The Millennial Approach to Future Home Buying
Authored by LalitMakhijani, Chief Marketing Officer, Godrej Properties Ltd.
Careless and carefree, so they have been called – The generation that adapts the fastest with the ever-evolving technology. I remember reading a report where Morgan Stanley estimated millennials to comprise 36% of India’s total population by 2020. That is a lot of decision-making power in the hands of our youth.
An Instagram generation
Labelled as spendthrifts, what we often miss out on noticing is how fastidious this generation really is. Yes, they are tech-savvy, and yes, social media forms an integral part of their social networking. But they are also proactive and opinionated. They have a unique perspective and multiple solutions to every problem.
Could we have ever imagined hunting for a home online? Could we have even considered buying a home, registered in our name in our early 20’s? But they are not only dreaming it, they are also making it happen.
Always a matter of stability – Convenience over luxury
A survey by CBRE (a renowned real estate firm headquartered in California) states that about 65% of the millennials in India aspire to buy a property. A number that will only keep growing in the near future. An interesting statistic that points towards a well envisioned, long-term financial stability. Buying a home and laying down roots is no more a thing of the future. Our new generation is already working towards making provisions for their future.
Buying a semi-furnished studio apartment and finishing off the remaining renovations with DIY projects. Successful professionals responsibly living the bachelor life; they have it all figured. The generation that once upon a time lived on a pocket-sized budget is today become financially aware of the possibilities that they can explore to ensure a happy as well as financially secured future.
They seek a property that is not too far from their workplace, has basic amenities, and is within a secured gated complex – Millennials believe in making the smart choices. If its integrated with technology, even better. Investing in modular kitchens over extravagant furniture, minimalistic décor and ample of cross-ventilation. Simple living but living it to the fullest.
According to one of FICO’s research on millennials and banking trends sometime last year, it has been ascertained that ‘Contrary to popular perceptions, Millennials exhibit brand loyalty when presented with a favourable experience.’
Personally, I feel that millennials are a result-oriented and driven generation. One with big dreams and bigger aspirations. Setting goals early in their lives, drawing out a focussed career map and investing in training themselves to acquire the skills required to make those dreams come true. They believe in being their own boss, building their lives by their own rules, and constantly competing with themselves to better their own targets. It’s all about putting the right foot forward. It’s all about ensuring easy beginnings and an early start.