In a notable shift within India’s real estate landscape, Delhi-NCR has emerged as the front-runner in the luxury residential segment, according to the latest report by Anarock. The study reveals that luxury homes, characterised by their larger living spaces, are increasingly attracting discerning homebuyers across the country. The Anarock report highlights a significant 32% increase in average flat sizes across the top seven cities—Delhi-NCR, Hyderabad, Bengaluru, Kolkata, Pune, Chennai, and Mumbai—over the past five years. Flats have grown from an average size of 1,145 square feet in 2019 to 1,513 square feet in the first half of 2024.
Delhi-NCR stands out with the most pronounced growth in luxury residential offerings. The report notes that of approximately 24,300 units launched in the region during the first half of 2024, luxury homes accounted for 77%, or around 18,600 units. This substantial share underscores the area’s dominance in the high-end property market. The report also highlights that, on average, flat sizes across these top cities reached about 1,420 square feet in 2023, marking a 7% increase in just six months. Despite the resurgence of normalcy post-pandemic and rising property prices, there is a sustained preference for larger living spaces among buyers.
Delhi-NCR has seen a staggering 96% increase in average flat sizes over the past five years, climbing from 1,250 square feet in 2019 to 2,450 square feet in the first half of 2024. The region’s average flat size grew by 30% in the past six months alone, indicating a robust demand for expansive luxury residences. In 2023, the average flat size was 1,890 square feet, reinforcing Delhi-NCR’s position as the leader in luxury residential growth among the top seven cities. This trend highlights a shift in consumer preferences towards larger homes, reflecting a broader aspiration for more spacious living environments. As real estate developers continue to set new benchmarks in luxury living, Delhi-NCR remains at the forefront of this evolving market dynamic.
