[INDIAN REAL ESTATE NEWS] Good morning, everyone. I’m Kim suhyeon staff of Kamagroup Pvt. Ltd.
Here I have an important Indian real estate news to share with you which is as undermentioned.
MUMBAI: India’s top 7 cities have collectively witnessed average apartment sizes shrink by nearly 17% between 2014 and 2018. Among the top cities, Mumbai Metropolitan Region (MMR) has led the list with a 27% average decrease in apartment sizes to 700 sq ft in 2018 from 960 sq ft in 2014, showed data from ANAROCK Property Consultants.
Bangalore saw least decline in average property size at around 12% in the five years. The current average apartment size in Bangalore is 1,260 sq ft. Prior to 2017, the average sizes in Bangalore fluctuated by merely 1-2% year-on-year; in 2018, the sizes declined over 12% against the previous year.
“Rising demand for affordable, compact and budget-friendly housing has led to the shrinking apartment sizes across most metros. With property prices going overboard in most metros, developers have also been reducing sizes to align their offerings more with the actual homebuyer demand,” said Anuj Puri, Chairman, ANAROCK Property Consultants.
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Have a nice day.