Unlocking India’s Housing Market- How Millennials Will Shape the Future of Real Estate Demand
India’s housing market is set for a significant boost, thanks to the country’s growing millennial population. According to a recent report by CBRE, the demand for housing in India is expected to rise sharply over the next two years, and millennials will be the driving force behind this trend.
The CBRE report states that India’s millennial population is projected to reach 410 million by 2025. This demographic cohort, defined as those born between 1981 and 1996, is characterized by their digital savviness, global outlook, and a strong preference for convenience and lifestyle amenities.
As millennials continue to establish their careers and families, they are increasingly becoming a major force in the real estate market. In India, this is evident in the rising demand for urban housing that is affordable, convenient, and offers a high standard of living.
In fact, according to CBRE’s report, the demand for housing in India is expected to increase by 4.2 million units in the next two years, with millennials accounting for 70% of this demand. This trend is driven by factors such as rising income levels, increasing urbanization, and a growing preference for homeownership over renting.
Another significant factor driving millennial demand for housing in India is the government’s emphasis on affordable housing. The government’s flagship housing scheme, Pradhan Mantri Awas Yojana (PMAY), aims to provide affordable housing for all. This scheme has led to an increase in affordable housing projects across the country, catering to the needs of first-time homebuyers, many of whom are millennials.
Furthermore, the pandemic has led to a shift in preferences, with people valuing spacious homes with access to outdoor spaces more than ever before. The CBRE report also notes that there is an increased demand for homes that offer amenities such as home offices, fitness centers, and outdoor recreational spaces.
In conclusion, India’s growing millennial population is set to be a significant driver of housing demand over the next two years. With their preferences for convenience, affordability, and lifestyle amenities, this demographic will continue to shape the housing market in the country. The government’s focus on affordable housing and the pandemic-induced shift in preferences towards spacious homes and amenities are also expected to further fuel this demand. The future looks bright for India’s real estate market, and millennials will undoubtedly play a crucial role in its growth.
Source – https://www.linkedin.com/pulse/unlocking-indias-housing-market-how-millennials-shape/