- Buyers prefer larger homes
- Shift in homebuyers’ preferences post-COVID-19
In the aftermath of the COVID-19 pandemic, the landscape of homeownership has undergone a significant transformation, with people now gravitating towards larger living spaces. The era of compact houses is fading as individuals seek more room to accommodate their evolving needs. The shift is primarily driven by various factors, including the necessity for dedicated workspaces, conducive environments for children’s online learning, and designated areas for isolation in case of illness. Among the cities experiencing a substantial surge in demand for spacious residences, Hyderabad takes the lead. Recent data reveals that the average size of apartments in the city has witnessed a remarkable increase, soaring from 1,700 sq.ft in the first quarter of 2022 to an impressive 2,200 sq.ft in the corresponding period of 2023. This figure stands out as the highest average size among all major cities in India, firmly establishing Hyderabad as a hub for homebuyers seeking ample living spaces.
Several other metropolitan areas have also witnessed a notable upswing in the demand for larger houses. In Delhi, the average area has expanded from 1,130 sq.ft to 1,700 sq.ft. Bengaluru witnessed an increase from 1,200 sq.ft to 1,300 sq.ft, Kolkata from 800 sq.ft to 1,150 sq.ft, and Pune reported an escalation from 877 sq.ft to 1,013 sq.ft. But, Mumbai experienced a decrease in average apartment size, declining from 932 sq.ft in 2013 to 783 sq.ft in the first quarter of 2022, and further dwindling to 743 sq.ft during the same period of 2023. The overwhelming majority, 90 per cent, of those purchasing homes do so for their personal use rather than as investment opportunities. Among the various configurations available in the market, 38 per cent of the total sold houses comprise 2 BHK (bedroom-hall-kitchen) units, followed by 26 per cent of 3 BHK, 13 per cent of 1 BHK, 9 per cent of 4 BHK, and a mere one per cent representing villas.
