Millennials tend to have a very different take on everything in general, with homeownership being no exception. They earn and spend way differently from their parents and preceding generations. They are tech-savvy, well-travelled, working in new technology jobs and open to new concepts and ideas as well.
With the change in their taste and preferences, this generation has brought about a drastic shift in the demographics of several industries, including real estate. They make for a large portion of both the rental and home buying markets, making the realty developers rethink how they design their properties and introduce new concepts.
With millennials becoming the prime wage earners in most Indian households, they have surely changed the way that brands reach out to their customers. Various studies show that this generation is very clear about what they want and would not settle for anything less, which is leading to a massive shift in the way that the realty industry operates. Several realty firms have decided to build houses for meeting the millennial’s demands. They are coming up with different projects hosting an abundance of amenities with all kinds of luxury facilities, be it swimming pools, gymnasium, sports facilities, gardens, etc.
In addition, people these days are becoming more sensitive to the environment. They look for the ‘green’ alternatives to everything they use in day to day lives. In light of the growing environmental concerns, several realty projects are embedded with features like avenue plantation, water treatment plant and water harvesting pits within the vicinity.
Millennials aim at striking a balance between their restless work schedule and family time which is one of the reasons why they have begun to shape the housing market. If the real estate industry can understand their needs and innovate where required, the changing demands of the customers will certainly transform the industry and lead to the introduction of new concepts in the realty segment.