home ownership

Home Ownership: A Priority For Indian Millennials

Those days are gone when people were not much interested in improving their lifestyle by adapting new technologies. Today’s generation, especially Gen Z, generally prefers to have a standard living as compared to a sedentary lifestyle. Prior to the eruption of COVID-19, the choice of living for youngsters was different. Instead of home ownership, the millennials were giving preferences to rental houses or co-living. Proximity to workplace over a home in a distant suburbs became necessity for the working professionals. However, after the pandemic hit the world, everything got changed.

So, how did the global pandemic change young generation’s mindset about home ownership overnight? Well, in the last few years, India has witnessed a dramatic demographic transformation to become one of the major economies in the world. People among the age bracket of 25-40, who until now did not give much priority to buying a home as it gave them a flexibility to switch jobs and easy movement from one city to another, are serious about owning a physical asset more than ever before.

The main reason behind the growing demand of home ownership in the recent times is that the millennials are expecting lesser mobility in future due to the strong uptake of work-from-home culture in jobs. While many saw pandemic as an opportunity to redefine their choices in lifestyle, others put greater emphasis on having the stable investments. Owing to the havoc spread by the pandemic all over the world, living at the rented places became challenging for people due to volatile market conditions, employment insecurities, added chores and higher expenses.

Nevertheless, the roll-out of Hybrid policy in the corporate industry and introduction of flexible working further led to the surge in the demand of residential properties in several suburbs and Tier-2 cities. Now, the younger generation is also looking for spacious, hygienic, and self-owned apartments that accommodated their supplementary needs even if not located near to their workplace.

Home ownership leading to a secure future

To sum it up, there is no denying in fact that the pandemic has brought a paradigm shift from a nomadic, flexible way of living to a more secure lifestyle among the youngsters. The changes in the “new normal” era are further backed by initiatives such as lower home loan rates, rebates in taxes, first-time homeowner’s policy and others. These significant benefits provided by the government, coupled with better real estate investment options and additional discounts offered by the developers fueled the demand of housing sales in the urban areas. Moreover, the Indian real estate market is currently on an upswing which bodes well for both buyers and sellers.

For millennials, a home represents their personality and it is more than just a place to live. With young working professionals spending more and more time at home than ever before, the urge to have a space equipped with all the modern amenities has grown immensely among the people.

The global pandemic has made people realize the value of owning a house so investing in a spacious one makes more sense these days.

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