The Changing Landscape of Indian Real Estate: The Rise of Spacious Flats
As the urban Indian skyline continues to evolve, gone are the days when the average Indian apartment was characterised by compact space. The mounting population and soaring price are among the factors that led to this preference, driven by a need for space optimisation. However, in the recent period, a noticeable trend has been witnessed: more and more developers are offering larger, more spacious apartments to accommodate the shifting pattern of homebuyer demand.
Homebuyers today are hankering for more spacious apartments owing to multiple factors. For one, the country has been undergoing a significant demographic shift, with a surge not only in the population of middle-class people but also in the rising urban populace. Another reason for this shift in consumer preference is often attributed to the rising aspirations of modern Indian families for an elevated lifestyle. Influenced by global trends, Indians today are opting for homes that provide ample space for relaxation and recreation.
This trend towards larger flats has dynamically reshaped the Indian real estate sector. As it turns out, a recent study by a leading real estate consultancy released a report that studied these shifting patterns. While in 2020 and 2021, the average flat size was 1,170 sq. ft. in 2021 and 1,167 sq. ft. in 2020 in the top 7 cities, this number has only increased since then. In 2022, the average apartment size in these prime cities grew to 1,175 sq. ft., further growing by 11% in 2023 to 1,300 sq. ft.
It is the Delhi-NCR region that witnessed the highest growth amongst these seven cities, with a massive 37% average increase in apartment size between 2022 and 2023, from 1,375 sq. ft. to 1,890 sq. ft. Over the last five years, average apartment size has surged from 1,250 sq. ft. to 1,890 sq. ft., jumping by a whopping 51% from 2019 to 2023.
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