The Real Estate Market of India is quickly growing into the hands of Millenials, typically the generation born between the 1990 and 2000. This generation has exotic preferences when it comes to property decisions. Their influence is significantly high and we can’t look away from it.
With 47% share of working population in India, Millennials have their own culture and lifestyle. They have grown in the new millenium which is sprawling with technology and new age ideas. The impacts of the same are widely evident on the real estate choices they make which includes buying, selling and leasing properties across the country.
Let’s see what this age group expects from the property market and why the market needs to blend itself around them.
Easy Access Locations
Millenials like to keep it easy to travel to work and the pub, both at the same time. The reason why they choose locations that are in close vicinity of the urban recreational joints and modern workplaces. Basically, the new and developing suburbs and downtown city areas. This preference gives them the freedom to keep the work life and recreation together.
New townships being set up in modern cities offer integrated living with restaurants, gymnasiums, spas etc built inside the societal complex. This is welcomed by the millenials as they have grown up inside the culture that gives a lot of importance to connected lifestyle.
Belonging to the generation that has seen the digital technology bloom to its very peak, the millennials can’t do away with their gadgets. This is the primary reason why big tech ventures and real estate developers are bringing in new solutions for home automation and smart homes. These homes offer state-of-the-art technology to monitor, control and enjoy the home appliances without even touching a button.
Environment Conscious Decisions
Green homes and environmental construction solutions evoke a sense of social responsibility in everyone of us, while millennials are the first to catch up to it. There’s enough evidence of millennials taking up environmental healthy homes that pledge to create a healthier ecosystem for everyone. Green homes are among India’s latest lineage of modern properties to become a part of residential infrastructure.
Flexible Financing Options
The credit card generation is not shy at taking financial products to the property sector. In fact, they’re the biggest consumers of home loan products that fit in well with their salaries and counter the least amount of debt traps. Responding to the growing demand for flexible house loans, and other financing options for real estate, banks have rolled out a number of products that attract millennial customers.
In the end, we can say that the millennials are changing the way real estate used to function with newer trends, newer choices and more environmentally concerned approach towards property buying. This will reflect in the market growth and the kind of projects we see in the future. The progress is slow but steady and we believe that this new generational shift will catch up with the Indian markets as well.