India’s shrinking houses
16, Mar 2019
When it comes to housing, size matters for all kinds of reasons. The added floor space of larger homes definitely spells comfort, convenience and family scalability, every additional square foot either comes at a higher price or pushes available options further away from the central regions of a city.
Millennial buyers have already made it clear that they prefer affordability coupled with good location over larger homes in far-flung suburbs. Simultaneously, developers are intent on making their housing projects more pocket- friendly to reach a higher customer base.
As a result, the top seven Indian cities collectively saw average apartment sizes shrink by nearly 17% between 2014 and 2018. However, this has not been a uniform phenomenon.
Floor area ratio
(FAR) is the ratio of a building’s total >floor area (gross floor area) to the size of the piece of land upon which it is built. The terms can also refer to limits imposed on such a ratio through zoning.
As a formula FAR = (gross floor area) / (area of the plot)