Millennials are going to play a pivotal role in the housing market in India, as per a market survey conducted by 360 Realtors, the nation’s leading Institutional Channel Partner (ICP). The company has surveyed 1200 middle-income millennial respondents with an annual income of over Rs 7 lakh. The survey demonstrated that 75% of the millennials want to buy a home in another 3 years’ time span.
The study also highlights numerous other key aspects pertaining to millennial buying. This includes their preferred budget for home buying, media preferences to learn about real estate, financing options & much more.
“Globally, millennials are becoming a force multiplier in fuelling housing demand. In India as well over the past few years, the millennial class has grown from strength to strength & is consolidating its position as a pivotal force in driving real estate demand. The millennials’ evolution into a key determinant of property market demand is rooted in numerous factors such as growth in disposable income, a shift in attitude, growing propensity to hedge against possible future risk, growth in home-finance & much more,” said Ankit Kansal, Founder & MD, 360 Realtors.
A flight towards affordability is also visible amongst the millennial class. Less than 5% of the millennials prefer to buy a home priced over Rs 1 crore. 39% of the respondents, who wished to buy homes, prefer to buy a budget property within Rs 40 lakh; 44% prefer to buy homes ranged between Rs 40 lakh and Rs 80 lakh; and 13% of the respondents indicated buying homes ranged between Rs 80 lakh and Rs 1 crore.
Millennials in India currently represent around 46% of the total workforce with a spending capacity of around $3.6 billion. Alongside other industries such as retail, consumer appliances & automobiles, they are growing to play a crucial role in fuelling home demand as well.