Young people are leading the way in property purchases.
Preference is leaning towards single-bedroom and 3 BHK apartments.
PropTech unicorn report reveals this trend.
Millennials are making a significant impact in the real estate sector. Their dominance in property purchases has notably increased. According to the PropTech unicorn’s semi-annual report, the number of buyers aged between 25 and 35 has risen by 23%, as noted by the property search portal NoBroker. Among all buyers on the property portal, 57% are under the age of 45. The report states, “They do not view property ownership as the biggest milestone but see it as a tool to build wealth early in their lives.”
Many of these young home buyers are employed in the private sector and have nuclear families, according to the report. Among the 11,000 participants in the NoBroker survey, 67% come from households with dual incomes. Millennials show a higher demand for 1 BHK and 3 BHK units, surpassing the demand for 2 BHKs, the report revealed. The survey showed that 39% of respondents are looking to buy a 1 BHK, while 33% are interested in 3 BHK units. The survey included millennials from Bengaluru, Mumbai, Pune, Hyderabad, Chennai, and Delhi. Additionally, 49% of respondents cited location as the most crucial factor in property purchases.
The report noted that 32% of women are interested in investing as sole or co-owners, reflecting an increase in female ownership due to achieving financial independence through careers and entrepreneurship. On the other hand, 60% of respondents indicated they are looking to buy properties that are under construction. The report also mentioned that in India, average rent inflation has surpassed annual salary increases, posing a challenge to renters. However, these conditions are driving many towards making home purchases. Additionally, as buyer preferences shift, real estate developers are adapting by undertaking projects that align with these evolving preferences.
