MUMBAI: A recent report by Anarock Group reveals that the Mumbai Metropolitan Region (MMR) has experienced the lowest growth in average flat sizes among major Indian urban centres over the past five years.
Between 2019 and the first half of 2024, the average size of flats in MMR rose from 784 square feet to 825 square feet, marking a modest 5% increase. The report highlights that this period saw a notable anomaly in 2020, when average flat sizes surged by 21% compared to the previous year. However, the increase was not sustained, with sizes peaking at 840 square feet in 2022 before contracting by 5% in 2023.
In contrast, other major urban areas have seen more substantial growth. The National Capital Region (NCR) leads with an impressive average flat size of 2,450 square feet in the first half of 2024, surpassing Hyderabad’s 2,010 square feet. Meanwhile, Chennai and Bengaluru report average sizes of 1,450 square feet and 1,630 square feet respectively. Kolkata and Pune follow with average sizes of 1,125 square feet and 1,103 square feet.
The significant increase in average flat sizes in these cities is attributed to a combination of pandemic-driven demand for more spacious homes and a growing supply of luxury segments. NCR, in particular, has seen the highest rise, with average sizes expanding by 96% over the past five years, from 1,250 square feet in 2019 to 2,450 square feet in early 2024. This growth has been driven largely by the introduction of high-end properties, with luxury homes constituting 77% of the 24,300 units launched in NCR during the first half of 2024. The report underscores a broader trend across the top seven cities, where average flat sizes have generally increased. In the past six months alone, average sizes have jumped by 7%, reflecting continued consumer preference for larger homes despite a return to pre-pandemic normalcy and rising property prices.
