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How Has The Generational Shift Affected The Home Buying Process?

By Runwal Group Posted Jun 15, 2018 In Property investment

One can witness a complete evolution in the spending habits of millennials when compared with those of the previous generation. With evolving work cultures and better career prospects, millennials are privileged with higher disposable incomes and access to finer amenities. As a result, millennials and young homebuyers are choosing to invest in real estate early on in their careers to secure their future.

Here are some definitive ways in which the home buying process has evolved with the new generation.

1.     Millennials are the primary investors in real estate: It is estimated that by the year 2020, 65% of the Indian population will be under the age of 35. The rise of millennials in the workforce has reshaped the real estate sector, as these buyers have higher purchasing power than ever before. The needs and preferences of millennial homebuyers are now redefining the real estate sector and housing projects in a big way.

2.     The rising demand for luxury properties: A large segment of millennials in the cities stay with their parents at least until they get married. At the same time, they are earning much more than their parents did at the same age. The combination of these two factors has driven the new generation’s demand for luxury properties that match their lifestyle preferences and aspirations. 

3.     Investment in properties with scope for growth: A large number of homebuyers in India today are in their 30s and 40s (which was not the case with the older generations—they had to save up for several years before they could invest in a home), which offers them a longer investment horizon. For this reason, millennials are on the lookout for projects that are bound to appreciate well over the years—even if they are not in great demand today.

4.     Bigger home purchase budgets: The rising incomes and growing purchasing power enable young homebuyers to think beyond restrictive budgets. If there is a project that offers them a luxurious lifestyle experience or is very close to their place of work, then millennials are willing to forego their budget in favour of comfort and convenience.

5.     Preference for recreational and lifestyle amenities: Unlike the older generations, the homebuyers of today aren’t simply looking for a roof over their head. They are looking for a holistic living experience that is complemented by a range of recreational and lifestyle amenities. These homebuyers look for amenities like a swimming pool, gymnasium, clubhouse and sports facilities in the projects that they explore.

Looking for the perfect home in Mumbai? Explore 1.5, 2 & 3 BHK flats in Kanjurmarg West at Runwal Forests. Runwal Forests Kanjurmarg is a premium residential project by the Runwal Group. 

Disclaimer

The plans, specifications, images and other details herein are only indicative and subject to approval of the concerned authorities. The Group / Owner reserves the right to change any or all of these in the interest of the development, without prior notice or obligation. Artist’s impressions are used to illustrate amenities, specifications, images and other details and these may be applicable to select apartments only. Tolerance of +/- 3% is possible in the unit areas on account of design and construction variances. All brands stated are subject to final decision of the project architect. This printed material does not constitute an offer and/or contract of any type between the Group / Owner and the recipient. No booking or allotment shall be deemed to have been made on the basis of this printed material. Any Purchaser / Lessee of this development shall be governed by the terms and conditions of the agreement for sale / lease entered into between the parties, and no details mentioned in this printed material shall in any way govern such transactions unless as may be otherwise expressly provided in the agreement for sale/lease by the Group / Owner. The Group / Owner does not warrant or assume any liability or responsibility for the accuracy or completeness of any information contained herein.