Apartments shrink a whopping 20% in top cities
New Delhi: Apartments being offered by real estate developers countrywide are shrinking in size owing to the high real estate prices and market dynamics with a massive 20 percent reduction between 2016 and 2020 in the top seven cities.
The average size of homes being sold by developers in 2016 was 1,440 square feet which shrunk to just 1,150 square feet in 2020 in the top seven cities of the country, according to a report by Anarock.
The average size has been going down every year from 2016. The average came down to 1260 square feet in 2017 and to 1160 square feet in 2018. It average was reduced to just 1050 square feet in 2019. However, it rose to 1150 square feet in 2020, after falling every year for four years.
The average in the whole of 2020 was maximum in IT city of Hyderabad at 1,750 square feet, almost twice the average of Mumbai at 932 square feet.
Interestingly, the second half of 2020 witnessed average flats increase to 1,200 square feet from 1,090 square feet in the first six months of 2020, possibly due to changing homebuyers preferences due to pandemic.
Average size in Mumbai saw the maximum jump-21 percent- from 773 square feet in 2019 to 932 square feet in 2020. It was followed by Pune which saw 12 percent yearly increase in average sizes of flats.