Millennials in Noida are moving to new homes from rented properties

By : 360 Realtors

11 June, 2019

Several changes have taken place in the real estate industry in the last few years. Along with these changes, certain new trends are increasingly becoming prominent in the real estate market. Millennials in Noida are looking for new homes, and gradually moving away from rented properties. Presently, several factors favour the purchase of new homes. The property buyers are making the most of this opportunity.

Previously, a common notion among the people in Noida was that, the rates of rent were low, so it was not necessary to buy a property. However, the property prices are increasing in the city. If people do not buy them now, the value may reach some crores in a few years. This will be outside the affordability of most of the people. It is for this reason that most people are buying their own properties, rather than living in rented ones.

The Millennials have rightly realized that this is the right time for them to buy the properties. They are investing in real estate now, as they are aware of the high rental income that these properties are likely to generate in the coming years. The new residential complexes coming up in Noida have several strategic location advantages. The homeowners generally consider the proximity to schools, hospitals and offices when they buy the properties. Besides, they may have some personal preferences, like proximity to the places of entertainment and so on. The real estate developers are aware of these preferences and accordingly, they are coming up with new projects.

Another factor leading to the increased sale of property in Noida is low down payment. A number of people benefit from the low down-payment, and they get good deals from the banks and financiers. It is easy to buy a property making 20% down payment, and the rest in the form of EMI. However, lately the Millennials are trying to make maximum down payment, so that they can lower the amount that they need to pay as EMI. In the process, they can save a good amount.

Another important factor that the property owners consider while making the purchase is the location. The metro cities are already facing a space crunch and the developments are taking place in the suburbs. Noida has everything that a homeowner looks for. They are buying these properties now, as the city may get too crowded in the coming years. Evidently, the real estate industry in Noida is developing rapidly and the builders are focusing on the preferences of the buyers. For instance, most of the Millennials love residing in apartments with green living facilities around. Most of the plots are located close to the business zones. Property owners should make the purchase now, as the prices in Noida will further increase. The new trend is to move into residential complexes from rented homes.