Changing Apartment Sizes Across Major Metros
The Indian real estate sector is still trying to cope with the weakening sales and rising inventory levels after the economic slowdown of 2012 – 13. The low sentiment in the sector has given rise to numerous trends pan-India. And changing apartment sizes, on an average, is one of the many trends. One may opine that average apartment sizes are reducing, however, as per CommonFloor data, this is not entirely so. The average sizes of different apartment configurations have not necessarily reduced in all the major cities since 2012. While some cities have witnessed considerable fall in the average apartment sizes, some cities also witnessed an increase due to separate characteristics of each respective realty markets. The winners and losers in terms of average apartment sizes are shown below.
Bangalore (Large Sized Projects)
Like other metros that were witnessing a change in their average apartment sizes, Bangalore real estate market was also not lagging behind. The micro level analysis of different sub regions within the city show compelling insights regarding the changes in apartment sizes. While the eastern part of the city witnessed a drop in average sizes, the western and central regions experienced an increase in it. However, the apartment sizes in northern and the southern regions remained constant with minimal changes . The detailed analysis is shown below.
It is interesting to note that East Bangalore which includes some of the most active micro markets such as Whitefield and Marathahalli experienced a fall in average sizes. Increased demand for affordable properties in these areas is prompting developers to reduce sizes and provide options within the buyers budget.
Simultaneously, the prime residential locations of Central Bangalore including micro markets such as Indira Nagar, Ulsoor etc. have witnessed increase in the average apartment sizes. This is due to the launch of multiple luxury projects, most of which are redevelopment ones. The completion of Metro Railway and implementation of the “Transit Oriented Development” policy is likely to reinstate interests in buyers & builders alike in the near future.
The West Bangalore region, characterized by industrial zones, also witnessed an increase in average apartment sizes owing to the availability of ample land and larger share of luxury projects in the region.
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