Why cut the price per square feet when one can just cut the square feet? 


Mumbai’s home buyers are being offered smaller homes, not cheaper homes. The average size of an apartment has shrunk to 717 square feet – 22% lower than the level in 2011. The largest apartments are in the Island City which has seen a flurry of premium and luxury apartments. Excluding apartments in this pocket, the average size of an apartment in the remainder of Mumbai is a measly 609 square feet. The smallest apartments are to be seen in Panvel – an area seeing heightened activity on account of planned infrastructure activity. Developers are opting to cut the sizes of apartments and lure buyers with lower price points.

Carpet Area (sqft) FY12 FY14 FY16 FY18 FY20 FY21 % fall from peak
MMR 919 870 807 758 726 717 -22%
Island City 2148 1879 1676 1606 1479 1468 -32%
Central Suburbs 893 910 801 755 727 719 -21%
Western Suburbs 1002 944 869 830 810 809 -20%
Thane 739 750 737 714 719 706 -6%
New Mumbai 804 712 681 619 554 538 -33%
Panvel 606 638 604 513 492 479 -25%
C.Suburb (E) 601 597 571 528 526 516 -14%
W.Suburb (E) 559 531 514 497 498 499 -11%

Source: Liases Foras

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