Latest reports and studies indicate that potential homebuyers are seeking larger apartments at more affordable prices. The customer demand for average unit sizes in major Indian cities now stands at 1, 300 sq. ft. over the last year which indicates a rise of around 4% according to studies. Indian buyers now look for homes that are larger in major cities such as Kolkata, Delhi, Noida, Gurgaon, Bangalore, Mumbai, Hyderabad, Chennai and Pune. Experts feel that growing affordability of housing units and larger homes are two major trends that are being seen in the mainstream realty sector.
There is demand for bigger homes from educated and high salaried buyers. Developers will now have to re-strategize in order to cater to this class of buyers. Hyderabad is seeing huge benefits on account of its affordable property rates and there is the largest demand for larger homes here. Buyers in Hyderabad usually demand an average size of 1757 sq. ft. while they demand 1027 sq. ft. in Pune. 1186 sq. ft. is the average size demanded in Chennai. Pune and Chennai have witnessed growth of 5.2% and 5.1% respectively in average unit sizes demanded by homebuyers. People usually want 1600 sq. ft. as the average unit size in Bangalore while they desire 1322 sq. ft. at least in Greater Noida. Homebuyers in Noida also want 1319 sq. ft. as the average unit size.
Yet, housing size demanded in Mumbai has come down by 8.2% to 875 sq. ft. while in Delhi, average size of units demanded is approximately 900 sq. ft. Real estate developers are also trying to offer larger homes to buyers with several projects in Bangalore, for instance, coming with average sizes of 1428 sq. ft. in terms of housing units on offer. Realty players have also tweaked their game plans to develop larger homes in Chennai with 1210 sq. ft. being the average unit sizes. In Delhi, however, developers are offering 1227 sq. ft. as the average unit size while demand is lower at 900 sq. ft. The same scenario is observed in Mumbai where the average unit size demanded is 875 sq. ft. but homes larger than 1000 sq. ft. are being offered in several areas.
