60% of new homeowners will be from these groups by 2030
Estimate by JLL Report
Millennials and Gen Zs, who are already making strides in the real estate sector, are expected to accelerate their momentum. A report by real estate consultant JLL predicts that by 2030, 60% of new homebuyers will belong to these two generations. Millennials, or Generation Y, are those born between 1980 and 1986, while Generation Z refers to individuals born between 1987 and 2010. These generations are expected to play a pivotal role in the future of real estate. Already well-versed in the sector, they are increasingly directing their investments towards it.
The JLL report also highlighted the gradual rise in urban homeownership rates. While the rate was 65% in 2020, it is estimated to reach 72% by 2025. Due to rapid urbanization, technological innovations, and shifting consumer preferences, the Indian housing market is poised for a remarkable transformation by 2025, according to Ritesh Mehta, Senior Director at JLL India.
Tier-2 and Tier-3 cities are emerging as key growth centres. Smaller towns such as Jaipur, Indore, and Kochi are expected to account for more than 40% of new housing developments by 2025. By 2025, the housing sector in India is projected to contribute 13% to the GDP, the JLL report added. Furthermore, by 2030, the sector is expected to grow into a $100 billion market. The report attributes this growth to population changes, policy reforms, and alignment with global trends.
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