Indian real estate has witnessed several dynamic trends in the last few years. Homebuyers’ preferences have been constantly changing. The perspective on housing has changed, post the pandemic period. Recent reports in the industry have clearly stated how millennials are ruling the dynamics of the Indian residential market. Millennials have become a unique aspect impacting the growth of the housing market. Their ever-evolving aspirations, demand for high-tech and modern facilities, bigger spaces, and a perfect location with all necessary facilities have increased the demand for houses in popular markets. They perceive the property as more than a mere shelter. It is a source of long-term investment for them. They consider several underlying factors before selecting a property to invest in.
As per Anarock’s Report, around 52% of millennials prefer housing as the best asset investment. They see residential properties as the source of long-term investments that would yield them greater returns in the future. Thus, they select a property in the best location to their advantage. Even the NRIs are highly driving the market in India. The pandemic has made them realize the importance of a secure home in their home country. It makes them assured about their safety and stability. Initially, millennials used to opt for renting a house rather than owning one. However, changing lifestyle preferences have led them to own properties along with renting them. Millennials are changing the landscape of the residential sector in India.
Millennials are from the generation of technological advancements and social refinements. Their evolving aspirations have changed the outline of residential developments. Developers are deliberately adapting to the changing preferences of millennials. This unique homebuyer sect seeks spacious homes with modern features, recreational amenities, sustainable features, and a community-based living experience. They look for a community-based project that fosters social interaction and communal bonds. They are inclined towards the location with the best employment opportunities, social infrastructure, educational opportunities, and recreational facilities. With the emergence of new working trends, millennials are getting the flexibility to work in remote or hybrid modes. Thus, they are opting for Tier 2 cities and emerging realty markets. These markets provide scope for affordable options, solid infrastructure, and better quality of living. These cities provide expansive spaces and a sustainable environment as compared to metropolitan cities.
Millennials are changing the dynamics of homebuyers’ preferences. They are selecting homes that offer them with utmost comfort and convenience. Being tech-savvy, they prefer projects that feature high-tech, modern facilities and contemporary living spaces. They opt for functional spaces with sleek designs and aesthetic tones. Millennials are driving the demand for housing, and thus, developers are reinstating their layouts that will adapt to the aspirations of the millennials as they select properties that align with their evolving lifestyles. Developers are relishing their true potential to design highly efficient and modern homes. Now, integrated townships are gaining prominence owing to the rising demand for homes with better facilities and amenities.
Millennials are stimulating housing demand across geographical boundaries. Thus, developers are expanding their landscapes in numerous cities. They are experimenting with potential markets and transforming them into emerging hotspots of residential developments. Developers are expanding their horizons and launching exclusive township projects in Tier 2 cities or micro markets. These markets offer scope for remarkable affordability and sustainability. They further assure lucrative returns on investments, augmenting living standards with foreseen growth prospects.
Belmac is already developing two integrated townships which are nearing completion. Belmac Residences in Pune and Belmac Riverside in Panvel are thriving residential communities integrated with all modern facilities, extensive spaces, premium interiors, and the finest amenities for recreational purposes. Residents are equipped with all necessary facilities within their residential premises. Location plays a pivotal role in determining the value and success of the property. Thus, we are developing projects in the most coveted locations. Our residents are content with their owned homes and the convenience they have gained while residing at such prime locations. There is no dearth of comfort and indulgence for residents at Belmac. Similarly, we are visioning more such projects that will heed the aspirations of modern homebuyers and stand out among others with their distinctive features.