Hyderabadis choosing spacious apartments
The statistics produced by the Anarock Property Consultants further show that average flat sizes in the city registered an increase of 30 per cent yearly and 35 per cent five-yearly.
Hyderabad: Demand for spacious apartments in the city is on the rise with Hyderabad recording the highest average flat size last year at 2,300 sft, indicating that the homebuyer demand in this fast-growing metropolis is skewed significantly towards luxury apartments defined by bigger sizes.
The statistics produced by the Anarock Property Consultants further show that average flat sizes in the city registered an increase of 30 per cent yearly and 35 per cent five-yearly. While it was 1,700 sft in 2019, it was 1,775 sft in 2022.
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This trend in Hyderabad is concurrent with other cities in the top seven. The latest data reveals that the average size of a dwelling unit in an apartment across these cities spiked by 11 per cent – from 1,175 sft in 2022 to 1,300 sft in 2023.
“The supply of bigger luxury homes increased significantly. More than one lakh units or around 23 per cent of the total new launches in 2023 were in the luxury category. The demand for bigger homes was kick-started by the pandemic, but there are no signs of it waning three years later,” says Anuj Puri, Chairman of Anarock Group.
Mumbai Metropolitan Region (MMR) and Kolkata were the only two cities where the average dwelling dimensions decreased in the last year. In MMR, average flat sizes declined five per cent to 794 sft in 2023, while there was a two per cent yearly decline to 1,124 sft in Kolkata.
In terms of highest growth, the National Capital Region (NCR) saw an increase of 37 per cent in the last year, along with a maximum rise of average flat size in 2023 with 51 per cent, followed by Hyderabad with a 35 per cent rise in this period.
