February 22, 2022

What features do millennial home buyers look for while purchasing a home?

Mr. Rakesh Reddy, Director, 99 Acres

Millennials are a major driver of India’s economic development. They employ about half of India’s workforce and generate 70% of the country’s family income. Millennials have traditionally avoided real estate investing because of their desire for job mobility and flexibility, but the COVID-19 pandemic and the resulting work-from-home (WFH) options have changed their minds. Millennials today regard a home as a solid investment with low volatility, financial appreciation, and long-term stability.

Space is one of the most important considerations for millennial house buyers. Because the WFH situation has blurred the distinction between professional and personal life, millennial workers’ homes have also become their workstations. Millennial families will also have young children who will require online instruction from the comfort of their own homes.

With the advent of WFH, the focus of residential real estate has shifted to the suburbs, where larger residences with exceptional amenities are more accessible. Millennials are opting for more leisurely lifestyles in the suburbs rather than crowded metropolis centres. Access to shopping malls, schools, hospitals, and other social infrastructure is made easier with the improved connection. The suburbs appeal to millennials because they are well-connected, surrounded by greenery, and away from the hustle and bustle of the city.

The pandemic’s subsequent lockdowns have highlighted the link between one’s surroundings and overall health. Millennials are increasingly gravitating toward energy-efficient, sustainable homes as they spend more time at home. In addition to value for money, convenience, and wellness, millennial homebuyers are influenced by the developers’ trust and reputation. Millennials prefer to buy from developers who are members of the Real Estate Regulatory Authority (RERA).

Read more in the 99 Acres article featuring our Director, Mr. Rakesh Reddy.