The Millennial Revolution In Real Estate
Millennial, also known as Generation Y or the Net Generation are people born in between the year 1980-2000 who reached adulthood around the turn of the 21st century.
- Our country is home to 400 million millennials
- Millennials account for one-third of India’s population and 46% of its workforce
- The Average age of an Indian home buyer is likely to be around 29 years by the year 2022
This generation has seen the very short life span of a device called pager after which they saw a bulky phone tied to a wire slowly get wireless and grow larger and smarter. They have had a chance to fiddle around with technology enough to make mistakes and learn exactly how to use it to their advantage. The millennial generation is tech savvy, pragmatic and modern but hold relationships and traditional values close to their heart.
They are well informed and make decisions after a considerable amount of research. With information regarding everything under the sun available at their fingertips, this generation is becoming a powerful growth driver for different market sectors. Real estate has also seen this effect with a huge rise in young home buyers.
What are they looking for?
More than a roof over their head
Owning a home for an Indian is a very emotional experience. Though the millennial generation looks for the security and satisfaction that comes along with buying a home, they also realize that it is an investment with the potential to yield financial benefits in the future. Therefore the resale value of a house, the percentage of appreciation are important factors they consider before choosing a house.
Love for online research
Call it a boon or a bane; they have access to free high quality information regarding everything they need at the comfort of their home. So, unlike their preceding generation, they do not list down a large number of properties and go on a site visit frenzy. 70% of their decision making process is done online by comparing prices, viewing 3D images of the properties and shortlisting only their final few options for the site visit and further formalities.
Fan of convenience
A beautiful huge house in the suburbs though sound poetic does not entice a millennial buyer. They prefer compact homes which are low maintenance and have a good potential resale value. Proximity to basic amenities, good neighborhood, urban connectivity, in project security, availability of ample parking space which good integrated townships like HiLITE city offer are a great option for this well informed generation.
If the product provides higher value then they don’t mind paying the extra buck. This trend can be seen with a rise in demand for high quality electronic goods from established brands which are driving out low quality imported electronic goods which the preceding generation seemed to prefer. So while making the decision to buy a home, they usually look for trusted builders with a successful track record who understand their needs and can deliver accordingly.
Experience over possession
The millennial generation prefers spending their money on a fulfilling experience rather than owning a high status quo product. They are not just looking for a house in a posh locality. They are buying a living experience which suits their lifestyle. Recreational facilities like a clubhouse, swimming pool, gym, spa etc are features they look for when looking to buy a house.
The dynamic team at HiLITE Builders understand the needs of this generation and have always been quick to adapt to changing scenarios in the market. If you are looking for a home where convenience meets comfort then HiLITE city is the perfect place, our fully integrated urban township in Calicut provides a range of high class amenities and is a world within itself.
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