Bigger the better: Avg flat area in Pune up 16% in a yr

PUNE: The average flat size in the city has increased by 16% over the last one-year period ending this March, with homebuyers preferring larger homes to make space for work from home and other activities, a trend which picked up during the Covid-19 pandemic.

The average flat size in Pune was 877sqft in the January-March period last year, which rose to 1,013sqft in the first three-month period of the current year, data with real estate research firm Anarock showed.
"The trend can be attributed to additional space demand for work from home, a hobby or just for quarantine, in some cases. People looking to buy houses are asking for a larger balcony or open space in the aftermath of strict lockdowns during the pandemic," an industry observer said.
Among the top seven cities in India, NCR, Kolkata and Hyderabad lead in terms of average home sizes (see box), the data showed. "Pune is ahead of Bengaluru in terms of average growth in size," Anarock stated.
"The real estate segment has now become product-driven, which was not the case earlier, when people just wanted a roof over their heads. The customers now demanding 2BHK homes with amenities like swimming pool and recreation area, as a given," a developer said.
The shift towards larger flats bucks the earlier trend where the apartment sizes were shrinking to meet the demand for compact homes and buyers' focus was on affordability, said Anarock chairman Anuj Puri.
Share of flats with area under 500sqft has declined to 23% in March from 26% in the previous year, while those between 500-800sqft and 800-1,000sqft has increased to 50% and 13%, respectively, data compiled by Knight Frank India showed.
Share of flats between 1,000-2,000sqft also increased to 12% this March from 11% a year ago, the real estate intermediary said.
Developers did not increase the rates after the pandemic even as the interest rates were on the rise, which led to sale of unsold stock and even under-construction inventory was sold. The affordability of bigger houses too went up on account of rates being stable, Credai spokesperson Kapil Gandhi said.
Ananya Belsare, who recently bought a 2BHK flat on Sinhagad Road, said, "Since moving to Pune, I have been working in hybrid mode. So, I required space for the days I am not going to the office. Besides, additional space always comes in handy when relatives visit. Going ahead, bigger apartment will get better appreciation in case there is a need to sell in the future."
"Typically, modern amenities are available with bigger flats, which aided my decision to go for a 2BHK apartment. It also fits into my plan to buy a flat in prime location with a good school area," said Thergaon resident Mangesh Jogade.