Millennials are a proponent of all things smart, not just in terms of looks but also in terms of features, sustainability, and affordability. Unlike baby boomers, millennials are well-informed and well-informed, not because they are smarter or more knowledgeable but because the technological revolution coincided with their childhood and adolescence, resulting in unparalleled exposure and increased learning prospects.
In India, a third of the population is made up of millennials, between the ages of 25-40, and the demographic makes up 46% of the total workforce with a spending power of $3.6 billion. It is widely acknowledged and accepted that millennials begin financial planning at an early stage in their life journey most likely at the start of their career, relying on investing more than spending, thus increasing their spending power and going crazy with luxury living while buying a dream home.
Quite the opposite of our ancestors, for millennials, home is not only a place to live but also synonymous with the kind of life they lead; Therefore, the homes are expected to be best in class and fitted with contemporary amenities. Affordability is of course a point of concern, but the internet ensures they can find the best bang for their buck.
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First and foremost, millennials who grew up in the urban areas of the country have witnessed the technological transformation, they are connected to the internet and they are used to making their lives easier with the help of technology as well as automation. They are looking for homes powered by smart waste management systems, water management, temperature control, energy savings, power backup, smart routers, servers, and security systems. Plus, they favor star-rated gadgets that are energy efficient from their refrigerators, ovens, and lights to their water heaters. A study by the National Association of Home Builders – NAHB revealed that 36% of millennials are looking for bigger, smarter homes. They expect all equipment to be connected wirelessly and integrated through Internet of Things (IoT) sensors; This is relatively new, and it drew attention after the development of 4G services in our country.
Next, millennials fancy smart and energy efficient homes, because most of us are aware as well as sensitive to the climate crisis and consciously advocate sustainable living, because their subconscious mind as they grow has registered the dangerous effects of environmental degradation around us. Most millennials tend to invest their hard-earned cash in purchasing green homes that are IGBC certified and built on sustainable models and comply with green living standards.
Another factor that doesn’t seem so important, but is in fact, is that millennials are asking for a new property and not a second or third sale asset. NAHB research reveals that millennials’ preference for a brand new, unoccupied home rose from 28% in 2007 to 41% in 2018. Additionally, they pre-searched smaller homes due to the evolution of nuclear families. Post-pandemic, millennials are looking for larger spaces with spare spaces that can be converted into a workstation or dedicated space for their kids.
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Facilities and infrastructure also play an important role when it comes to attracting millennials. Interestingly, in the past decade or more, a certain type of multi-storey building has spread across the country whether they are metropolitan cities or even first-class cities? Those that have amenities such as a swimming pool, club house, gymnasium, and sports recreational facilities. It happens because a large percentage of modern consumers require more than just basic amenities.
Homebuyers are now very wise in terms of navigating through the options and making sure of only one after a thorough review of all the options available to them. Since the culture has spread through the Internet, the search for homes has become more extensive and easier, especially for millennial buyers because they can make the most of technological tools and search engines and get feedback about the project at the click of a button, and even more so after the pandemic because technology has taken a huge leap during the outbreak The disease and so did people in terms of learning to use technology, especially working-class millennials.
(The author is Director of Sainath Developers – The House of Kataria and Chair of the NextGen Committee, NAREDCO Maharashtra. The opinions expressed are personal and do not reflect the official position or policy of FinancialExpress.com.)