COVID, WFH reverses trend, increases average flat size

Satish Nandgaonkar

In a major trend reversal of shrinking flat sizes, the Indian housing market has seen a 10 per cent increase in flat sizes from average size of 1050 sq ft in 2019 to an average size of 1,150 sq ft across seven cities with Mumbai showing the highest increase of 21 per cent, according to a research report released by Anarock property consultants

 

Experts attribute the reversal in the trend to the impact of COVID-19 pandemic and the new Work From Home (WFH) office culture.

 

In the past four years, the average apartment sizes were shrinking year on year. In 2017 average apartment sizes reduced by 13 per cent from an average size of 1,440 sq ft in 2016 to 1,260 sq ft. With the pandemic underlining the need for a secure and larger home appears to have dictated the reversal, Anarock research said.  

 

Hyderabad continues to have the largest average apartment size of 1,750 sq ft among the top seven cities. It increased by 3 per cent from 1,700 sq ft in 2019. However, Mumbai and Pune have witnessed the highest increase in average flat size.  Anarock data showed that in Mumbai, the apartment size increased from 773 sq ft to 932 sq ft in 2020 – an increase of 21 per cent. In Pune, the average apartment size grew from 878 sq ft in 2019 to 986 sq ft in 2020, an increase of 12 per cent.

 

After Mumbai and Pune, Kolkata witnessed a growth of 10 per cent with average flat sizes increasing from 1,000 sq ft to 1,100 sq ft followed by Chennai which saw it increase from 1,100 to 1200 sq ft in 2020.

Anuj Puri, Chairman – ANAROCK Property Consultants says, “The two main reasons for apartment sizes reducing in previous years were affordability and millennials’ preference for low-maintenance homes. Keen to generate more buyer interest with smaller price-tags, developers whittled down their flat sizes. 2020 saw an almost immediate reversal of buyer preferences. With the accent suddenly being on accommodating the WFH and learn-from-home culture, flat sizes began increasing for the first time in four years.”