Ever wondered what drives people to cities, pulling them like a powerful magnet? Jobs, prosperity and a host of other factors make urban areas alluring, leading to half of the world’s population already dwelling in cities. Currently, half of the world’s population resides in urban areas, and various reports suggest that by 2050, this figure will rise to two-thirds. However, as people flock to cities, they also bring with them two of the most critical global challenges: poverty and environmental degradation.

Urban areas face a convergence of pressing issues, including poor air and water quality, insufficient water supply, waste-disposal challenges, and high energy consumption. These problems are further intensified by the increasing population density and demands of urban life. To address these and other difficulties that will inevitably arise as cities continue to expand, effective city planning will be of utmost importance.

Unravelling the Millennial Impact on Real Estate

India proudly harbours the largest millennial population, constituting a significant 34 per cent (440 million) of its total inhabitants as of 2021. This demographic prominence positions GenZ as a crucial player in defining the nation’s economy and shaping the landscape of the Indian real estate sector. So what’s it that the youth of the country is searching for when trying to find a house?

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Rising Demand for Affordable Housing

Contrary to popular belief, millennials are prudent in their housing choices, valuing affordability. As a result, there is a growing demand for compact and cost-effective homes located on the outskirts of major cities.

Embracing Technological Advancements

Tech-savvy millennials are reshaping the real estate market by embracing technology. They use online resources to research properties, connect with real estate agents and developers, and even complete transactions. This digital shift has made real estate more accessible and transparent.

Seeking Homes with Modern Amenities

Amenities hold high importance for millennials seeking their ideal homes. Features like swimming pools, fitness centres, and co-working spaces are particularly appealing to them. To meet this demand, developers are incorporating these sought-after amenities into their projects.

Embracing Eco-Friendly and Sustainable Homes

Millennials show a strong environmental consciousness, favouring eco-friendly and sustainable living spaces. To cater to their preferences, many developers are adopting green building practices in their projects, offering eco-conscious options.

Lifestyle-Centric Living

Health-consciousness and environmental awareness drive the lifestyle-centric approach embraced by millennials. Developers are creating spaces that support this ethos, providing facilities like jogging tracks, well-equipped gyms, yoga spaces, swimming pools, meditation decks, and sports facilities. These amenities encourage an active lifestyle and foster social connections.

As cities become more crowded, the environment faces greater strain, making sustainability crucial in real estate. Companies are now more mindful of their environmental impact, building eco-friendly and energy-efficient structures. This not only benefits the environment but also reduces maintenance and operation costs.

In essence, the world’s urban population has surpassed the halfway mark, propelling remarkable growth in residential real estate. To effectively confront the challenges brought forth by this surge, we must cultivate innovative and sustainable solutions. Ensuring accessibility will pave the way for inclusive growth and provide equitable benefits to all citizens.

(By Aditya Kushwaha, CEO & Director, Axis Ecorp. Views are personal)