Average sizes of flats in most big cities have shrunk in the last five years, largely driven by realtors’ efforts to tap a larger customer base, especially millennials who have shown preference for affordable homes at good location over larger flats in the far-flung suburbs. According to real estate consultancy firm Anarock, properties costing below Rs 40 lakh saw 23% fall in average sizes in the 2014-2018 period. In absolute terms, sizes reduced from 750 sqft in 2014 to 580 sqft in 2018 for such houses.
In the top seven cities, the average property sizes declined 17% in the last five years to 1,100 sqft in 2018 from a high of 1,390 sqft in 2014. Among top cities, Mumbai Metropolitan Region witnessed the maximum reduction at 27% fall in average sizes of apartments, followed by Kolkata and Pune. Debasis Mohapatra
Bangalore saw the least decline in average property size at around 12% in this period.