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.
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