Homeownership has always been a major milestone for Indians and the millennials are no different though they have their own set of terms and conditions. Unlike the previous generation home ownership isn’t a goal of life for the Generation Y, but just a part of their high-tech, connected lifestyle as they value experiences over things.
Thus, this dynamic generation doesn’t want to fit into a limited space called home and rather prefer the idea of ‘home’ to accommodate and adapt into their lifestyle. From micro- homes to co-living to theme-based homes, here’s a look at some of the trends that are redefining the residential and working space in the Indian real estate market.
Ease of living
With the blurring boundaries between the workplace and home, desktop and PlayStation, millennials look at everything from a convenience point of view. When searching for a new home, millennials prefer an urban location with good infrastructure, which is also close to their workplace as it allows them the luxury to engage in social activities at large.
Ease of technology is also a crucial factor in this case as these digital natives prefer everything smart including their homes.
Value for money
Utility is as much a priority for the Generation Y as cost-effectiveness. Hence, the idea of micro-living or co-living spaces. While micro-homes make perfect sense in space- constrained Indian metros, co-living facilities offer millennials well-equipped accommodation without any botheration of maintenance.
For a young professional who spends 3/4th of their day outdoors, investing their hard earned money into something that they’ll hardly use is a big no.
Independent and well-researched
Millennials are a DIY generation who value transparency more than anything else. These new-age, high-tech buyers are doing their online research and entering the real estate market well-prepared. While searching for homes, they make an informed decision choosing quality over false promises. This is the reason why most millennials prefer ready-to-move homes from renowned builders than under- construction property.
Self-expression and comfort are of utmost priority for millennials. This generation seeks living spaces that reflect their lifestyle and can add to their social profile, which is why they choose small, theme-based pads to big, luxurious bungalows.
Also, a robust online presence and reputation for real estate professionals is a must to appeal to this market.
The new age buyers are carefree but not careless. They are aware of the issues like climate change and want to live with a lower carbon footprint. So, they not only want energy-efficient homes but will also not shy away from paying extra for that.
The millennial population is not just increasing in size but also in its economic footprint and will be a dominant force in the real estate market in the next five years. This is both a challenge and an exciting opportunity for the developers to reach new prospects.
How do you think the aspirations and dreams of millennials will shape the future of real estate?