Online property search portal NoBroker has observed a 23% increase in the number of homebuyers aged between 25-35 years on the platform, the proptech unicorn said in its half-yearly report. Those under 45 years of age constituted 57% of the total buyers on the property portal, it added.
The term millennials or Generation Y is employed to refer to individuals born between 1981 and 1996.
“They don’t see property ownership as the biggest milestone but as a means of building wealth and to establish stability early on in life,” the report said. It added that many of these young homebuyers work in the private sector and have a nuclear family set-up.
About 67% of the 11,000 respondents surveyed by NoBroker belonged to dual-income households, indicating higher disposable income, greater financial independence and flexibility in decision-making.
The demand among millennials for 1 BHK and 3 BHK units is fast outpacing the demand for 2 BHK units, the report highlighted. About 39% of the survey respondents indicated that they are looking to purchase a 1 BHK while 33% said that they are keen on 3 BHK units.
The survey involved millennial respondents from Bengaluru, Mumbai, Pune, Hyderabad, Chennai and Delhi NCR.
As many as 49% of the millennial home seekers stated that location is the most crucial factor for them while choosing a residential property.
Data from NoBroker revealed that nearly 32% of the women prefer to invest in real estate either as sole owner or a co-owner. “The rise in female ownership can be attributed to several factors such as women increasingly achieving financial independence through careers and entrepreneurship, cultural shifts and increased awareness due to government initiatives,” the report said.
About 60% of the survey respondents said they are looking to purchase an under-construction property, indicating that they are betting big on the capital appreciation of the project given the current dynamics when builders are charging a premium on projects that are near possession.
The report also highlighted that average rent inflation in India is outpacing annual salary increments, creating a challenging environment for tenants. However, on the brighter side, it is leading to home purchasing decisions.
Also Read: Almost 50% home buyers prefer 3BHK homes; 75% want balconies: FICCI-Anarock survey
Meanwhile, with a shifting buyer profile, real estate developers are tailoring their offerings to meet the evolving demands of their customers, the report said, adding that projects today have IoT powered amenities, functionality over space and convenience above all.
“The empowered young buyer is digitally-savvy, value-conscious, well informed and aware of what they want as per their lifestyle,” the report noted.
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