Hyderabad: Large spaced apartments in demand
Hyderabad: A few years back whenever one would picture a 2BHK or a 3BHK apartment it would be mostly in the size range of 700 sqft to a maximum of 1,200 sqft. While for a 2BHK the bedroom sizes would be less than 150 sqft each and the rest would include the living area that […]
Hyderabad: A few years back whenever one would picture a 2BHK or a 3BHK apartment it would be mostly in the size range of 700 sqft to a maximum of 1,200 sqft.
While for a 2BHK the bedroom sizes would be less than 150 sqft each and the rest would include the living area that would have a small nook for the dining table and the kitchen. The same size would apply for a 3BHK apartment in the city and this would be ideal for consumers looking at affordable and budget housing options.
However, with an increase in income levels, low rates of interest on housing loans, and also the need for more space, this trend seems to be undergoing a sea change. Now, consumers are keen to buy larger apartments which could include a much larger living area with some space to set up their workstation and a larger kitchen area. The need for a larger bedroom is also prominent among residential property buyers.
Higher aspirations, bigger spaces
“When I started my career about 15 years ago, we bought a 2BHK apartment in Secunderabad which was about 800 sqft in size. We thought it would be more than enough for our family of three. However, over the years we realised that although the bedroom sizes were sufficient, we needed more space in the living areas and the kitchen even as our standard of living rose. So, about four to five years ago, we moved to a bigger space with two bedrooms, but the apartment was more than 1,000 sqft. This extra 200-plus sqft made a lot of difference in our utilisation of space and our needs,” says 40-year-old Kshitij K, a private sector employee.
“As people grow in their career, they want to move to bigger spaces and mostly shift from a 2BHK apartment to a larger 3BHK apartment. They need a bigger living room and kitchen along with a corner that can double up as a workspace. The average bedroom size in most of these apartments hovers between 150-200 sqft and then there is a living, kitchen, and dining area. Some of these apartments also have a common area of about 250 sqft is included in the flat size. The average apartment size in Hyderabad stands at about 1,400 sqft for a 3BHK,” says GV Rao, president, Telangana Developers Association.
Covid changing buyer needs
Speaking about the need for larger space increasing in the post-Covid world, Knight Frank India, branch director-Hyderabad, Samson Arthur informed that homes have become important and there is a growing affinity towards larger spaces.
“There is a desire for larger homes and upgrading to bigger sizes. While a few consumers are looking at large rooms which could also act as a workspace for them and some prefer to have bigger balcony space which is seen as a luxury for them. While in the Western corridor of Hyderabad, a 1,200 sqft apartment could be a starting point but in the Eastern corridor, a 1,200 sqft could be the biggest apartment in terms of 2BHK offering. So, it is highly subjective,” he said.
The need for affordable and budget housing is also driving people to move to the peripheries of the city to live in larger spaces.
“Even as people are living with parents and children, they prefer to move to larger spaces. So, earlier if an 850 sqft 2BHK was preferred, now consumers are looking at 3BHKs that could go up to 1,400 sqft. The increase in luxury living has also pushed the trend towards larger homes,” says Kalisetti Naidu, real estate space analyst, Yards and Feet Property Consultants.
Large space outlook
A recent study by 99acres.com on Hyderabad Residential Market Outlook showed that in the fourth quarter of 2021 alone, Hyderabad posted a sale of over 11,000 units, majorly concentrated to large-spaced apartments – 3BHK units measuring 1,500- 2,500 sq ft.
The report also mentioned that the average unit size for 2BHK apartments in micro markets like Miyapur, Manikonda, and Nizampet stood at 1,040-1,070 sqft, 1,000-1,100 sqft, and 1,050-1,080 sqft respectively. For 3BHK apartments in areas like Gachibowli, Kondapur, and Kokapet, the average unit size stood at 1,170-1,250 sqft, 1,750-1,800 sqft, and 1,440-1,500 sqft respectively.
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