CHENNAI: The average apartment size in Chennai has shrunk by 15 per cent in the last five years, according to a study by Anarock Consultants.
The average size of an apartment during 2014 was 1,290 square feet and in 2018, it got reduced to 1,100 square feet as home buyers prefer affordability coupled with good location over larger-sized homes in the far-flung suburbs, according to Anuj Puri, chairman of Anarock Property Consultants.
The reason for shrinking apartment sizes is that most millennial homebuyers are averse to investing in both, the higher maintenance costs and extra efforts that larger properties entail. However, this is not their only reason - millennials actually prefer to own smaller homes, according to the report by Anarock which surveyed seven Indian cities.
A major factor contributing to the shrinking apartment sizes across most metros is the rising demand for budget-friendly housing. With property prices going overboard in most metros, developers have been reducing sizes to align their offerings more with the actual homebuyer demand.
“Millennials attribute high value on location flexibility and do not get 'tied to' neighbourhoods the way the previous generations did. Frequent 'switching' of cities is rapidly becoming the new normal for millennials on the lookout for faster career growth. Also, they are in no hurry to marry and start families,” the report adds.
The maximum reduction in average property sizes was seen in the budget housing segment priced `40 lakh. The average size of homes priced below `40 lakh was 750 square feet in 2014, and it reduced by 23 per cent in 2018, the report stated.
Interestingly, apartment sizes in the luxury housing segment (priced above `80 lakh) also saw a 20pc reduction over the last five years. The average size of properties in this segment was 1,830 square ft in 2014, which came down to 1,460 square feet in 2018. Mid-segment housing priced between `40 - `80 lakh, saw the least size reduction of
17 pc - from 1,150 square feet in 2014 to around 950 square feet in 2018, the report added.
The reduction in flat size has invariably been achieved by the elimination of extra balconies - and in many cases all balconies - and better apartment designs that allow more efficient use of smaller spaces.
City: National Capital Region
Avg. Sizes (2014): 1485
Avg. Sizes (2018): 1,250
% Change: -16pc
City: Mumbai Metropolitan region
Avg. Sizes (2014): 960
Avg. Sizes (2018): 700
% Change: -27pc
Avg. Sizes (2014): 1430
Avg. Sizes (2018): 1260
% Change: -12pc
Avg. Sizes (2014): 1830
Avg. Sizes (2018): 1600
% Change: -13pc
Avg. Sizes (2014): 1290
Avg. Sizes (2018): 1100
% Change: -15pc
Pan India average
Avg. Sizes (2014): 1390
Avg. Sizes (2018): 1160
% Change: -17pc