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08 July, 2023
Young Indian millennials have emerged as catalysts in the real estate segment and will drive significant growth in the coming years, as per a recent report. They are set to play a key role in helping the sector cross the $1 trillion mark by 2030 and contribute significantly to the GDP of the nation.
The millennial generation is driving the economy, and this influential group of highly educated individuals have a taste for luxury living. There are redefining the concept of opulent living, and these accomplished professionals from top-tier colleges of India and millennial entrepreneurs are now investing in the luxury real estate landscape of Mumbai. These youngsters consider investing in property as a symbol of their success and social standing. Millennials are reshaping the luxury real estate market, and are slowly transforming it into a captivating blend of immersive experiences and sophistication. There are more eager to invest in real estate.
This generation enjoys a higher purchasing power than any of the previous generations and is more aware of the value of the real estate as an investment. They are in their peak buying years with easy access to liquid cash. This demographic played a very important role in propelling the real estate sector forward post-pandemic and continues to do so. With real estate performing well in the previous year as well as in the first quarter of 2023, millennials will play a significant role in the real estate sector to cross the forecasted 1 trillion dollars by 2030.
With the shift in consumer habits, that are driven by evolving demographics, greater technology adoption, and increasing income levels, the tech-savvy millennials place value on the quality of life and prefer luxurious automated homes filled with all modern amenities. They are investing in smart homes with all modern conveniences such as clubhouses, diverse fitness studios, kids-friendly pool decks and play areas, state-of-art libraries, spacious community halls, and integrated sports complexes. Investing in these luxury homes offers a higher rate of appreciation as well as significant rentals and substantial returns. Developers must align their projects with the demand for luxury homes and the sector will continue to witness growth.