Millennials are the major homebuyer group, redefining the housing market: Report

By Bricksnwall | 2024-07-27

According to NoBroker's half-year report, the platform has seen a 23% growth in homebuyers under the age of 35.

NoBroker, an online property search portal, reported a 23% increase in the number of homebuyers aged 25 to 35 on its platform in its half-year report. Those under the age of 45 accounted for 57% of all purchases on the property platform, it said.

"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," according to an investigation.. According to the report, many of these young homebuyers work in the private sector and come from nuclear families.

Approximately 67% of NoBroker's 11,000 respondents were from dual-income households, indicating increased discretionary money, financial freedom, and decision-making flexibility.

According to the research, millennials' demand for 1 and 3 BHK flats is rapidly surpassing that for 2 BHK units. About 39% of the poll respondents revealed that they are eager to purchase a 1 BHK, while 33% are focused on 3 BHK flats.

The poll included millennial respondents from Bengaluru, Mumbai, Pune, Hyderabad, Chennai, and Delhi NCR.

As many as 49% of millennial house buyers said that location is the most important aspect for them when selecting a residential property.

NoBroker data shows that roughly 32% of women prefer to invest in real estate as sole or co-owners. "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," according to the paper.

Approximately 60% of poll respondents stated that they are looking to purchase an under-construction property, indicating that they are betting heavily on the project's capital appreciation given the present market dynamics, which see builders charging a premium for projects nearing completion.

The survey also stated that average rent inflation in India is surpassing annual pay increases, creating a difficult situation for tenants. On the good side, it is encouraging people to buy homes.

Meanwhile, with a changing buyer profile, real estate developers are adapting their products to fit their clients' increasing wants, according to the survey, which adds that developments today feature IoT-powered amenities, functionality above size, and convenience over everything.

""The empowered young buyer is digitally-savvy, value-conscious, well informed and aware of what they want as per their lifestyle," according to the report.

Source: HindustanTime