While most major Indian cities have seen a steady increase in the average size of residential apartments, Hyderabad has taken a divergent path. A recent study by Anarock Property Consultants reveals that buyers in the city are increasingly opting for smaller living spaces, bucking the national trend.
This shift is a stark contrast to the growing average apartment sizes observed in other cities like Delhi NCR, which now boasts the largest average flat size in the country. Hyderabad, however, has seen a 13% decline in average apartment size between 2023 and the first half of 2024. Despite this recent contraction, the city’s apartments remain among the largest in India, averaging over 2,000 square feet. The reduction in apartment size is primarily attributed to a strategic response to market dynamics and a slowdown in the luxury segment. The new supply of luxury units in Hyderabad has decreased significantly in the first half of 2024 compared to the previous year, leading to a corresponding decline in the average size of flats.
This shift reflects a changing consumer preference towards more compact living spaces, potentially driven by factors such as affordability and lifestyle considerations. While Hyderabad’s residential market is witnessing this unique trend, it is important to note that the city’s apartments still remain relatively spacious compared to other major Indian cities. The recent decline in average size is a departure from the overall trend, but it does not signify a drastic shift towards much smaller living spaces. The changing dynamics of Hyderabad’s residential market offer valuable insights into the evolving preferences of homebuyers. As the city continues to grow and develop, it will be interesting to observe how these trends shape the future of its real estate landscape.
