes in other southern cities, such as Chennai and Bengaluru, were 1,445 and 1,660 square feet, respectively, in 2024. Kolkata’s average flat size stood at 1,149 square feet, while in Pune, it was 1,135 square feet in 2024.
In NCR, the average flat size increased by 95 percent over the last six years – from 1,250 square feet in 2019 to 2,435 square feet in 2024, according to the report.
(Inputs from IANS)
