Hyderabadis’ desire for large homes continues to grow, despite the increasing cost. According to a recent industry report by Anarock, Hyderabad has emerged as the city with the largest residential properties. In 2023, the average size of apartments in Hyderabad was 2,300 square feet (sft), surpassing the National Capital Region (NCR) which stood at 1,890 sft. On the other hand, Mumbai Metropolitan Area (MMR) and Kolkata experienced a decline in flat sizes by 5% and 2% respectively, as stated in the report.
Anuj Puri, Chairman of Anarock Group, highlighted that the demand for spacious living spaces remains strong in most top cities, including Hyderabad. He mentioned that Hyderabad buyers have always preferred large-sized homes, and developers are meeting this demand by launching such projects. Puri also noted that residential prices in Hyderabad are relatively lower compared to IT hubs like Bengaluru and Pune, which adds to the appeal.
According to Anarock’s data, luxury homes made up around 23% of the total new launches in 2023, with over one lakh units nationwide. This demand for luxury housing has been growing steadily, driven by changing homebuyer preferences in the wake of the pandemic. Puri expressed confidence in the sustainability of this trend, considering the enduring ‘new normal’ in housing preferences.
Meanwhile, despite the escalating residential prices in Bengaluru, the demand for larger apartments remains unabated. Anarock Group’s data reveals a 26% increase in the average flat size in 2023, rising from 1,175 sqft in 2022 to 1,482 sqft. This growth surpasses the five-year average, with the city’s average flat size in 2019 at 1,280 sqft. According to Anarock, the average flat sizes in the top seven cities increased by 11% annually, reaching 1,300 sqft in 2023 from 1,175 sqft in 2022. Comparatively, in 2021 (1,170 sqft) and 2020 (1,167 sqft), the average flat sizes across the top seven cities were similar to those in 2022.
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