Is Covid-19 infection making Chennai residents to opt for bigger homes
Posted on: 26/Jan/2021 9:45:37 AM
In the last 5 years, the average size of the apartments in Chennai shrunk by 15percent. In the year 2020, the average size of the apartments has increased due to Covid-19 pandemic situation. This was according to a study made by Anarock Consultants. The study pointed out that the average size of the apartment increased by 9% from 1100 sq ft in 2019 to nearly 1200 sq ft in 2020. It is now said that the trend changed since the outbreak of Covid-19 infection.
People now look out for 2.5BHK or 3BHK apartments with balconies and this was as per Mr. Sridhar, chairman, TN chapter. He was of the view that the change in the attitude of the people to go for bigger homes was not because of the Covid-19 exigencies.
According to Mr. Sivakrishnan, India head-Residential services, MD for Chennai and Coimbatore, it was clear that people have been upgrading to bigger homes due to the work from home or WFH culture. He highlighted that the need for the people to go for larger homes would drive the demand.
In the top 7 cities, the average size of the apartments rose from 1050 sq ft in the year 2019 to 1150 sq ft in 2020. This was according to the study by Anarock Consultants. Since the year 2016, the average size of the apartments have been reducing year on year. This has been brought to light by the trends in the last 4 years.
In 2017, the average apartment sizes in places like Mumbai, Delhi, Pune, Chennai, Bengaluru, Hyderabad and Kolkata witnessed the maximum yearly decline of 13percent. It was 1440 sq ft in 2016 and got decreased to 1260 sq ft in 2017.Factors like affordability and millennials preference for low maintenance homes were cited as the reasons for reduction in the apartment sizes in the previous years. This was stated by Mr. Anuj Puri, chairman Anarock Consultants. He added that the buyer’s preference was reversed in the year 2020. Point to be noted is work from home and learning from home culture has made the flat sizes increase for the first time in four years.
