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Millennials: Reshaping the Indian real estate sector
Millennials are more environmentally conscious than previous generations and are looking for homes that are eco-friendly and sustainable
Preference for eco-friendly homes
Millennials are more environmentally conscious than previous generations and are looking for homes that are eco-friendly and sustainable. A lot of developers are incorporating green building practices into their projects, to attract millennials.
Shared living or co-working spaces
Millennials are more open to the concept of shared living spaces such as co-living and co-working spaces. This has led to an increase in demand for such spaces and has given rise to a new segment in the real estate market.
Home size and design
Millennials are the driving force for the home-buying 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 functionality.
Location becoming irrelevant
With the acceptance of hybrid work culture or Work from home culture, gaining precedence post-pandemic, 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 life.
Lifestyle-centric living
The new generation, is health-conscious and environmentally aware. Developers might consider a health-centric approach coupled with lifestyle amenities, to make buying attractive for millennials. A jogging track, well-equipped 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 interactions.
Post-pandemic, home-buying sentiments have become stronger, with millennials being the dominant segment. The residential sector has become more end-user-driven instead of investment-driven. In conclusion, millennials are redefining the Indian real estate market by demanding affordable, technologically advanced, amenity-rich, eco-friendly, and shared living spaces. Developers who cater to these demands are likely to succeed in this market.
(The author is the CEO and Founder of Legend Siroya Realtors) (Concluded)
