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Recent study says , Mumbai sees 26.4% fall in home sizes over 5 years.
Area of houses in NCRDelhi has dropped 9.7 % over the past five years, in Pune it has come down by 7 percent, while Hyderabad has seen a 6.5 % fall.
In a sluggish real estate market with stiff prices, developers across major Indian cities have been downsizing apartments to make them affordable and push sale.
Mumbai, a city with skyhigh property rates, has seen the sharpest such fall in home sizes. Over the past five years, the average size of an apartment in the Mumbai Metropolitan Region has shrunk by 26.4 % from about 1,400 sq-ft to about 1,000 sq-ft, as per data from real estate consultancy firm Jones Lang LaSalle.
Going by the data, the average size of houses also seems to be the smallest in the Mumbai Metropolitan Region as compared to other metropolitan cities such as Kolkata, Bangalore, Chennai, Delhi, Pune and Hyderabad.
Ashutosh Limaye, head of research at Jones Lang LaSalle India, said, “In terms of carpet area, a 1 BHK in the Mumbai Metropolitan Region now comes with an average size of 450 sq-ft, while a 2 BHK has an average size of about 650 sq-ft. Five years ago, this was 600 sq-ft & about 800900 sq-ft, respectively. The reduction in apartment sizes has also brought down the price tags of these houses by close to 15 to 20 % without any change in the per square feet rate.”
Limaye said that while this trend first started in the affordable and midincome housing segment, some developers building luxury homes are also resorting to the same tactic.
For instance, several developers such as Lodha Group, Kanakia Spaces and Hubtown are offering smaller 1 BHK apartments within some of their luxury housing projects complete with landscaped gardens, swimming pools, spa, and recreational activities.
“Most developers are doing this. Some of the earliest practitioners were the southern builders such as Purvankara and Shobha Developers as the real estate market in south India is mostly driven by enduser demand. The phenomenon started in cities such as Mumbai and Delhi much later as the investor component in these cities is higher and investors don’t typically care about the size of the apartment,” Limaye said. Within the Mumbai Metropolitan Region, the trend first started in the suburbs and Thane, and subsequently spread to Navi Mumbai, which initially had a lot of investor interest, he added.
Vimal Shah, president of the Maharashtra Chamber of Housing Industry (MCHI), an umbrella organization of developers, said, “It is true that developers all across are offering smaller apartments, but bringing about a reduction in the price of houses is not the major reason why builders are doing this. The prime reason is that the profile of buyers has changed. Families are now more compact
Mumbai sees 26.4% fall in home sizes over 5 years: Study The Indian Express
and our buyers are mostly nuclear families. Also, the average age of home buyers has significantly dropped. Earlier, the average age of our customers was about 50 and now it is 2830.”
Other metropolitan cities such as Kolkata, Bangalore & Chennai have seen the same trend. Sizes of houses in Kolkata have fallen 24 % from 2010 to the first half of 2015, while Bangalore and Chennai have seen a 23.7 % & a 22.2 % drop, respectively.
Size of houses in other cities such as NCRDelhi, Pune and Hyderabad have also dwindled, albeit to a smaller extent. Area of houses in NCRDelhi has dropped 9.7 % over the past five years, in Pune it has come down by 7 % , while Hyderabad has seen a 6.5 % fall.
Well,
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