What is driving millennials to reshape the Indian real estate sector?

India is home to the largest millennial population forming 34 per cent 440 million of the total population of the country as of 2021 Quite evidently this makes the role of GenZ a crucial role in defining the countrys economy and the trends of the Indian real estate sector With a positive attitude and high aspirations GenZ has greater access to opportunities education facilities cushy jobs and higher incomes creating a conducive environment to invest in homesIndia has also emerged as the most soughtafter destination which has been propelled by the IT boom contributing to a larger demand for residential homes Indian millennials are also more inclined to own their own homes which can be contributed to the sentiment of family values the idea of longterm future investment and gaining a sense of pride and acceptance in the societal systemWhat is driving millennials to buy their propertyMillennials who are the largest demographic group in India are redefining the countrys real estate market in several ways Financial prudence and economic forces are shaping the patterns of millennials in the coming year The new breed of millennials is likely to turn from the carefree spender to the conservative homebuyer thereby taking the real estate market by storm According to several statistics in pursuit of financial stability postcovid millennials are going to drive the trend of residential sales in 2023 too just like the past year Property forecast by CREDAI revealed that property trends from 2022 in terms of residential sales will multiply in 2023Here are how millennials are changing the Indian real estate landscapeDemand for affordable housing Contrary to the belief that millennials are spendthrifts millennials are more costconscious than previous generations when it comes to housing and is looking for affordable housing options This has led to an increase in demand for compact affordable homes on the outskirts of major citiesTechnological advancements Millennials are techsavvy and are using technology to research properties connect with real estate agents and developers and even complete transactions online This has made the real estate market more accessible and transparentEmphasis on amenities Millennials are looking for homes with modern amenities such as swimming pools fitness centers and coworking spaces Developers are responding to this demand by incorporating these amenities into their projectsPreference for ecofriendly homes Millennials are more environmentally conscious than previous generations and are looking for homes that are ecofriendly and sustainable A lot of developers are incorporating green building practices into their projects to attract millennialsShared living or coworking spaces Millennials are more open to the concept of shared living spaces such as coliving and coworking spaces This has led to an increase in demand for such spaces and has given rise to a new segment in the real estate marketHome size and design Millennials are the driving force for the homebuying impetus the size and design of homes should cater to the requirement of millennials The millennial buyer is looking for homes with minimalistic design basic finishes added flexibility visually attractive and homes with high functionalityLocation becoming irrelevant With the acceptance of hybrid work culture or Work from home culture gaining precedence postpandemic the location of the home is playing less importance in the choice of property Millennials no longer want residences close to their office space but are looking for big spaces in suburban areas with access to shopping entertainment and great social lifeLifestylecentric living The new generation is healthconscious and environmentally aware Developers might consider a healthcentric approach coupled with lifestyle amenities to make buying attractive for millennials A jogging track wellequipped gyms yoga tracks swimming pools meditation decks and sports facilities will allow residents to stay fit and active and also make new connections for a conducive lifestyle with great social interactionsPostpandemic homebuying sentiments have become stronger with millennials being the dominant segment The residential sector has become more enduserdriven instead of investmentdriven In conclusion millennials are redefining the Indian real estate market by demanding affordable technologically advanced amenityrich ecofriendly and shared living spaces Developers who cater to these demands are likely to succeed in this marketAlso Read How Indian Gen Z and millennials define and express loveThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever