Why More Millenials Are Turning Home-Buyers

Owning a home is a financial milestone that every Indian looks forward to achieving. India’s millennial generation, too, does not shy away from the same aspirations. But what differentiates Gen Y’s home-buying approach is that they are more careful and prefer to wait for the right home that will fit into their tech-savvy, connected lifestyle.

With India’s millennial population being one of the largest workforces in the world and a dominant player in the economy, this generation is sure to be a challenging new prospect for real estate developers.

Here are the many reasons why millenials are moving towards buying a home slowly but steadily!

1. Growing Purchasing Power

Millenials make up 47% of India’s working population and are the chief wage earners. This means, millenials generate a large share of disposable income at a younger age, as compared to the generations earlier. With the increase in purchasing power, investing in a home is perceived as a stable and profitable opportunity.

2. Need For Smart Homes

A digitally connected lifestyle has become the need of the hour for netizens. Gen Y prefers smart technology that helps simplify their life, and these latest advancements need to extend to their home. Home automation, IoT, energy-efficient appliances, state-of-the-art digital security features, and flexible living spaces is what this generation is seeking.

3. Exhaustive Research Online

Gen Y is independent when it comes to making financial decisions, but these are always backed by comprehensive information and insights from the internet. The netizen buyer will research online, reviews the credentials of the developer and assess the market before making a choice. This generation looks for quality housing projects, whether ready-to-move-in or under-construction, from renowned builders.

4. Sustainable Living

Where sustainability is the only way forward, millenials will go the extra mile to make a conscious and mindful purchase. More and more buyers opt for residences that are sustainably built to be eco-friendly, cost-effective, energy-efficient and help reduce the carbon footprint.

5. Rising Rental Expenses

Millenials favour home ownership over increasing rental expenses in the long run. Owning a home offers independence and flexibility that a rented home cannot. This generation would rather direct the money for monthly rent to pay off EMIs instead.

6. Expansion Of Affordable Housing

Givernment initiatives like ‘Housing For All’ has been a game changer for India’s affordable housing segment. Credit subsidies coupled with great options in affordable housing has swayed millennials from rental options to purchasing a home.

A great project for millennial buyers to invest in is Runwal Pinnacle. The stunning property offers ultra-luxury 1 & 2 BHK flats in Mulund West, complete with the international standard of living desired by this generation.