House prices in Dwarka Expressway rise by 79%, Bengaluru’s Bagaluru by 90%
The Real estate consultant Anarock analysed price trends in the top 3 micro-markets of the 7 major cities, based on the maximum new supply seen in the last five years.
Over the last five years, the average flat size in the top seven cities has grown by 32%. This indicates an increased consumer preference for spacious homes.
A report by ANAROCK said that from 1,145 square feet in 2019, it increased to 1,513 square feet the first half of 2024 in Delhi-National Capital Region (NCR), Hyderabad, Bengaluru, Kolkata, Pune, Chennai, and Mumbai Metropolitan Region (MMR),
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In 2023, the average flat size across these seven cities was 1,420 sq. ft.
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The spike was around 7% in the last six months, the report highlighted.
Among the top seven cities, NCR recorded the highest growth of 96%, from 1,250 sq. ft. in 2019 to 2,450 sq. ft. in H1 2024, the report said.
The region also reported a rise of 30% in the average flat size in the last six months, the most among the country’s top seven cities.
It increased from 1,890 sq. ft. by 2023-end to 2,450 sq. ft. in the first half of 2024, essentially due to the increased new supply in the luxury segment in this period, the research stated.
The Mumbai Metropolitan Region continued to offer the least average flat size among the top 7 cities, at 825 sq. ft. in H1 2024.
However, it reported an increase of 5% in H1 2024 against 2019, when it stood at 784 sq. ft. In the last six months, too, the average flat size in the region rose by 4%.
In the Southern part of India, Hyderabad reported an increase of 18% over the five years. The average flat size in the Telugu city stood at 2,010 sq. ft. in H1 2024. Average flat size in the other major southern cities, Chennai and Bengaluru, were found to be 1,450 sq. ft. and 1,630 sq. ft., respectively.
The average flat size in Kolkata remained at 1,125 sq. ft., while in Pune, it stood at 1,103 sq. ft., reporting an increase of 13% and 21% over the five years, respectively.
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