By Pratik Kataria
Millennials are propounders of all things smart, not just by looks but also in terms of features, sustainability, and affordability. Unlike baby boomers, millennials are well informed and much apprised, not because they are smarter or more knowledgeable but because technological revolution coincided with their childhood and adolescence, leading to unmatched exposure and increased learning prospects.
In India, one-third of the population is comprised of millennials, between the age group of 25-40, and the demographic cohort makes up 46% of the total workforce with a spending power of $3.6 billion. It is also acknowledged and widely accepted that millennials start financial planning at an early stage in their journey of life most likely at the beginning of their careers, relying more on investment than expenditure, thus increasing their spending capacity and craze for luxurious living while purchasing their dream home.
Totally contradictory to our ancestors, for millennials, home is not just a place to live but is also synonymous with the kind of life they have; so, homes are imagined to be the best in class and laced with contemporary amenities. Affordability is of course a point of concern, but the internet ensures they find the best bang for their bucks.
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First and foremost, millennials who grew up in the urban parts of the country have witnessed the technological transformation, they are conditioned around the internet and are in the habit of making their lives easy with the help of technology as well as automation. They look for homes backed by smart Waste Management systems, Water Management, Temperature Control, Energy Saving, Power backup, Smart Routers, Servers, and Security Systems. Additionally, they prefer star-rated gadgets that are energy efficient right from refrigerators, ovens, and lights to their water heater. A study conducted by the National Association of Home Builders- NAHB reveals that 36% of millennials look for larger and smarter homes. They expect all the equipment to be wirelessly connected and integrated through IoT (Internet of Things) sensors; this is comparatively new, and it came to attention post the evolution of 4G services in our country.
Next, Millennials fancy smart and energy-efficient homes, because most of us are aware as well as sensitive towards the climate crisis and consciously advocate sustainable living, because all the while growing up their subconscious mind registered the hazardous effects of the deterioration of the environment around us. Most millennials get inclined towards putting their hard-earned money in buying green homes that are IGBC approved and constructed on sustainable models and comply with green living standards.
Another factor that seems not so important, but it, actually is, that the Millennials demand for a new property and not a second or third sale asset. The NAHB research reveals that the millennials’ preference for a brand-new, uninhabited home rose from 28% in 2007 to 41% in 2018. Plus, pre covid they looked for smaller homes because of the of evolution of nuclear families. Post the pandemic, millennials are looking for larger spaces with surplus areas that can be changed into a workstation or a dedicated space for their kids.
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Amenities and infrastructure also play a crucial role when it comes to luring the millennials. Interestingly, in the past decade or more, a certain type of multistoried building are mushrooming across the country be it metropolitans or even tier I cities? The ones with amenities like swimming pool, club, gym, and sports recreation facilities. It is happening because a major share of the modern consumers demand more than just basic amenities.
Now home-buyers have become very wise in terms for shuffling through options and ascertaining one only after thoroughly going through all the options at their disposal. Ever since the online culture became rampant, home-hunting became much more extensive and easier, especially for millennial buyers because they can take optimum benefit of technological tools and search engines and get the feedback about the project at the click of a button, even more so post pandemic because technology took a giant leap during the outbreak and so did people in terms of learning to use the technology, especially the working-class millennials.
(The author is Director of Sainath Developers – The House of Kataria & President, NextGen Committee, NAREDCO Maharashtra. Views expressed are personal and do not reflect the official position or policy of the FinancialExpress.com.)
