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Bigger Homes and Exclusivity are Top Homebuyer Trends

Average flat size in India’s top seven cities surged by 32% in five years: Anarock

New Delhi, August 21, 2024: Luxury homes with larger living spaces are topping the list of today’s homebuyers. The rise in spacious and luxurious living environments is proof of the changing lifestyle of individuals who are ambitious and whose living space is a reflection of their life goals being achieved. Over the years, metro cities have witnessed this trend, with the demand for luxury homes becoming more prominent. A report by Knight Frank revealed how the surge in demand for luxury housing, which formed 41% of all sales in the first half of 2024, has not only strengthened market sentiments but also prompted strategic planning from developers.

A report by Anarock testifies that the average flat sizes in India’s top seven cities have surged by 32% over the past five years, with the National Capital Region (NCR) witnessing a significant 96% growth. This growth underscores NCR’s constantly evolving realty landscape, which is marked by evolving buyers’ preferences. Hence, understanding the growing demands, leading developers are meticulously crafting the projects, setting new benchmarks in luxury living and significantly contributing to this landscape.

Prateek Tiwari, MD, Prateek Group, said, “In recent times, luxury homes have increasingly captured the attention of homebuyers, especially in the city like Noida. The past few years have seen a significant shift, with more people seeking spacious homes offering extra rooms to accommodate the demands of lifestyles. This trend also extends to investment preferences, with buyers gravitating toward larger properties, prompting a surge in luxury real estate developments. As developers, we respond to this shift and curate spacious residences and duplex penthouses that offer quality living to our buyers.”

Sandeep Chhillar, Founder & Chairman of Landmark Group, said, “The increased demand for bigger homes is a clear reflection of homebuyers’ evolving preferences. Driven by various socio-economic factors, lifestyles, and evolving priorities, today’s modern homebuyers seek flexibility in their living spaces. Gurugram has been witnessing exponential demand for exquisitely designed and more spacious luxury homes. A recent market analysis report highlighting a 32 percent surge in the average flat size across key cities is a notable indication of this within which the National Capital Region (NCR) has witnessed a significant 96 percent growth in the average home size. Backed by the sustained interest of buyers and investors in spacious homes, the real estate market is expected to witness exclusively designed bigger homes strengthening the growth momentum of luxury homes.”

The Anarock’s report also notes that 2023 was a significant year for growth, with the average flat size across the top seven cities standing at approximately 1,420 square feet. This represents a 7% increase in the last six months alone, indicating a continued consumer preference for larger homes despite the return to normalcy post-pandemic and rising property prices.

Ashwani Kumar, Pyramid Infratech, said, “As the world continues to adapt to new ways of living and working, the real estate market keeps witnessing new trends. The demand for bigger homes is a significant shift among homebuyers lifestyle trends translating to new way of living. As Gurugram recorded the highest number of luxury housing sales recently, it has solidified its journey into a luxury real estate destination. Offering Uber luxury residential options, the city caters to buyers’ growing preferences for exquisitely designed bigger homes. In line with the same preferences, our residential projects are meticulously curated to meet the highest standards of luxury, space, and comfort.”

Nayan Raheja, Raheja Developers, said, “The report clearly signifies that the NCR’s real estate market is at the cusp of major transformation, especially the luxury segment. Today’s homebuyers are looking beyond just location; they want expansive spaces, modern conveniences, and a touch of exclusivity. As this demand continues to grow, we anticipate a strong uptrend in the luxury segment from Noida to Gurgaon, driven by homebuyers seeking not just a place to live but a lifestyle upgrade.”