BANGALORE: Bangalore tops in many things like weather, good, high-end schools and quality of life notwithstanding the traffic cribs. But there's one not-so-well-known parameter of which the city can be justifiably proud: large apartments.
On an average, a typical apartment across major metros in the country is roughly 1,100 sqft to 1,200 sqft. In Bangalore, that size is 1,750 sqft making it 45% higher than the national average. The average size of apartments in Bangalore is the highest in India, 60% larger than those in Mumbai and 20% larger than those in the National Capital Region (NCR).
Data shared by global consultancy firm LJ Hooker states that the only other Indian city to match Bangalore in apartment sizes is its old IT rival Hyderabad, which also has apartments measuring approximately 1,750 sqft on an average.
Elaborating on the reasons why Bangalore has large dwellings, Alexander Moore, CEO, LJ Hooker India, says the primary reason is land cost. "The higher the cost of land, the greater efficiency you have to make of it, and that's by building smaller apartments," says Moore. Land prices in Mumbai and Delhi, says Moore, are 10 times higher than those in Bangalore.
The demographics of buyers in Silicon Plateau, who are primarily end-users located in tech hubs on the periphery, is another important factor. "This takes pressure off city areas and allows greater size. In Bangalore, you can travel 10kms to get access to land which is not the case in other cities, more so in Mumbai," adds Moore. Mumbai and NCR have large investor populations who prefer smaller units close to city locations.
In Mumbai, the availability of developable land is so scarce that developers need to go vertical and keep the size of apartments units small to maximize land yield. As per data shared by LJ Hooker, the average apartment size in Mumbai is around 1,100 sqft. While average apartment size in NCR is 1,500 sqft, in Chennai it's 1,300 sqft. "Affordability is the key to Bangalore's real estate success," says Jackbastian K Nazareth, group CEO, Puravankara Projects Ltd. PropEquity, a real estate data analytics and research firm in New Delhi, rated Bangalore as one of the most affordable real estate markets in the country.
Bangalore-based real estate major Sobha Developers sells 3-BHK units ranging from 1,850 sqft to 2,000 sqft, which account for 90% of its total apartment sales. At Puravankara Projects, sales of 3-BHK units contribute approximately 70% of its sales.
Prashanth Sambargi, partner, Mars Realty, points out that the city always had a culture of large bungalows with gardens, which is why people look for large apartments. That buyer mindset is visible in the real estate market as many Bangalore-based developers offer terrace/balcony spaces ranging between 600 sqft and 2,000 sqft per apartment.
Most of the demand for 3-BHK apartmens comes from the migratory population which wants to have one room for kids, one room for parents/in-laws and another for guests.