Flat sizes shrinking in Mumbai Metropolitan Region and Chennai : Anarock report
June 12th, 2023
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NCR saw average flat size rise 50 percent - from approximately 1,130 sq. ft in Q1 2022 to approximately 1,700 sq ft in Q1 2023. MMR was the only area where the average flat size declined since 2018, from approximately 932 sq ft to approximately 743 sq ft in Q1FY2023.
While MMR is hyper-expensive, Chennai is a very cost-sensitive market. In both instances, increasing the supply of smaller, more affordable homes makes sense, according to data collated by Anarock. While the average flat size in the top seven cities increased by 5 percent annually -- from approximately 1,170 sq ft in Q1FY2022 to approximately 1,225 sq ft in Q1 FY2023 – those in Mumbai Metropolitan Region (MMR) and Chennai shrunk, a new report has said.
Chennai saw average flat sizes decrease by 6 percent -- from approximately 1,250 sq ft in Q1FY2022 to approximately 1,175 sq ft in Q1FY2023. MMR saw average flat sizes decrease by 5 percent - from approximately 783 sq ft in Q1FY2022 to approximately 743 sq ft in Q1 2023 -- data shared by property consultants Anarock showed.
MMR was the only city where the average flat size declined since 2018, from approximately 932 sq ft to approximately 743 sq ft in Q1FY2023. This is because there is a perception among developers that there is currently sufficient supply of larger format homes.
Also, while MMR is hyper-expensive, Chennai is a very cost-sensitive market. In both instances, increasing the supply of smaller, more affordable homes makes sense, according to data collated by Anarock.
Source: financeexpress.com
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