How Indian Developers are Targeting Millennials in the Real Estate Market
The Indian real estate market is currently undergoing significant changes, with developers adapting to new regulations such as RERA and GST. These regulations have increased transparency and accountability in the housing market, which is great news for buyers. At the same time, developers are recognizing the growing importance of millennials as a major target market. Millennials are expected to be the largest consumer base for various businesses globally, and the real estate sector is no exception.
Key Trends in Millennial Homebuying
Millennials are playing a crucial role in driving the demand for real estate in India. Studies show that 75% of Indian millennials aspire to buy their own homes in the next 3-4 years, making them a significant target segment for developers. Interestingly, less than 5% of millennial buyers prefer homes priced above Rs. 1 crore, indicating a preference for more affordable housing options. Around 39% of millennials prefer homes priced within the range of Rs. 40 lakhs, while 44% are interested in homes priced between Rs. 40-80 lakhs. Additionally, 13% are open to homes priced between Rs. 80 lakhs and Rs. 1 crore.
The increasing presence of millennials in the workforce, accounting for approximately 46% in India, combined with their estimated spending capacity of $3.6 billion, is driving the demand for real estate. This generation’s growth in disposable income, changing attitudes towards home ownership, availability of home financing options, and their inclination to view real estate as a future investment contribute to their role as a significant determinant of the Indian property market.
What Developers Should Consider
The Indian real estate market is witnessing a shift towards higher affordability and value creation. Millennials prioritize housing units that offer excellent value, including strategic locations near transit points and workplaces, proximity to essential social infrastructure such as retail, educational institutions, and healthcare facilities, competitive pricing, and a better quality of life with security and open spaces.
Millennials are willing to pay a competitive price for smaller-sized apartments that meet their requirements in terms of location, amenities, and convenience. Developers must adapt to this changing landscape by offering online platforms for exploring real estate options and comparing prices. They must also focus on providing convenience and value for millennial buyers, ensuring they get the most “bang for their buck” in their property purchases.
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