How Millennial Homebuyers Can Play a Role in the Growth of India’s Real Estate Sector
March 13, 2023
Unbelievable as it may seem, millennials are a huge part of the Indian housing market right now, and they’re driving the changes happening in the country’s home buying landscape. For instance, that 1 BHK flat in Ghatkopar which you have been intending to buy but haven’t been able to make up your mind about, a millennial has made a thoughtful decision to make it theirs!
The pandemic has made people aware of the necessity of owning a home, according to a report on COVID-19, which surveyed more than 5,000 millennials about their attitudes toward owning homes. At the start, developers and brokers assumed the ‘work from home’ trend would dissipate after returning to the office, but it continues to be a formidable force. The survey that was conducted also revealed that many millennials want to invest in real estate because they want to be able to live independently and make their own decisions about where they want to reside.
Let’s look at the factors driving this trend:
- Millennials over the age of 35 are prime candidates for purchasing property, being in the peak of their earning capacity, typically settled in a job, and having access to home loan options.
- The pandemic has marked a dramatic shift. Lockdown protocols and the apprehension surrounding health and financial security have encouraged millennials to invest in residential real estate more than ever before. This demographic has especially benefited from the COVID outbreak-induced work-from-home culture.
- The need for more privacy and space.
What Do Millennials Want in Their Homes?
- In recent years, the small percentage of millennial homebuyers in India sought out compact homes as close as possible to their places of work, causing an increase in small-format housing projects around the main IT hubs. Nowadays, the need for micro-homes in these areas is very little – the greatest demand is for larger homes like 1.5, 2, 2.5 and 3 BHKs.
- Millennials are tech-savvy and want the comfort and convenience of smart, digitally-enabled homes. They are also highly aware of sustainability and are driving the revival of demand for green homes which have lower environmental impact during both construction and use.
- Although city centre areas are no longer sought-after, Indian millennials are content with living on the outskirts of cities, provided that the area remains well-connected to the city itself. This is because, not only could the remote work and WFH situation potentially change in the future, but also due to the desire for easy access to entertainment options available in larger cities.
- They consistently prioritise their health. As a result, they give preference to properties in greener, less polluted locations where the indigenous flora and animals have been protected to the greatest extent possible. As a result, millennials are moving to larger townships that can offer them all the amenities they want.
- Investing in housing is clearly the most secure option.
- Recent research has shown that consumer behaviour is changing and that ready-to-move-in homes are now the preferred type of property.
In the current market environment, Mumbai’s homebuyers have a variety of excellent options from which to pick like the L&T Veridian nestled amid the expansive tranquillity of Powai and the Ghatkopar-based L&T Centrona, etc.
A key element in determining how the real estate industry will develop is paying close attention to and taking into account the tastes of today’s millennials. Millennials will undoubtedly remain at the forefront of the housing ecosystem and have a significant impact on market trends as future decision-makers. If you are millennial keen on investing in your own home, you can get in touch with us to make enquiries regarding L&T Centrona price and those of our other properties in Mumbai.