Looking at current trends, the basics of life, Roti, Kapdha and Makhan (the Hindi words for food, clothing and housing) are more important than ever, even for younger generations who used to live on the go. has become The security associated with owning physical assets during crises like COVID-19, combined with a growing aversion to risky investments, is giving new impetus to home buying.
What we’re seeing now is the Ola-Uber generation, with its “on the go” mindset, millennials are rapidly changing in a post-Covid-19 world. has emerged as a prime driver of demand for housing, and their preferences are now dictated by general uncertainty, stock market volatility, and recent past financial sector events. Many of them, who previously loathed the idea of buying a home, now prefer owning to renting, and the fact that physical assets provide a sense of security makes many of them It also motivates me to consider buying a home after Covid-19.
In addition, as disposable income increases, one of the safest bets for many millennials in the common scenario is to invest in real estate. This is also evident in the latest Anarock Consumer Sentiment Survey, which gathered 5,210 participants. Overall, 57% of survey respondents prefer to invest in real estate in the near future, and 43% say he will invest in other asset classes such as FDs, stock markets and gold.
Interestingly, even for these 43% of respondents, real estate directly or indirectly formed an integral part of their future investment plans. Notably, at least 31% of these (her 43% of respondents) aim to purchase a home in the future from their current capital gains. A closer look at age groups reveals that at least 53% of millennials (ages 26 to her 41) will use their investment returns for future property purchases.
Most importantly, banks and various financial institutions are also focusing on this age group, so millennials now have access to multiple home finance options unlike before.
the numbers say it all
To understand the new dynamics within the housing sector amid the pandemic and shifting tastes of homebuyers, including millennials, Anarock’s research reveals much more. Originally, the survey clearly indicated that real estate remained the best asset class to invest in, with more than 57% of her respondents. But digging even deeper, he found that a whopping 48% of these respondents were in her age group of 25-35, and more than 65% of them were looking to buy an end-use home. Interesting to note.
Previously, a 2019 survey included only 20% of respondents looking to buy a home in this age group. This means that millennials are now new-age homebuyers, and this trend is likely to continue.
In addition, analyzing the age groups of job seekers across the country revealed another interesting fact. By city, Hyderabad has the highest number of property seekers (55%) between the ages of 25 and her 35 among all cities, including metropolitan areas and smaller cities, with the same age group of Pune follows him with 45%. Both cities have young populations who aspire to own a home early in life.
A developer changing the trajectory
Given that today’s millennials are one of the main drivers of housing demand, developers are also shifting to focus on their needs and preferences. For the most part, millennials prefer a comfortable, modern lifestyle with a variety of amenities such as open green spaces, large clubhouses, jogging tracks, on-campus shopping, and other facilities. Realizing this, developers have set up various self-contained projects with state-of-the-art facilities around major cities.
Post-Corona, we are seeing a shift in consumer tastes, including among millennials, with increased demand in peri-urban areas amidst the reality of working from home and e-schooling. Plus, you can buy a bigger home here at an affordable price.
Overall, there has been a significant shift in the shape of real estate demand post-pandemic. The growing desire among millennials to own their own homes is fueled by the fact that several young people have taken advantage of the pandemic economically and cut rent costs by moving in with their families. is also promoted by As such, homeownership has become a compelling priority for millennials in these uncertain times.
Anuj Puri
– The author is the Chairman of the Analog Group