Millennial Homebuyers: Catalysts for India’s Real Estate Surge in sector. Their preferences, tech-savvy approach, and financial decisions are shaping the market landscape, influencing growth and innovation in the industry.
Millennial Homebuyers: Catalysts for India’s Real Estate Surge
As unbelievable as it may sound, millennials currently make up a sizable portion of the Indian housing market and are instrumental in changing the nation’s home-buying environment. For example, a millennial has decided to take ownership of that one-bedroom apartment in Ghatkopar that you have been wanting to purchase but haven’t been able to decide on!
The COVID-19 pandemic has increased awareness of the value of home ownership, according to a report that polled over 5,000 millennials about their opinions on the subject. Developers and brokers initially thought the “work from home” trend would fade once people went back to the workplace, but it’s still a powerful influence today. According to the survey, a significant number of millennials aspire to own real estate because they want the freedom to choose where they live and how they want to live.
Let’s look at the factors driving this trend:
- Millennials over 35 are ideal prospects for home ownership since they are reaching the height of their earning potential, are usually well-established in their careers, and have access to home financing choices.
- The pandemic has signaled a significant change. More than ever before, lockdown procedures and concerns about their financial and health security have led millennials to make investments in residential real estate. The work-from-home lifestyle brought on by the COVID pandemic has been extremely advantageous for this group of people. the want for greater seclusion and room.
What Do Millennials Want in Their Homes?
- Little groups of Indian millennial homebuyers have been looking for compact homes in close proximity to their places of employment in recent years, which has led to a rise in small-format housing projects near major IT clusters. These days, there is very little need for microhomes in these places; instead, larger homes like 1.5, 2, 2.5, and 3 BHKs are in high demand.
- Tech-savvy millennials desire the convenience and comfort of smart, digitally-enabled homes. Additionally, they are driving the resurgence of demand for green homes—those with less of an impact on the environment during building and use—because they have a strong awareness of sustainability.
- Indian millennials are happy to live outside of cities as long as there is still good access to the city center, even though these locations are no longer desirable. This is owing to the possibility of future changes in the WFH and remote work arrangements, as well as the desire for convenient access to the leisure opportunities found in larger cities.
- They always put their health first. Consequently, they favor properties in more verdant, less contaminated areas where the local wildlife and plants have been preserved as much as possible. Millennials are relocating to larger townships that can provide them with all the amenities they desire as a result.
- Purchasing a home is by far the safest course of action.
- Recent studies have demonstrated that ready-to-move-in homes are currently the most popular kind of real estate and that consumer behavior is shifting in this regard.
How will the real estate industry evolve?
Mumbai’s homebuyers have several great options in the current market, such as the Ghatkopar-based L&T Centrona and the L&T Veridian, which is tucked away in the vast serenity of Powai.
Keeping a close eye on and considering the preferences of today’s millennials is crucial to predicting how the real estate sector will grow. As future decision-makers, millennials will surely continue to lead the housing ecosystem and have a big influence on market trends. If you’re a millennial who is eager to buy a house, please contact us to inquire about the L&T Centrona’s pricing as well as the prices of our other Mumbai properties.