It's hard to believe, but millennials are playing a significant role in the Indian housing market right now, and they're driving the changes happening in the country's home buying landscape. These young adults are making thoughtful decisions about where they want to reside and are investing in real estate because they want to be able to live independently and make their own decisions.
According to a report on COVID-19, which surveyed more than 5,000 millennials about their attitudes toward owning homes, the pandemic has made people aware of the necessity of owning a home. Developers and brokers initially assumed the 'work from home' trend would dissipate after returning to the office, but it continues to be a formidable force. Many millennials want to invest in real estate because of the pandemic-induced work-from-home culture, which has made them realize the need for more privacy and space.
Millennials over the age of 35 are prime candidates for purchasing property, being in the peak of their earning capacity, typically settled in a job, and having access to home loan options. They consistently prioritize their health, preferring properties in greener, less polluted locations where the indigenous flora and animals have been protected to the greatest extent possible. As a result, millennials are moving to larger townships that can offer them all the amenities they want.
In recent years, the small percentage of millennial homebuyers in India sought out compact homes as close as possible to their places of work, causing an increase in small-format housing projects around the main IT hubs. Nowadays, the greatest demand is for larger homes like 1.5, 2, 2.5 and 3 BHKs. Millennials are tech-savvy and want the comfort and convenience of smart, digitally-enabled homes. They are also highly aware of sustainability and are driving the revival of demand for green homes which have lower environmental impact during both construction and use.
Although city centre areas are no longer sought-after, Indian millennials are content with living on the outskirts of cities, provided that the area remains well-connected to the city itself. This is because not only could the remote work and WFH situation potentially change in the future, but also due to the desire for easy access to entertainment options available in larger cities.
Investing in housing is clearly the most secure option, and recent research has shown that ready-to-move-in homes are now the preferred type of property. In the current market environment, Mumbai's homebuyers have a variety of excellent options from which to pick like the L&T Veridian nestled amid the expansive tranquillity of Powai and the Ghatkopar-based L&T Centrona, etc.
A key element in determining how the real estate industry will develop is paying close attention to and taking into account the tastes of today's millennials. Millennials will undoubtedly remain at the forefront of the housing ecosystem and have a significant impact on market trends as future decision-makers. If you're a millennial keen on investing in your own home, you can get in touch with us to make inquiries regarding L&T Centrona price and those of our other properties in Mumbai.
