Bigger homes in demand, NCR tops the list

GURGAON: Even after relative market normalcy has been restored post the Covid-19 pandemic, bigger homes continue to matter for homebuyers.
As per a report, average flat sizes in fresh supply hitting the top metro cities grew seven per cent in the last five years – from approx. 1,150 sq. ft. in 2018 to approx. 1,225 sq. ft. in Q1 2023.
NCR saw the maximum growth in average flat sizes among the top 7 cities – from approx. 1,250 sq. ft. in 2018 to approx. 1,700 sq. ft in Q1 2023, which is around 50 per cent.
Anuj Puri, chairman of Anarock group said “MMR is the only city where average flat sizes reduced in the last five years - from 932 sq. ft. in 2018 to 743 sq. ft. in Q1 2023,". Among the top 7 cities, avg. flat size in Hyderabad is highest at 2,200 sq. ft., followed by NCR; MMR has the lowest.
Rajjath Goel, managing director of MRG Group said “Real estate investments have been outnumbering other genres over the past few years, and larger homes have witnessed the most surge in demand. The more the carpet area, the more buyers can access a luxury lifestyle and a scope to redesign their home.”
Surinder Singh, director of GLS group said “Developers in NCR are closely tracking demand and launching bigger homes in this region. Before Covid-19, apartment sizes were shrinking annually to meet the demand for compact homes. With a sudden emphasis on the WFH and study-from-home culture, flat sizes began increasing for the first time in four years.”
Ashwani Kumar, Pyramid Infratech said “As the demand for expansive residences in Noida and Gurgaon continues to soar, renowned real estate developers are coming up with such premium projects in Delhi-NCR. These premium and luxury developments boast top-notch amenities, exceptional infrastructure, and coveted locations, attracting a discerning clientele seeking the epitome of lifestyle and convenience.”