According to the report, “Gen Z and Millennials: Reshaping the Future of Workforce,” brought out by NASSCOM and their industry partner Indeed, as of 2021, the demographic percentage of Gen Z and millennials in the Indian population is at a stunning 52%, higher than the global average of 47%. Therefore, this dynamic generation contributes more to the country’s economic development and will continue to do so in the coming years.
The unique aspirations and the energy of the millennials in India have enhanced the opportunities towards accessing better educational facilities, high paid jobs, etc. And the real estate market in India is no different!
What Drives Millennials to Transform India’s Real Estate Sector?
Demand for sustainable, affordable, and modern housing properties
One important factor that inspires millennials to transform India’s real estate sector is the demand for affordable and eco-friendly modern homes. The millennials prefer living in a simple and sustainable environment, prioritising convenience with basic amenities. They are environmentally conscious and prefer green building practices. As a result, Indian real estate companies have started developing sustainable housing projects with energy and water-efficient features.
Demand for smart homes
The millennials are found to shift their attention to smart homes compared to compact homes. Incorporating virtual home regulation systems and the Internet of Things has become the new age requirement increasing the scope of development for real estate developers
Tech-Savviness
Technology is an integral part of young Indian lives. They prefer accessing the different housing projects, comparing the features, and choosing the best option that will suit their needs and affordability. In addition, they look forward to booking and completing transactions online using digital payments to make it convenient and secure. Therefore, the Indian real estate sector has transformed to be more transparent and digitally accessible.
Approach to investment
Millennials in India have a quintessential approach to Indian real estate investment. They consider real estate property as a valuable possession and an investment that can appreciate in value over the long term. However, they have specific needs and expectations and cannot compromise on quality and satisfaction under any circumstances. As a result, the Indian real estate sector has started focusing on projects that can offer more customisable solutions to satisfy the individual needs of property buyers.
Changes in lifestyle, fitness, and entertainment-oriented
Better job opportunities with a handsome pay scale and the digital revolution have changed the lifestyle of millennials in India. They are focused primarily on spending time and money on fitness activities, entertainment or living spaces with well-established amenities for these activities. It has introduced a significant change in the development of Indian real estate properties. The property developers have introduced gated communities with modern amenities such as fitness centres, swimming pools, theatres, jogging tracks, meditation spaces, yoga centres, etc., to satisfy and benefit the property buyers. In addition, they have established a system that can provide maintenance services to these amenities to ensure a safe and hygienic experience.
Demand for co-living spaces
With the changes in lifestyle — looking forward to a vibrant, dynamic, and socially connected environment — young individuals are excited about real estate properties that develop shared living spaces. As a result, it is creating a new domain in the real estate industry in India.
Simple design irrespective of location
Gen Y prefers homes with simple designs having minimal features for comfortable living. They prefer visually appealing and flexible interiors that consume less space while sufficing for the basic requirements. In addition, with the change in work culture moving towards working from home, better connectivity is a primary consideration compared to proximity to the workplace. Therefore, Indian real estate developers have resorted to better locations conducive to developing projects catering to changing lifestyles.
Conclusion
With unique aspirations and changing preferences, millennials are transforming the real estate sector in India. Their demand for sustainable and affordable homes has led to simple and smart real estate properties. In addition, their tech-savviness and focus on fitness and entertainment have increased transparency and created gated communities with modern amenities and shared living spaces. And the evolving needs and aspirations of the millennial generation will continue to shape the future of Indian real estate.
Piramal Reality is driven towards fulfilling customer aspirations by providing aesthetic designs and creating vibrant communities.
Disclaimer- This article is based on the information publicly available for general use as well as reference links mentioned herein. We do not claim any responsibility regarding the genuineness of the same. The information provided herein does not, and is not intended to, constitute legal advice; instead, it is for general informational purposes only. We expressly disclaim /disown any liability, which may arise due to any decision taken by any person/s basis the article hereof. Readers should obtain separate advice with respect to any particular information provided herein.
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