MIL­LEN­NIAL ARE TRANS­FORM­ING REALESTATE LAND­SCAPE

The Realty+ Show Episode 13 fo­cused on how the young gen­er­a­tion is us­ing tech­nol­ogy in their home buy­ing de­ci­sion and what the fu­ture holds for the realty sec­tor.

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De­lib­er­at­ing on the re­cent sur­vey that in­vest­ment is the key driver for about onethird or 35 per cent of the mil­len­nial buy­ing a prop­erty, Wad­hwani stated that max­i­mum sales are com­ing from the young­sters. “Re­cent re­search says 70-75% of the mil­len­nial are in­ter­ested in tak­ing home loans, pay­ing EMIS and build­ing CI­BIL record.” Dr. Ba­tra high­lighted the fact that young­sters want to en­joy life along with own­ing a house, they are more re­spon­si­ble, aware and their en­try salaries al­low them to buy a home at a young age. While Wad­hwani con­tended that the young­sters are in­de­pen­dently mak­ing home buy­ing de­ci­sions, Karan Bha­tia felt that young­sters still con­sult their el­ders be­fore mak­ing any prop­erty re­lated de­ci­sion. In Neh Sri­vas­tav’s, opin­ion there’s a shift in the thought process in the fam­i­lies as chil­dren are get­ting more in­volved in ma­jor de­ci­sion mak­ing.

Ashish Bhutani, pre­sent­ing the global per­spec­tive men­tioned that in US and Europe, peo­ple are more spend­thrift com­pared to In­dia. “The pre­dom­i­nant ide­ol­ogy of In­dia is to save money for the fu­ture,’ he said. Rakesh Ya­dav, agreed and said, “Ear­lier peo­ple used to think of buy­ing a home at the age of 45-50. With in­creas­ing nu­clear fam­i­lies, to­day the con­sumer age is much younger and they pre­fer buy­ing smaller houses.” Bring­ing forth the Ahmed­abad city out­look, Bha­tia com­mented that Ahmed­abad ma­jorly com­prises a busi­ness-ori­ented pop­u­la­tion where younger gen­er­a­tion is show­ing grow­ing in­cli­na­tion for real es­tate. Stat­ing an­other rea­son for in­creas­ing num­ber of smaller res­i­den­tial units Ankur Gupta, said, “With higher con­struc­tion costs and mar­ket re­ces­sion, de­vel­op­ers are con­struct­ing smaller af­ford­able houses.”

New Trend of Home Buy­ing

Dr. Ba­tra stated that 70-80% of buy­ers to­day seek in­for­ma­tion on­line. “The Young con­sumer is well in­formed and ini­tially in­vests in a small house later up­grad­ing to big­ger homes as the fam­ily grows.” Ashish Agar­wal was of the view that while more in­for­ma­tion is bet­ter as it leads to more trans­parency and buy­ing by mil­len­nial, they are

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