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Millennials in India have been making a visible difference in the real estate industry in recent years. Interestingly, India has the world’s largest millennial population. At 440 million, millennials account for 34% of the country’s overall population. The millennial population has been making a significant impact on the country’s economy, and one cannot possibly overlook real estate.
With higher income levels, cash flow, and better jobs, investments in properties have picked up pace among millennials. Besides, the IT boom in the country has prompted millennials in India to purchase residential properties close to their workplaces. Millennials in India are more inclined to purchase their own properties. These decisions are largely shaped by economic forces and the financial literacy of the people.
Let’s check how millennials are changing the real estate industry in the country.
1. Tech-savvy millennials are investing in property
Thanks to the availability of advanced technology, millennials can now research on the best housing options in major cities. Accordingly, they consult real estate agents and buy properties online. This has brought about increased transparency in the real estate sector in the country.
2. Millennials invest in projects with amenities
The focus of millennials has primarily been on lifestyle and sports amenities in residential projects. These preferences have largely been shaping property development trends. Considering the taste of millennials, developers are integrating amenities such as swimming pools, gyms, fitness centres, green zones, and co-working spaces in properties.
3. Demand for eco-friendly homes
Being environmentally conscious, millennials are investing in eco-friendly homes. This, too, has promoted developers to come up with amenities like solar power lighting, rainwater harvesting, and sewage treatment plants in gated communities.
4. Co-living and co-working spaces
With evolving lifestyles of millennials, the line between residential and commercial spaces has blurred to some extent. This explains why co-living and co-working spaces are in high demand in all the key cities.
Particularly after the pandemic, millennials have been heavily investing in the country’s real estate sector. CREDAI forecasts that residential sales will increase in 2023, thanks to investments from this segment of the population. Millennials are looking for affordable housing options. Sometimes, these homes are located on the outskirts of the prime cities. With this healthy trend dominating the real estate industry, the property market will continue to grow rapidly.
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