As the age of home loan seekers reduces from 45 to 30, so is the way they purchase their aspirational homes which are amenity-driven with open spaces, manicured landscaping, and wellness facilities, etc. Read on to find out more.
by Jasmeet Singh Suri, Director, Empire Prime Realty
The age of Indian home buyers is getting younger. The pandemic has brought a paradigm shift in the psyche of young Indians who are actively investing in property, albeit on their terms. Millennials and Gen Z consumers today dominate the market, forcing the Indian real estate sector to step up its efforts in reciprocating to their interests and aspirations.
Unlike the previous generations, the youth today, are a tough group to impress. Besides their specific choices, they are well-informed, and unmoved by the conventional market strategies. There is no denying that millennials and Gen Z make for a higher share of Indian population. As per NASSCOM’s 2021 Reshaping the Future of Workforce survey, the share of millennials and Gen Z in the Indian population stood at 52 per cent. With this segment evolving and projected to reach a whopping USD 1 trillion in market size by 2030, up from US$ 200 billion in 2021, the real estate market is going past its conventional designs, maintaining consumer centricity and appeasing the audience with tech-laden amenities, akin to modern living. Developers and marketers are devising new strategies and embracing technology to match up to the growing expectations.
Millennials are keen to invest in properties, making them the new age home buyers, a trend experts believe will grow further. According to a 2021 survey conducted by ANAROCK Property Consultants and Confederation of Indian Industry (CII), 48 per cent millennials, aged 25-35 years favoured real estate as an asset class. It was a significant shift, with only 17 percent of millennials interested in real estate before the pandemic. These young buyers not only differed from their predecessors in the preference of homes, but also the way they classified their preferences and purchases.
The Indian millennial is surrounded by technology. It was also pandemic that forced the Indian real estate industry, a traditional technology laggard, to up its game. Many real estate companies embraced technology and digitisation to reach out to the young consumers.
So how do the young consumers prefer to buy their homes?
Technology
Digitisation allows developers to use premium features in designing customer preferences and felicitate engagement. Tools like augmented and virtual reality, artificial intelligence in property walkthroughs, virtual showcases, 3D viewing has simplified the real estate transactions and search for the millennials, who have been attracted to most of these features.
Social Media
Social media marketing has grown into a preferred mode of marketing in the real estate sector, keeping in mind the millennials and Gen Z who are the most active segments on most of these platforms. A millennial buyer is sure to check out social media platforms before making his or her opinion. Their choices and opinions are shaped by social media representation as they look out for engaging and authentic content. Many find effective storytelling is the best way to strike a chord with them.
Prop-Concierge
The Indian youth is ambitious and highly motivated to invest time in buying their dream homes. The purchasing power of current millennials is significantly higher than their previous generations and they don’t mind splurging in leading an aspirational lifestyle. They look for personally crafted facilities and stand-out architecture but are often short on time. This has elevated the demand for amenities like property concierge services, which offers buyers advocacy, property management, relocation services and end-to-end services. For young and busy India, Prop-Concierge is the future.
For India, property buying is considered the safest bet. Real estate investment is seeped deep into the consciousness of Indians, who even today prefer to buy residential properties instead of renting. With more and more millennials and Gen Z understanding the importance of buying a house and expected to move into their homes in the next two years, the Indian real estate industry is all prepped up to serve the clientele which is set to rule the market for years to come.
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