Despite global economic headwinds including layoffs by several large and small corporates, the bull run in the Indian housing market continues, driven by the aspirations of the millennial generation. According to a recent CII-ANAROCK report, of total participants that chose real estate as an asset class for investment, at least 52% were millennials who are mainly looking to buy homes for self-use. And of the total surveyed end-users, over 77% are millennials.
Commenting on the same, Vivek Singhal, CEO, Smartworld Developers, says, “With their high disposable incomes and desire for indulgent investments, millennials are seeking more than just a house; they want a complete lifestyle. Millennials are looking for work-from-home spaces, wide balcony areas that open up to expansive green open spaces, culturally vibrant entertainment zones with versatile outdoor facilities, as well as secure CCTV surveillance for families. They are keen to invest in the comforts of community living.”
Unlike their previous generations, millennials see a house not just as a commodity but as an indulgent investment, and therefore have specific needs and expectations when it comes to choosing a home. The highly ambitious millennial generation is no longer ready to compromise on a certain level of comfort, which has created a specific demand for real estate properties that provide modern luxuries while being intricately connected with social infrastructure facilities.
“In recent years, millennials have become the driving force behind India’s real estate industry. With their increasing spending power, they seek a home that reflects their personality and lifestyle. They are also more likely to invest in property as an asset than previous generations. The shift in attitude has caused a boom in the real estate market driving the demand for luxury homes with more space, modern amenities, smart home technology and sustainable features. The rise of nuclear families and dual-income households also has a significant impact on the luxury home market. With their new-found financial freedom, they are willing to pay a premium that offers a better quality of life,” says Vineet Dawar Sr. VP – Sales & Strategy, Elan Group.
Keeping in view the needs of millennial homebuyers, leading real estate developers are developing premium residential properties to cater to the demand for the modern integrated lifestyle. In recent years, a flurry of residential projects have been launched in posh localities, which include luxury and premium luxury gated communities.
Shashank Vashishtha, Executive Director, eXp Realty India, says, “There is an observable transformation in the psyche of millennial homebuyers who are now recognizing the significance of investing in real estate. Their inclination towards expansive and luxurious living spaces, complemented by top-notch amenities is generating an upswing in the housing demand. The trend is further propelled by easy home financing options and the rise in disposable income of the younger generation, leading to an increase in millennial homeownership. This has subsequently resulted in a surge in the housing sector, with millennials seeking premium to luxury and spacious suburban settings, effectively redefining the Indian housing segment.”
With a significant increase in purchasing power and an illimitable desire to achieve a modern holistic lifestyle, more and more millennials are investing in integrated real estate properties. By understanding the needs and expectations of the millennial demographic, modern real estate developers in India are impeccably poised to lead the real estate growth in 2023 and beyond.
Source : FE