Introduction:

Indian millennials, those born between 1981 and 1996, have a significant impact on the real estate industry in India. They are driving demand for more modern and technologically advanced homes, as well as homes with the latest amenities that leads to a desirable lifestyle.

This demographic is also more open to considering to settle in the outskirt areas of urban cities, with access to modern amenities such as gym, pool, grocery stores, and parks at an affordable price. They are also more likely to prefer compact homes, as opposed to traditional independent homes in the suburbs.

In terms of technology adoption, Indian millennials are more likely to use various apps and websites to search for homes or to research buying a home. New digital platforms are being created as a result to service the market. This is leading to the development of new digital to serve the market. Also, they are more interested in sustainable homes, which is encouraging the real estate companies to introduce eco-friendly measures in their projects.

Millennials are Driving Home-Buying Behaviour

Millennials are driving home-buying behaviour as they are the largest generation in the workforce, and they are also the first to be born into a world of technology.

During the COVID-19 epidemic, the market was forced to adjust quickly to the rapid change and rising home demand. The majority of millennials was exposed to the culture of working from home. People spent a lot of time at home, which encouraged the idea of owning a house.

To back this up, the government came up with affordable housing or low-cost housing scheme under Pradhan Mantri Awas Yojana (PMAY) to help people with low income, buy a home. With flexible EMI options and home loan options, homeowning has become an achievable milestone for many youngsters.

The most important factors for millennials when buying a house is having a place that is close to work, good schools, and access to public transportation. Millennials want an urban lifestyle with easy access to restaurants, cafes, malls, and nightlife. They also want their children to have access to outdoor activities. Most real estate developers are understanding the millennial needs and are adapting to the same. They are shifting to completely sustainable projects with amenities that support an ideal lifestyle for young aspiring homeowners.

How buying a home is chosen over renting, and homeowning has become a lifestyle for them

There are many reasons why millennials are buying homes instead of renting. They want a legacy, build equity, and have a sense of community.

Indian real estate market has seen a significant increase in demand from millennial buyers in recent years. According to a report [1] by the National Real Estate Development Council (NAREDCO), the share of home buyers aged between 25 and 40 years has risen from 20% in 2014 to 35% in 2018.

Additionally, a report [2] by the Confederation of Real Estate Developers’ Association of India (CREDAI) states that the increasing millennial and generation Z population is expected be 77% of the overall working population in India by 2030.

Right now, there are over 400 million millennials in India, which is higher than the entire population of the US. Naturally, the percentage of millennial home-buyers are going to increase significantly in the coming years.

These buyers are attracted by the desire to own a home, which is seen as a symbol of stability and financial success, as well as an indicator of the rising income levels of young people. Millennials can now think of owning homes due to the availability of affordable housing finance options.

The new generation wants to buy homes because they want to be able to want a legacy and have access to a sense of community that comes with owning property in a neighbourhood. Renting offers no such benefits as it leaves them feeling transient and without any sense of ownership or belonging in the community.

Buying a home has become an important part of the milestones for millennials. They have been able to purchase homes because they have more income than previous generations, and they also have access to better loans options.

Indian Millennials Provide New Opportunities for the Real Estate Industry

The Indian economy is growing at a rapid pace and the country is expected to be the world’s fifth largest economy by 2030. The rise in disposable income and the growing middle class have led to an increased demand for housing, which has benefited the real estate industry.

Indian millennials are driving this growth in demand for housing. They are more tech-savvy and educated than their older counterparts, which means they have different preferences when it comes to living spaces. Indian millennials want homes that boast modern amenities like Wi-Fi connection, ample storage space, and large balconies or terraces.

This new generation of buyers is one of the biggest opportunities for the real estate industry in India as it will lead to new innovations in home design, construction methods, amenities provided within residential complexes, etc., all of which will help attract more buyers in the

Conclusion

Indian Millennials are the most educated and entrepreneurial generation in India. They have grown up with a different set of values and expectations from their parents. They are more open to new ideas, more tolerant of differences, more accepting of failure, and they have a strong sense of self-worth.

We should not forget that Indian Millennials are the most mobile and socially connected generation in the world. With these attributes, they can be a great opportunity for the real estate industry.

Millennials are the most homeowning generation in history. Homeownership is viewed as a lifestyle and a symbol of good stature for them.

Real estate developers can now tie up with PropTech companies like Reloy and offer loyalty and referral benefits to attract more millennial buyers. This is done by offering rewards or discounts to those who refer their loved ones to the real estate company. Additionally, through Reloy, developers can provide various digital amenities, deals and discounts, events and workshops, infotainment blogs, and more, that will cater to the expectations of the new homeowning generation.