Buying a flat in Mumbai is a dream for every Mumbaikar! It is not just difficult to find a perfect flat but the prices have skyrocketed! In fact, it burns a huge hole in your pocket. According to a report, the flat size is decreasing but the prices are at an all-time high! Here’s all you need to know about real estate prices in Mumbai.
Flat Size In Mumbai Has Decreased!
The first quarter of the current fiscal year saw a 20 per cent decrease in the average flat sizes in the Mumbai Metro Region. A survey by real estate expert Anarock claims that since 2018, the size of apartments in the Mumbai area has been decreasing. Anuj Puri, chairman of Anarock Group, stated that MMR is the only city where average flat sizes have reduced in the last five years — from 932 sq ft in 2018 to 743 sq ft — in Q1 2023.
He further stated that, in MMR, the average flat size only increased by 21 per cent annually from 2019 to 2020. Homes in the area have been getting smaller since 2020. However, the prices have been increasing constantly irrespective of its square foot area. The need for larger homes continues despite the rise in real estate prices.
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Flats In Delhi & Other Cities
On the contrary, in Delhi-NCR and other major cities, the size of apartments has increased. The average size of a flat in the top seven cities went from 1,150 square feet (approximately) in 2018 to 1,225 square feet in Q1 2023. Of the seven cities, average flat sizes increased most in Delhi and its neighbouring cities. In the first quarter of 2023, the average apartment size in Delhi-NCR rose to 1,700 square feet from 1,250 square feet in 2018.
Currently, the typical apartment sizes in Chennai and Bengaluru are 1,175 square feet and 1,300 square feet, respectively. The demand for typical flat sizes is 1,150 square feet in Kolkata and 1,013 square feet in Pune, respectively.
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Work from Home culture is the main factor fueling the desire for larger flat sizes.
Cover Image Courtesy: Canva
First Published: June 13, 2023 8:27 PM