Being a developing country India currently has rapidly evolving and increasingly competitive market offerings. Thus the career options of the Indian millennial are no longer predictable as it was as straightforward as it was for their parents. Alike the prevalent sectors real estate sector too is influenced by the choice and preferences of the millennial. According to the estimation, the young working population is of 46% of the total workforce of India which means approx 400 million working professionals of our country falls into the category of 20-30 age group.
Mostly, Indian young professionals prefer to rent rather than buying a home. This the main reason which is why the rental market across the prime cities in India is higher scoring than that of the primary real estate market. However, a typical millennial family of today is essentially nuclear for the requirement for compact homes equipped with modern amenities holds the greater market demand. However, the millennial have emerged as the user-base of the country. Accordingly, the investment behaviour and the market appetite are also changing in a tandem.
“Buying a home has been one of the prime requirements of all the time. It’s certainly one of the major financial accomplishments for any individuals. But for the generation of the 21st century, the perennial lifestyle requirements are the cyclical roadblocks for buying their own homes,”-said, Mr Mahesh Somani, Chairman- National RERA Committee, Head- East Zone, National Association of Realtors India (NAR).
Along with the career choice, millennial are experimental with their choice of properties too. For a nuclear family or even for dual-income household social surroundings has the bigger role-play than the size of the apartment. Here are some important facts that have been majorly considered while buying a home–
• Gated housing society with modern day amenities and security measure.
• Distance from the residential place to the workplace and enhanced public transport connectivity.
• Technologically- enabled smart home features and internet connectivity.
• Environmental sustainability of the project.
• Value for money. All-inclusive lifestyle features at a competitive rate.
As we can see that the parameters of choosing a property for the investment of the generation are different from their forebears. Still, the basic idea of buying a home is just the same as it used to be which is stability and setting down and here we have no exception by the age-group or the nature of the investment.