Anuj Puri, Chairman – ANAROCK Property Consultants
- Properties within INR 40 lakh budget see 23% fall in average sizes – from 750 sq. ft. in 2014 to 580 sq. ft. in 2018
- Avg. property sizes in the top 7 cities decline by 17% in 5 years; from 1,390 sq. ft. in 2014 to 1,100 sq. ft. in 2018
- Bangalore sees the least size reduction at 12%, MMR tops with 27% average decrease
When it comes to housing, size matters for all kinds of reasons. The added floor space of larger homes definitely spells comfort, convenience and family scalability, every additional square foot either comes at a higher price or pushes available options further away from the central regions of a city.
Millennial homebuyers have already made it clear that they prefer affordability coupled with good location over larger-sized homes in the far-flung suburbs. Simultaneously, developers are intent on making their housing projects more pocket-friendly for a higher customer base.
As a result, the top 7 Indian cities collectively saw average apartment sizes shrink by nearly 17% between 2014 and 2018.