The millennial and Gen-Y generation are market changers. India is a young country that has close to seventy percent of its population in the youth. A recent study showed that 47% of the earning workforce in the country comprises millennials.
In such a time, millennial home buying trends dictate the market demand. Home developers ensure that homes are designed in a way to please both the older and the younger groups. It’s a simple game of supply and demand—as the youth possess the highest purchasing power, the housing market will also adapt to these consumers’ needs.
In the post-COVID world, millennials are placing further thought into the housing market. With homes becoming the new center of attention, this generation is reconsidering investment ideas.
Defining the Gen-Y Market?
We often talk about millennials, but do we know who they are? They are a generation of society that is driven by opinions and a sense of community.
Most of the technical and social changes in the world today have taken shape with the vision of this generation. In India, the former generations are infamous for savings and investments, while millennials have higher disposable incomes and lives a tech-driven lifestyle.
What Are the Millennial Home Buying Trends?
The home-buying trends of this generation are dominated by mainly two factors. One is technology, and the other is a sense of community. There two ideologies influence all the trends we discuss below:
Smart homes are the new lifestyle where the houses are managed with electronic assistance and enhanced with modern-tech.
The millennial market is looking for better digital connections, low-energy consuming homes, top-notice security systems, innovative integration of voice and movement-activated lighting, etc. In the years to come, these sophisticated devices will become a norm in modern living.
Additions like advanced video surveillance, multi-level parking, automated entry systems, etc., all are superior selling points to an integrated living space.
Amenity Driven Approach
More for less, that is the ideology of the modern-day buyer. They want outdoor amenities like gyms, pools, parks, and gardens. Recreational spaces and facilities that prompt community activities are the need of the hour—open spaces and lush greenery are a few to name.
One of the most significant millennial home buying trends is the preference for accessibility. Homes close to business districts, entertainment hotspots, and proximity to shopping hubs make an essential sale point.
Design Focused Homes
Home is not just an investment to millennials; they are a benchmark, a sign of achievement. While making a significant commitment to a property, they carefully scrutinize the aesthetics of the space.
The originality in design, use of sustainable building models, natural light availability, and lavish-high-rises are all on their checklist. The youth of today look for a housing project that is brag-worthy.
Finding and buying homes, like most things in the world, have also moved online. This generation of home buyers relies entirely on online searches to make an informed decision.
Some Indians abroad have invested in Indian housing based solely on online images and video-promotions. The mobile-phone generations take online reviews, photos, and project-literature very seriously. This is also the reason many buyers prefer well-known builders over stand-alone homes.
State-of-the-art amenities, smart homes, and open spaces—the online generation finds value in these noteworthy factors more than ever before.
Hyderabad’s Aparna Constructions has tailor-made their projects to encourage young buyers. Their premium homes with top-of-the-line technological integrations, intelligent planning, and years of experiences have created the perfect buffet of opportunities.