India, over the past few years, has seen a substantial shift in its real estate market. Reports suggest that the Indian population comprises 34% millennials, which counts to a whopping 440 million! Undoubtedly, the demographic lays a huge impact on the trends of every industry, and real estate is no exception. Millennials are dynamically altering the traditional norms related to home buying, thus driving a new wave of innovation in the real estate market.
6 Ways Indian Millenials Are Transforming the Real Estate Market
While millennials are known for being tech-savvy, innovative, adventure-loving, and socially aware generation, interestingly, these characteristics reflect in their real estate decisions. Let us understand how!
#1 They’ve Added a Technological Dimension to the Real Estate Market
Millennials have brought digital transformation to the Indian real estate market with the help of advancements like virtual reality tours, and online platforms for buying, selling, and renting properties.
They are also leveraging technology to research and compare properties across multiple websites and applications before purchasing. The real estate industry has started accommodating this by using data analytics for customer profiling and targeted marketing.
#2 They Like Their Homes to be Smart
To no one’s surprise, millennials want their homes to be as tech-savvy as they are! They look up to smart homes with features like connected home systems, voice-activated appliances, smart temperature control systems, AI-driven home assistant systems like Google Home or Alexa, and app-based controls for lighting, among others.
#3 There’s a Shift to Suburbs From Mainstream Cities
As against the popular perception that millennials prefer living in the hustle and bustle of the city, these young folks are loving the suburban vibe instead. They prefer homes in slightly offbeat regions that are more peaceful and devoid of the typical urban clutter but are nevertheless connected to the city. This has increased the demand for peripheral areas even in top-tier metropolitan cities like Kolkata.
#4 They are Green-oriented
Studies indicate that 82% of Gen Z and nearly two-thirds of young millennial investors have exposure to Environmental, Social and Governance (ESG) investments.
Given the increasing awareness about climate change, millennials have become environmentally conscious, and want eco-friendly homes that reduce environmental impact. They prefer properties with designs that have enough room for natural light and ventilation, homes equipped with solar panels, energy-efficient appliances, and wastewater management systems.
Besides, they look for properties in greener and cleaner areas where developers have made a conscious effort to retain the local flora and fauna rather than slashing them all for creating a concrete jungle. This has also led to a rise in demand for large townships which seamlessly satisfy all of their expectations.
#5 They’re Opting for Co-living Spaces
As the “sharing economy” gains ground, Indian millennials are more inclined to opt for co-living spaces. Co-living offers attractive possibilities such as cost savings, shared utilities, and forming a community with like-minded individuals. The trend is currently gaining momentum in major cities across India, thus creating a fresh segment in the rental market.
According to a recent report, India has nearly 108 significant integrated township projects situated in different parts of the country, catering to the evolving needs of homebuyers looking for an all-rounded residential experience.
#6 They Emphasise Amenities
Millennials are looking for residential properties that offer modern conveniences, such as fitness centres, swimming pools, parks, shopping centres, and co-working spaces. This is why modern developers like Swapnabhumi, Newtown, are putting their best plans forward to effectively incorporate these amenities into the projects and provide residents with a high-quality lifestyle.
Summing it Up
Hence, it may not be inappropriate to say that the future of real estate in India is sure to be more dynamic, exciting, and innovative than ever before. Given the evolving real estate trends, modern developers like Swapnabhumi, Newtown are also focusing on improving the overall home-buying experience, making it as seamless and straightforward as possible.
Swapnabhumi Newtown is the largest residential township project in eastern India, expanding across more than 500 acres. It has smartly designed blocks and 2000 units with varying configurations, including 2, 3, 4, and 5 Kathas, that cater to your diverse buying preferences. The project features outstanding connectivity to the city, soothing green landscapes, and ready-to-register plots complemented by a full range of modern amenities.
Get in touch with us to learn more about the project and our no-cost EMI plans. Contact today!