Posted on 22nd September 2018 Author: Planet Homes
Often known as the techno savvy generation of the nation, millennials are known to mold and change the traditional ways of doing everything. They are a fast growing generation that is ready to adapt to changes very quickly & accommodate accordingly to their surroundings. Millennials refer to the generation between the 80s till 2000s. They are the present and future of the Indian economy as the major population of the decision makers today are the millennials. That being said, this generation has a huge impact on the real estate of India. They are the thinkers, decision makers, and final end buyers of real estate and its related products.
As a real estate advisor, it is necessary to study and analyze how and why millennials are shaping the interface of real estate today.
It has been noticed that millennials are more inclined towards renting the house at an initial stage of their career than buying. High property prices make it difficult for the millennials to buy a property at an early stage of their career. Another point to be considered is the average spending capacity of the working population in this segment. With easy availability of EMIs and loans on the rise, millennials prefer to pay in installments rather than locking their money in the purchase of a house.
Millennials prefer to choose a location near to their workplace, for comfort & convenient travel options. Therefore, with change of jobs, the millennials prefer renting or buy a property in the location near to their office space.
The generation of millennials are not very inclined towards saving up the money to buy a house. With the many EMI options and easy loan facilities provided by the housing services & builders, the house buying process has become easier as compared to the olden times.
Millennials love their freedom & are hence giving more importance to living in the moment than thinking about the future. To save more money, a large chunk of millennials prefer renting small apartments or living with the group of people together. It is friendly on their pockets as well as easy as compared to the exhaustive house buying & furnishing process.
Millennials have different spending patterns & investment habits than the previous generation. They are the thinkers, decision makers, and final end buyers of real estate and its related products.