Factors Millennials Are Looking For When Buying A Home

Millennials or Gen Y, i.e., those born between 1981 and 1996, represent a significant portion of India’s population today. Additionally, the generation after millennials is known as Gen Z.

The priorities and preferences of millennials and Gen Z differ from generations before millennials in almost all aspects of life. With these generations now entering the housing market, the real estate landscape in India is in a transformation stage.

Unlike the previous generations, millennials start thinking about buying a home right from the initial stages of their careers.

However, thanks to their different thought process, distinct spending patterns, comparatively higher incomes, and tech-savvy lifestyle, the requirements of millennials are different.

What do Millennials Look at While Buying a House?

So, what exactly are the factors that millennials look for when investing in a property? Below is their generic checklist for buying a house:

1. The Ease of Commuting

One of the most crucial factors that millennials prioritise while buying a house is the ease of commuting it offers. Unlike earlier generations, who prioritised living in prime locations, millennials tend to buy houses in locations that offer excellent connectivity to their workplaces, educational institutes, and entertainment hubs.

They would prefer a flat in an area that has rail or metro stations and bus stops within walking distance. Instead of buying a costly house in the heart of the city, they look to spend on luxury and comfort.

2. Lifestyle-Centric Amenities

The list of amenities offered by a housing project plays a vital role in influencing the millennials’ buying decisions. They seek residences that can enhance their lifestyle beyond the ordinary. At a time when health and fitness are of prime importance to them, millennials prefer buying a flat in complexes offering amenities such as swimming pools, gymnasiums, recreational spaces, yoga and meditation halls, etc.

One may also seek premium amenities like open green spaces, landscaped gardens, indoor games rooms, clubhouses, and rooftop cafes, among others.

3. Spacious Homes with Office Spaces

The demand for spacious homes that can combine aesthetic elegance with functionality has been on the rise, especially among millennials. They prioritise apartments with large bedrooms and living rooms that can offer a clutter-free and stress-free housing environment.

Additionally, they look for houses with dedicated office spaces where they can work efficiently. This trend has been further accelerated after the COVID-19 pandemic, which has made long-term work-from-home a reality for many.

4. Safety and Security Features

Safety and security are of prime importance for millennial homebuyers, especially for those looking to start their families. They prefer buying a house in a neighbourhood with a low crime rate and reliable emergency services.

Additionally, they prefer buying flats or apartments in gated housing developments with modern security systems. Cutting-edge security features such as 24x7 Closed Circuit Television (CCTV) Surveillance and highly-trained security personnel are necessary to ensure safety and peace of mind.

5. Sustainable and Eco-Friendly Houses

Global warming and climate change are some of the most critical issues the world is facing today. Millennials have realised this and are looking for homes with eco-friendly features. These include energy-efficient appliances, solar panels, sustainable building materials, and smart home technologies, among others.

In addition to these, millennials seek houses near sustainable amenities. Such homes not only align with their eco-conscious values but also lead to long-term cost savings.

6. Community and Social Aspects

Millennials often emphasise community engagement and social aspects when buying a home. They may look for neighbourhoods with vibrant social culture, communal spaces for gatherings, and encourage connections.

In addition to this, millennials and Gen Z prefer to invest in properties close to parks, fitness centres, and social hubs. Being a part of a like-minded community that aligns with their values and beliefs is high property for these generations.

Summing it Up

Millennials are reshaping the Indian real estate market with their unique preferences and values. The factors they consider when buying a house reflect their priorities for convenience, sustainability, luxury, smart living, and community engagement. Understanding their requirements is crucial for real estate developers looking to cater to this generation’s evolving demands.

Piramal Aranya is a swanky residential project in Mumbai that can cater to the diverse housing requirements of millennials and Gen Z. Built by the Piramal Realty and nestled in the heart of South Mumbai, the apartments in this project offer breathtaking views of the Rani Baug and the majestic Arabian Sea. They feature attractive designs that reflect class and luxury.

On top of everything, the residents can enjoy world-class amenities such as a spa, fitness centre, reception and lounge spaces, multi-purpose games hall, squash court, jogging court, infinite pool, and dedicated jogging track, among others. Click here to take an e-tour of the project.

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