Due to COVID-19 and the emphasis on work-from-home, homebuyers are looking for bigger 1-2 BHK units and the average size of a flat in Mumbai Metropolitan region is now 542 sq ft, CREDAI MCHI, in association with its Knowledge Partner CRE Matrix, said on June 4.
The work-from-home trend has compelled homebuyers to look for bigger apartments with an additional space of 50-80 sq ft. 1-2 BHKs of sizes between 300-700 sq ft account for 75% of bookings, the report titled MMR Home Size has said.
In South Mumbai, units sized between 630-1150 sq ft account for 47% of homes booked in last 6 years, while 3-3.5 BHK ranging between 801- 980 sq ft are receiving maximum demand.
In Central Suburbs, units of sizes between 385–750 sq ft account for 54% homes booked in the last six years, with 3-3.5 BHK ranging between 1,087- 1,170 sq ft receiving maximum traction, it said.
In eastern and western suburbs, demand for 2/2.5 BHKs of sizes 420 to 880 sq ft saw highest demand, the report said.
In Navi Mumbai, 2/2.5 BHKs between 340 to 640 sq ft have been the most sought after accounting for 74% of the total housing demand in the region in the last six years, the report said.
“While small housing units are witnessing maximum demand from homebuyers, developers have been flexible enough to increase the carpet area of the newly constructed flats in the past year or so to ensure that homebuyers are able to accommodate Work-from-Home concept. The sizes of 1-2 BHKs have therefore expanded while 3-4 BHKs have become slightly compact, signalling changes in unit sizes in the MMR market,” said Deepak Goradia, president, CREDAI MCHI.
The average 2BHK across Mumbai Metropolitan Region is now 542 sq ft. The per sqft in the area works out be Rs 25,000 per sqft on an additional 50-80 sq ft which would mean Rs 13 to Rs 20 lakh extra, explains Abhishek Kiran Gupta, CEO of CRE Matrix.
It has also been seen that buyers of 1BHK or 2BHKs are looking for this additional space against those who are scouting for 3BHK and 4BHK homes. “We have witnessed that 3BHK and 4BHk have actually shrunk in size to become more affordable but 1BHK and 2BHK have increased in size,” he said.
A 1BHK averaged at 390-400 sq ft and 2BHK averaged at 525 sq ft before the pandemic. These have increased by 5-7% in size as builders have tried to accommodate a small study or office area in the bedroom. However, few developers took the risk of adding a study or office room in a 2BHK as it would have significantly added to the cost and sale value, he added.
