Mumbai sees 26.4% fall in home sizes over 5 yrs.

Q: Why the sizes of houses in MMR have reduced?

Kalki K,

30th July 2015

Real estate News in Mumbai

pune

chennai

delhi-ncr

kolkata

hyderabad

mmr

flat sizes reduced by builder in mmr

sluggish real estate market

high property rates in mumbai

Follow Discussion

Also see discussions for

Mumbai Real estate News Real estate News in Mumbai

Replies (4)

The event started first in cities such as Mumbai and Delhi as the investor component in these cities is higher and investors don't typically care about the size of the apartment. While in Mumbai Metropolitan Region, the trend first started in the suburbs and Thane, and later extent to Navi Mumbai, which at the begining had a lot of investor interest. But now they understand the trick.

pradyumanapte, Mumbai

30th July 2015

Comment

According to me the prime reason is that the profile of buyers has changed. Families are now more compact and buyers are mostly nuclear families. Also, the average age of home buyers has significantly dropped. Earlier, the average age of customers was about 50 yrs. and now it is 28-30 yrs.

Kunal,

30th July 2015

As per the latest trend, area of houses in NCR-Delhi has dropped 9.7% over the past 5 yrs, in Pune it has come down by 7%, while Hyderabad has seen a 6.5% fall while Bangalore and Chennai have seen a 23.7% and a 22.2% drop, respectively.

pradyumanapte, Mumbai

30th July 2015

@Pradyumanapte,
MMR including Mumbai, Thane and Navi Mumbai has witnessed the maximum fall in apartment sizes on annual basis, along with Bangalore, Chennai and Kolkata. Other cities also witnessed differing degree of fall in medium apartment sizes.

Ganapati Rao, Bangalore

19th August 2015

Right Vasanth,
It has been seen that the carpet area of 1BHK in Mumbai Metropolitan Region now comes with an average size of 450 sq-ft, while a 2BHK has an average size of about 650 sq-ft. While 5 yrs ago, it was 600 sq-ft and about 800-900 sq-ft, respectively.

Dev Patel, Mumbai

30th July 2015

Comment

Hi Dev,
Have they reduced the price tag of the flats or the per square feet rate? If not, then i request the buyer not to buy such flats which has been reduced in size as per the average size. They only want to filled their pocket without thinking about the buyers.

Vasanth,

30th July 2015

Hey Vasanth,
The reduction in apartment sizes has also brought down the price tags of these houses by close to 15 to 20% but without any change in the per square feet rate.

Now, the buyers have understand their tricks and they will not come in their trap. Builders have to search for the other options.

Dev Patel, Mumbai

30th July 2015

They have started this trend first in the affordable and mid-income housing segment, but now some developers building luxury homes are also reducing to the same strategy.

Now, most of the 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 end-user demand.

Vasanth,

30th July 2015

Hi Folks,
Builders are discovering advance ways to make residential housing across major cities more attractive to potential buyers at a time when it is becoming difficult to sell expensive apartments. They are unable to sell expensive homes in a slow market, that is the only reason builders across India are making smaller apartments without lowering the price per square feet and compromising on the quality of product.

Ganapati Rao, Bangalore

19th August 2015

Right ! High price of property resulted this situation of Mumbai.

Alpesh Ajmera, Mumbai

30th July 2015

Comment

That is why the fence-sitters are watching the market's movements eagerly. Their guess is that prices could go down further in the next few months which in turn has increased their hopes of landing a better deal for their money and delaying their purchase.

Dev Patel, Mumbai

6th August 2015

Right Dev,
My suggestion for buyers who are not in a hurry to move into a new house is to book in the pre-launch stage of a project and get very competitive prices. To exemplify,, booking in a pre-launch project in south Mumbai can easily get a discount of about 8-10%. In one of the eastern suburbs, a pre-launch project is offering a price of around Rs 8000/sq-ft., while a completed project nearby is charging Rs 14000/sq-ft

Vasanth,

6th August 2015

Hi Kalki,
I think, it is just because of slow rel estate market across the city. Mumbai with sky-high property rates has seen the rapid fall in home sizes. Over the past 5 yrs, the average size of an apartment in the Mumbai Metropolitan Region has reduced by 26.4% from about 1400 sq-ft. to about 1000 sq-ft.

Niyati Juthali, Mumbai

30th July 2015

Comment

Hi Niyati,
Even i felt that the 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.

Vasanth,

30th July 2015