Having to live in small and cramped homes is like a modern-day disaster. But for Mumbai, it is becoming a reality as the size of homes in this city is shrinking.
Having to live in small and cramped homes is like a modern-day disaster. But for Mumbai, it is becoming a reality as the size of homes in this city is shrinking.
The property prices in Mumbai have gone so high that people can’t afford bigger homes. Result: People are buying small homes.
The property prices in Mumbai have gone so high that people can’t afford bigger homes. Result: People are buying small homes.
According to Anarock Research, Mumbai Metropolitan Region (MMR) is the only city in India where average flat sizes have reduced in the last five years.
According to Anarock Research, Mumbai Metropolitan Region (MMR) is the only city in India where average flat sizes have reduced in the last five years.
The average flat size in MMR has reduced from 932 sqft in 2018 to 743 sq.ft in Q1 2023.
The average flat size in MMR has reduced from 932 sqft in 2018 to 743 sq.ft in Q1 2023.
In these five years, only 2020 saw average flat sizes in MMR see an annual rise of 21% against 2019. Since 2020, homes in the region are shrinking.
In these five years, only 2020 saw average flat sizes in MMR see an annual rise of 21% against 2019. Since 2020, homes in the region are shrinking.
Q1 2023 saw average apartment sizes in the top 7 cities increase by approx. 7% since 2018, with MMR the only outlier with average home sizes reducing around 20% in the period.
Q1 2023 saw average apartment sizes in the top 7 cities increase by approx. 7% since 2018, with MMR the only outlier with average home sizes reducing around 20% in the period.
In comparison to Mumbai, average size of homes has been increasing across cities.
In comparison to Mumbai, average size of homes has been increasing across cities.
Hyderabad has the highest average flat size at approx. 2,200 sq. ft. in Q1 2023, followed by Delhi-NCR with approx. 1,700 sq. ft.
Hyderabad has the highest average flat size at approx. 2,200 sq. ft. in Q1 2023, followed by Delhi-NCR with approx. 1,700 sq. ft.
In Chennai and Bengaluru, the average flat sizes stand at approx. 1,175 and 1,300 sq. ft., respectively.
In Chennai and Bengaluru, the average flat sizes stand at approx. 1,175 and 1,300 sq. ft., respectively.