A new generation of young millennials and older Gen Zs are buying homes, and they seem to be coming in well-prepared. The Swiggy-Uber-Instagram generation is not only anticipating their future housing needs, but educating themselves about home buying, the best interest rates and ideal neighbors. Driven by technology, they use social media to their advantage and keep an eye out for over-the-counter deals and sustainable living features. They are happy to move to peripheral zones of metros to afford bigger and better places. Quality of life, access to amenities and working from home are central concerns.
A home for Nilu Thapa
A home is something to be desired and earned. It was no different for social media influencer Nilu Thapa, 34, who is best known for her provocative Instagram handle Big Hair Loudmouth. A native of Darjeeling, Thapa moved back to Bengaluru after her college to make the city her home. In 2020, 15 years later, he took the bold step of putting a good chunk of his savings into his dream home. “The idea of buying a house didn’t occur to me until COVID happened. That’s when I felt insecure, and I thought I needed a roof over my head so that no landlord would throw me out. Can.” Thapa deliberately stayed away from the heart of the city, which is overcrowded. Instead, he bought a 3BHK apartment in a north-side township, an area he is familiar with, 20 minutes from Kammanahalli.
Nilu Thapa | Photo credit: Special Arrangements
However, the process was difficult. Getting a home loan was not easy as she runs her own firm and IT employees are preferred. Additionally, it took a year and a half for the paperwork and handover from the builder. She designed the apartment to her specific needs, which is now equipped to shoot limited content for her social media, and has an extensive wardrobe as a fashion influencer. Thapa is proud of her success, especially as a woman, having bought and completely designed her own home, complete with a statement kitchen. Thanks to the post-pandemic surge in real estate prices, Thapa believes his generation will prefer renting to buying.
Feeling lightheaded
More than homes with smart technology, millennials, including Nilu Thapa, say they like green spaces, lots of ventilation and light, and more open plans. Each profession has specific work-from-home requirements.
Shapers of Property Ecosystems
“Millennials especially understand that having a place to themselves is very important,” says Saurabh Vohara, CEO and founder of ALYF, a smart ownership platform for vacation homes. He identifies several growing trends.
Saurabh Vohara | Photo credit: Special Arrangements
New job opportunities and employee stock ownership plans have increased wealth creation, and with technology accelerating, millennials consider real estate a great investment. The younger generation looks for bigger houses, preferring 2BHK or 1.5 BHK with the intention of working from home. Millennials want structured information and pricing, and developers are now investing in making clean deals, where costs are clear and no cash is involved. The entire search paradigm has changed and much of the journey from discovery and shortlisting to site visit and closing takes place online. “Overall, the ecosystem is evolving and has become much more organized and streamlined. Cities are also growing to support peripheral areas with better infrastructural development, road and metro connectivity. In the millennial journey, one They don’t mind. They come from Tier II cities to settle on the outskirts of Tier 1 cities,” says Vohara.
ANAROCK, a real estate consulting firm, has published studies showing the growing percentage of Gen Z (ages 18-25) and millennials (26-41) who prefer to rent-to-buy. . ANAROCK surveys indicate that 33% of the total property seekers were between the ages of 25-35 years. Among all cities including metros, Hyderabad and Pune had the highest number of property seekers at 55% and 45% respectively, in the age group of 25-35 years. A typical budget for middle and premium segment properties is ₹40 lakh to ₹1.5 crore, and luxury properties from ₹1.5 to ₹2.5 crore.
Anuj Puri | Photo credit: Special Arrangements
Anuj Puri, Chairman, ANAROCK says, “Developers are well aware of the importance of this new customer segment and are going out of their way to accommodate them in every way, rapidly expanding health and lifestyle amenities to The millennial mindset can be met.” The group
Also read: Five Trends in Luxury Real Estate
“They are also addressing the needs and wants of tech-savvy millennials by adding more smart home features and an overall technology-driven environment. Apartments are being configured for home offices and e-schooling rooms. The market is now fully catering to millennial homebuyers, and is doing everything possible to make their home ownership journey easier.”
Room for socializing
The regular office has ushered in work-from-home scenarios with millennials driving this mindset, a quick exit during and after the pandemic. “If the hermetic 9-to-5 office dies, I have no problem as an urban designer,” declares Mukul Arora, Principal, DADA & Partners. Arora, who was the lead master planner for the award-winning project Godrej River Hills (a mixed-use waterfront neighborhood in Mahalanj, Pune), talks about the evolution of urban design.
Mukal Arora | Photo credit: Special Arrangements
“In the early 2000s in the USA, the term ‘cappuccino urbanism’ was born, which refers to the development of a city around coffee shops. Until then we thought of cities as markets, workplaces and bedrooms. were separating as communities. The city experience is changing again. There’s always been talk of brick-and-mortar stores disappearing and virtual worlds becoming more important. Yet, millennials love to socialize. do and desire multiple ‘go-to’ places and urban amenities. It has taken us almost 100 years to understand that mixed use is important, and that creating more energetic public spaces appeals to diverse users. “Seniors enjoy this healthy and holistic way of life. They care about sustainability and are in tune with these ‘urban’ values,” says Arora.
Impressive benefit
When ALYF launched holiday home shares in Goa with a budget of ₹ 13 lakh per share (each apartment had eight shares), their product sold out within two months. Of the buyers, 33% were millennials, Vohara says, which is a very encouraging number. “It’s a big influencer category, and they’re very well connected. If they buy, their friends and parents will buy. They understand finance, how to manage money and the power of compounding. What matters is their predictability in their mindset. Vohara says companies should focus on group bookings and streamline financing options as the younger generation is more open to loans and EMIs. “General Typically they’ll pay 80% finance and 20% down with a 15- or 20-year home loan.”
They also enjoy working with professionals. Delhi-based architect Anshul Kapoor, 32, is on the verge of completing a family home, where the 28-year-old son is the primary client. “His parents gave him the mandate to make all the decisions about the building, and he gave me complete freedom to design.” While the older generation tends to be particular and seek many opinions, Kapoor says the younger generation takes time to choose the right architect, but trusts their own professional judgement. If the prospect of home ownership seems daunting to many, perhaps some of these first-time buyers should show us how it’s done.
The author is a brand strategist with a background in design from SAIC and NID.
