The average size of a residential apartment in India rose from 1,420 square feet in 2023 to 1,540 square feet in 2024, an 8% increase. This pattern reflects consumers’ increasing desire for larger living spaces in big cities.
From 2023 to 2024, there has been an increase in the average apartment size by 29% which is from 1,890 square feet to 2,435 square feet. The demand for larger living spaces is catered by the increasing availability of upscale apartments which has led to considerable growth in the average apartment size.
A number of significant factors have contributed to the 29% increase in the average apartment size in the National Capital Region (NCR), including:
Buyer Preference Shift: The COVID-19 pandemic drastically altered buyer preferences, raising demand for larger living areas. As more people work from home, many homebuyers prioritized extra rooms and dedicated home offices.
Demand for Luxury Housing: The demand for luxury housing has risen sharply, particularly for larger homes featuring open floor plans. In the National Capital Region, most of the new housing supply consists of luxury apartments, which are typically larger and more expensive. This change has led to an overall rise in average prices since luxury housing fetches higher rates. By 2024, the average cost per square foot had risen from ₹5,800 to almost ₹7,550.
Developer Reaction: Real estate developers in the National Capital Region (NCR) are strategically tuning into consumer demand and are taking action by launching expansive residential projects. This proactive approach has led to more larger homes being available. This meets buyers’ needs for spacious and comfortable living spaces.
Lifestyle shifts following the pandemic: Buyers are prioritizing comfort, health, and social distancing, which has increased demand for larger living areas. As a result of this change, larger apartments have become much more popular, especially those with extra features like yoga studios and natural lighting.
These elements have made the NCR a top market for larger residential units, reflecting changing post-pandemic consumer preferences and market dynamics.
