Demand for Larger Homes Persists Amid Rising Costs
Despite increasing interest rates and housing prices, there's a notable surge in demand for larger homes across Indian cities. Anarock Research data reveals a steady annual growth in average flat sizes, with a significant 11% increase recorded in 2023. While some cities witness a rise in home dimensions, others experience a decline, prompting experts to delve into the underlying factors shaping these trends.
Drivers Behind the Rise in Home Sizes
The demand for larger residences remains buoyant as individuals seek dedicated spaces for various activities within their homes. This includes the need for home offices, fitness areas, and additional rooms to accommodate evolving lifestyle preferences. Moreover, enhanced living standards drive the demand for amenities like walk-in wardrobes and larger kitchen spaces. Additionally, limited land availability in urban areas pushes developers to construct larger flats to maximize land utilization effectively.
Regional Variances and Market Dynamics
Cities like NCR and Hyderabad witness a surge in average flat sizes, driven by factors such as the emergence of luxury housing segments and relative affordability compared to other IT hubs. However, in cities like MMR and Kolkata, rising housing costs and land scarcity have led developers to focus on constructing smaller, more affordable units to cater to a broader market segment. Additionally, urbanization and migration fuel the demand for compact living spaces in densely populated cities, influencing developers to prioritize smaller units in prime locations over larger ones on the outskirts.
Source: www.economictimes.com
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