In the real estate industry we are seeing a trend where young professionals in the age group of 25-35, basically generation Y are investing in a property. This trend is not limited to metros but tier 2 and 3 cities as well. This generation believes in being independent and live life on their own terms. Living on their own or with their partners is not a luxury for them but a necessity. The trend of nuclear families, live in couples, migratory professionals and individuals (male and female) living outside their families are on an all-time high.
Generation Y is the major workforce in the skilled labor category. It is also the reason why so many small business are cropping up in the country. Individualism, freedom and a need to prove themselves is pretty high in this one. Generation Y is changing the landscape of real estate industry and fast.
So, what is this generation looking for as far as real estate is concerned?
Another interesting trend that can be seen is how this generation is supported by their parents. A lot many parents help the down payment of the house for their kids. So, with this financial backing and a high-paying job, most of these buyers look for property in the luxury segment.
Generally, this generation prefers a housing unit that is easily manageable. Small housing units with a location that has all the amenities in or around is preferred. Unlike earlier generation, this one does not believe in getting married early, entertaining at home or building a social life around their living space. Good restaurants, happening night-life, abundance of entertainment and retail outlets and safety is what they look for when investing in a property.
Internet connectivity is important and recreational activities a must. Mostly their preference is driven by the proximity of the house to their workplace. Convenience is what they are looking for. This is also one reason we are seeing high interest in townships. In fact big business like L&T, Infosys, etc developing townships near their office with all the possible amenities. These townships are like mini cities in themselves.
So, how do you crack a deal with this gen? Wait for our next post for tips on for it!
