Will Millennials Boost the Indian Real Estate in Coming Years?

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09:30 AM 15 Jun 2019

Nowadays, Generation Y or mostly known as millennials, born between the 1980s to 2000s, are considered to adopt distinct transformational challenges when compared to the past generations. Their mindset and lifestyle have evolved with much of updating attitude and destined to change the trending markets in the upcoming years. Throughout, this has been the image of millennials investing in real estate like they are much considered to step into the responsible quest as buying a home without residing in the rented houses.

But all over the world, the millennials home buying trends are being much accepted by Indian Millennials. Recognised for an aggressively potential performance globally, Indian millennials home buying trends emerged as they have disposable income, and a desire to get stability in life. Indians belief is more linked towards buying a home, as it is considered as a financial stability step to start a family.

What Changed Indian Millennials Home Buying Trends?

Millennials real estate facts are more related to the traditional mindset of investing in immovable assets. As a prioritise thing, millennials real estate facts are much analysed, and millennials home buying trends are tuned mainly towards a now or never strategy. Let’s see some of the millennials real estate facts them towards real estate,

Mortgage

Known for risk-taking tendency, millennials home buying trends are much unconventional. They are purchasing more homes compared to other generations. With millennials pockets getting deeper, they are not taking a step back before fulfilling their home dream. Millennials real estate facts are much driven towards increasing home prices. Even though they are offering lower down payments, they are opting for home loans which require a considerable mortgage.

Millennials home buying trends overtook the previous generation X(born between early-to-mid 1960s to the early 1980s) in terms of owning the most significant portion of home loans. They are willing to take huge mortgages compared to older generations. Considering these millennials real estate facts, as a good portion of them are first-time home buyers, banks and financial institutions are offering huge mortgages at attracting interest rates to get more attention to them.

Tough Competition by Baby Boomers

With Baby boomers reaching their age of 65 years at present, they acquire more purchase power comparatively, posing a threat to millennials home buying trends. As a millennials real estate facts, to stay ahead, they are opting for a game-changing strategy like buying a lot of home more than they can afford through home loans. This process is creating an intense situation where millennials and baby boomers are going through a head-to-head race.

This onset is considered to raise more in the upcoming years as well. Both ideologies of baby boomers and millennials home buying trends do go hand-in-hand. Both the generations are looking for a decent and calm neighbourhood, with ample of amenities like peaceful walkable parks, smart home automation systems all needed for a comfortable stay. Not to mention, these are the same things that are most preferred as millennials real estate facts, making it more complicated and challenging for real estate developers.

Smart Innovative Real Estate Techniques

In the era of technology taking over the world, it hasn’t spared the real estate industry. Born at the age of technology boom, millennials home buying trends are much associated with the online world. Busy with their tight work schedules, they have a little time to spare. As millennials real estate facts, any time they spent to search their assets they want to be online, real estate websites are popping up to encourage to give an overwhelming experience to millennials.

Through these millennials home buying trends, buyers are not needed to pay commissions to real estate brokers, and the overall procedure is comparatively very less. Offering accurate services right under the customer's fingertips, educating real estate websites like PropertyAdviser.in, opens doors for a vast variety of dwellings with smart customised filters to make millennials home dream come true. As they are also most addicted to using their phones and tablets for their real estate queries, to fill this gap, real estate firms are making their websites responsive to give an overwhelming experience.

Rental Challenges

With rental prices hitting skyrocket pace, it has become a complicated task of socking away from them for millennials. Globally rental rates have grown aggressively for the past couple years. Millennials home buying trends are much into having their own home, rather than wasting their money on rentals. Millennials real estate facts have unwrapped the entire calculations process, of what risk they can take as most per cent of their income is spent on rents instead of investing in assets.

Rental homes come with a lot of terms and conditions of the landlords. With minimal patience, millennials don’t like when an outsider invades their personal space. And out of them all, the main thing is that one can’t design the rental home as per their comfort level and need to restrict their interests. To escape from all this, millennials are opting to settle down in their comfort zone to start their family, encouraging more of them in buying a home.

Pradhan Mantri Awas Yojana

The Indian government has devised a scheme to benefit citizens who do not possess a roof to call their own. This scheme has been launched nationwide as Pradhan Mantri Awas Yojana (PMAY) to support more millennials home buying trends. With the partnership with public and private sectors, PMAY scheme is set on the big picture from 2015 and have been utilised by Indians.

The main benefits of the PMAY scheme, have attracted many Indian millennials home buying trends for their credit link subsidies based on their income status. Encouraging millennials real estate trends, the government has designed different plans for the individuals as per income groups segregated as LIG and MIG I & II. Major banks have tied up and started PMAY operations to encourage more millennials to avails the benefits and fulfil their home purchase dream.

Last Words

Surpassing other generations, Millennials have a beneficial share in the population. Irrespective of various reasons like settling down or reaching their life milestones, Indian real estate has observed a rise in its sales by millennials home buying trends. So to achieve profitable goals, its better for real estate firms to gear up their strategies as per the needs of the millennials.

Do you want to know more such exciting real estate news? Browse PropertyAdviser.in portal, for more such updates and various latest apartments for sale in Hyderabad at affordable prices. With a personalised approach, you can easily find your destined home in a minimum period. So, why wait? Visit us and reside in your ideal home before someone else finds it!

By Govi