Trend of Millennial Ambitious Home Buyers

Indian real estate has witnessed a disruption with slew of economic policy reforms, a system reboot! The evolution of the industry from unorganized to organised, more transparent, accountable and compliance mechanism have rewriting the transformation story of real estate sector. This sector progression has led to the development of new set of young first time home buyers segment referred as ‘Millennials Home Buyers’. The trend of rapid urbanization that translates into jobs and business opportunities is catching fancy with evolving Indian societal strata. The urge of aspirational growth and make it successful drives these budding millennials to be the first time home buyers and set aside a new trend in the Indian real estate sector

This Millennial home buyer comes across one who doesn’t deem fit in to the established market trends, but brings along a wave of erosion to rewrite the real estate trends. The preferences have been modified and upgraded in reference to taste, comfort and convenience in this tech embedded lifestyle. We observe gradual rise in number of such dynamic home buyers with vast young demographic working populace being added to the job market rapidly. The potential that this segment represents in terms of future sales is even higher, and there is no way that it can be ignored. Also, this segment is ever ready to explore newer location in scout of promising job opportunities, which also make them important industry stakeholder in form of home –renters. This makes a lucrative value proposition among investor segment.

Millennial home buyers could rightly be quoted as an intellectual, well educated, well –read and well-exposed breed to the current dynamics of globe. The spirit to stay afloat with global peers, has paved a way to redesign the home buying parameters. The techno- savvy millennials with no compromise attitude demands best of each component in a home buying theory. The radical change in their lifestyle quotient and to strike work- life balance, the needle of their real needs has shifted drastically. Industry has witness the shift in demand from basic recreational amenities to the technology embedded user friendly homes. Taste for minimalism with an optimum efficiency, flexi and modular designs facilitating best comfort and convenience shall be the top priority. The demand for quality check, timely delivery and compliance mechanism is at its best due to policy reforms introduced by the government to safeguard the interest of every concerned stakeholder. The Internet of things (IOT), Artificial Intelligence (AI) and Next Gen Robotic lifestyle has compelled the industry mavericks to go back to their drawing boards and redefine the ‘Ease of Living’ concept.

Connectivity is the new focal point for these emerging home buyers.  The concept of walk to work and ease of living has changed the rules of the game. This paved the way for decentralization of commercial spaces in to suburbs and peripheral satellite towns to bridge the gap. Locations at Central Business District or Secondary Business District plays a vital role in attracting millennial demographic to their comfort and close proximity comfort. The slew of mega infrastructure development across the city and twin cities in pipeline, there will be rise in emerging business districts across Mumbai suburbs and Metropolitan region gaining momentum in real estate growth.

Another, major role in evolution of this segment from evaluating a first home to actually buying one are the incentives by the Indian Government, which have encouraged young homebuyers with long-term home loans as also increase in loan amount up to 90 per cent of the home value. The PMAY-U offers credit linked subsidy scheme to facilitate financial support, this is among the reasons that has helped many a dream home become a reality. Hence, the market seems conducive for the new age ambitious millennial home buyers for owned property or preferred rental housing options.