Emerging Trends in Real Estate: Millennials now scouting for LuxHealth

Published: July 22, 2019 4:34:47 PM

Millennials as a generation are different from their predecessors and have different outlook towards life and standard of living.

real estate, real estate in India, luxury housing, Emerging Trends in Real Estate, MillennialsAs lifestyle becomes more hectic, the importance of investing in a home that helps Millennials achieve physical and mental well-being becomes more and more significant.

Home has always been an essential component while determining the standard of one’s comfort. For, it exhibits the priorities of its occupant. Millennials as a generation are different from their predecessors and have different outlook towards life and standard of living. The GenY, which belongs to upwardly mobile nuclear or joint families, is looking for residences that reflect their personalities. They are health & environment conscious, well read & have travelled far and wide; they prefer a wholesome luxury living.

The connotation of luxury has changed in the recent past; it no more means a home decked with chandeliers and exquisite carpets. It is more about the enhancements in and around the home that add to the quality of life. Today’s globe-trotting generation uses their wisdom to zero-in on a house that they would like to make their home.

Millennials as a generation are aware of the perils of climate change. This generation intends to lead a sustainable existence that leaves behind reduced carbon footprint. Along with the facilities, the focus is on ensuring clean air, water and freedom from harmful environmental factors. As lifestyle becomes more hectic, the importance of investing in a home that helps them achieve physical and mental well-being becomes more and more significant for them.

Considering the demand, developers are also taking steps to match the requisites. They are developing sustainable buildings, both, according to the structure and the use of processes involved in the construction. For this, resource-efficient materials are being used from site to design, construction, operation, maintenance, renovation and demolition of a building.

Developers are designing their projects in a way to include amenities such as jogging and cycling tracks, outdoor gyms, sports pitches, amphitheatres. They are also giving attention to the indoor facilities like yoga decks, zumba classes, rock climbing and work-out areas. Other amenities like indoor sports complex, rooftop jogging track, rooftop swimming pool (temperature controlled) are included in such houses. The natural greenery of the location is accentuated with landscaping, herb gardens, and vertical gardens to infuse a sense of well-being throughout the property.

With these demands the developers’ involvement has increased multi-fold, their role is no more limited to creation of a brick and mortar structure. Experts are being roped in to develop green buildings and societies imbued with the prospects of a healthy life. Such affirmative action from builders is what will attract the millennials because for them luxury and health go hand in hand.

(By Pankaj Bansal, Director, M3M Group)

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