by on February 12, 2018
Our millennial are the future of our country. They drive the growth of our country. Not just electronics, FMCG, automotive and retail sector but real estate sector too is influenced by the choice and preferences of our millennial. Our millennial are aka young working population that forms almost 46% of the total workforce of India. In terms of numbers, approximately 400 million people of our country are professionals and fall into the category of 20 to 30 years of age- group.
This category of society influences the market not just because it is substantial in number and vibrant enough but also because it is the user-base of the country it is the earning population and has strong purchasing power with independent and quick decision-making ability.
If any company of any vertical be it FMCG, retail or electronics, captures even half of this segment of the society, it will rule a substantial part of the entire Indian market. That is the reason almost every company is coming up with new and improved versions of their products and services with the inclination towards this segment of the society.
But what's their idea about buying home?
Home is a necessity but it is not the only need of millennial. Of course, having one's own home and not the rented one is an accomplishment for an individual in this age group. However, there are many more pressures and lifestyle requirements that affect their decision of buying their own home.
If compared with any other sector real estate is a different one. Buying an electronic gadget or a luxurious product is much different than buying a home. Buying property needs capital and if it is for own use it acts as a binder for an individual. And if we look at the preferences of this age group, they are experimental, like to keep moving to places to explore their career. Having their own home is not their priority at this point of their life. Moreover they compare their outgo for having their own home and for a rented accommodation. So they are more than happy to live in a rented house. This is the reason the demand for rented accommodations is growing phenomenally in metro cities like Hyderabad, Delhi, Bangalore and Mumbai.
What do millennial expect?
Everybody desires to own a home. It brings stability in life. Millennial too, would reach a stage in their life when they would like to get settled. However, again their choices would be different from their forebears. They expect more value for their money and they are smart enough to get that. The world of internet has enabled them to compare and get the best for them in terms of utility. So the idea of living in builder floors or just-high-rise-apartments is out from the market.
They are inclined towards established infra-structure, connectivity and basic facilities all around them to make their life easier. They look to gated societies with apt security measures along with other enhanced features like club house, swimming pools, gym, play areas and conference rooms, as their basic requirement. And technology-enabled features of smart home projects that can bring an upgraded lifestyle for them are their first preference. However, the point to be noted is, they are no simply swayed by the smart features or luxurious recreational facilities. The developer seems to play well only if he provides these features at a competitive rate.
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