The concept of money and expense to millennials, when compared with generations prior to them has evolved owing to the circumstances that raised each of these generations. They were poles apart and while the true value of money stays the same for both, the circumstantial value of say, a ₹1000 is lesser for millennials and this is visible in their spending patterns which are much faster. This brings about a change in the true perspective of living a life which is why they tend to live different lives. The pandemic then came in changing the world and during this time the idea of living in compact homes was thrown out of the window and there grew a demand for spacious homes. Millennials are prepared to pay premium rates for superior quality and are unaware of the concept of compromise. Millennials comprise half of India’s workforce and contribute to 70% of national household income with an approximate combined spending capacity of $3.6 billion and they represent 55% of the overall homebuyers in India.
Housing segments that millennials are interested in
Most of the technical and social changes in the world today have existed thanks to the vision of this generation. Millennials have higher disposable incomes and live a tech-driven and luxurious lifestyle. Understanding the true essence of millennial home-buying trends means understanding their values, and it’s quite clear that these buyers are health-conscious, practical and looking for new experiences and there is a drastic change in what millennials are looking for in a home than what their parents wanted when they entered the market.
Unique consumer preferences of the millennials have influenced the way the luxury-housing market is building homes and builders are considering how to integrate high-tech, touchless features into homes and use environmentally conscious options such as energy-saving systems such as solar panels and green roofs.
Homebuying Trends they follow
Millennials do most of their home-buying and selling research online to make an informed decision. This generation takes online reviews, photos, and project literature very seriously and the online platform lends itself to visual content as millennials respond well to high-quality photos and videos.
They are looking for smarter homes with better digital connections which are low-energy consuming homes. Stringent security standards with advanced video surveillance and innovative integration of voice and motion-activated lighting and AI-based controls are all primary selling points. Additions like, multi-level parking and automated entry are like toppings on the pie.
One of the biggest millennial homebuyer trends is to seek properties that offer easy access to healthy activities and outdoor amenities like gyms, pools, parks, gardens and recreational spaces. A major millennial home buying trend is the preference for accessibility. Homes close to business districts, entertainment hotspots and in proximity to shopping hubs and essentials make it a strong sale point.
Homebuying is not just an investment to millennials, it is a benchmark they set as a reminder of their achievement and while making a significant commitment to a property, they carefully scrutinize the aesthetics of the space and optimize it well. The youth of today look for a housing project that is brag-worthy and the originality in design, use of sustainable building models, natural light availability, and lavish-high-rises are all basic requirements to check.
At Pyramid Lifestyle, we have adapted to the changing world and adopted the millennial homebuying trends. Pyramid County and Pyramid Atlante are the epitome of smart and luxurious residential projects in Pune. As one of the top real estate developers in Pune, we provide top-notch amenities and use sustainable building models to lead a healthier and luxurious lifestyle. Visit www.pyramidlifestyle.com to know more about us and get in touch!