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Millennials to drive realty demand in India: Report
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SME Times News Bureau | 14 Feb, 2020
Millenials are seen playing a major role in lifting the real estate
demand in the country in the near future, as a report by 360 Realtors
shows that around 75 per cent millennials in the country want to buy a
home in the next three years.
The report also showed that a large section of the millennials prefer affordability in terms of buying property.
"Less
than 5 per cent of the millennials prefer to buy a home priced over Rs 1
crore. Around 39 per cent of the respondents, who wished to buy homes,
prefer to buy a budget property within Rs 40 lakhs. About 44 per cent
prefer to buy homes ranged between Rs 40-80 lakhs and 13 per cent of the
respondents indicated buying homes ranged between Rs 80 lakhs-1 crore,"
it said.
It noted that millennials in India currently represent
around 46 per cent of the total workforce with a spending capacity of
around $3.6 billion. Alongside other industries such as retail, consumer
appliances and automobiles, they are growing to play a crucial role in
fuelling home demand as well, the report added.
"Globally,
millennials are becoming a force multiplier in fuelling housing demand.
In India as well over the past few years, the millennial class has grown
from strength to strength and is consolidating its position as a
pivotal force in driving real estate demand," said Ankit Kansal, Founder
and MD, 360 Realtors.
"The millennials' evolution into a key
determinant of property market demand is rooted in numerous factors such
as growth in disposable income, a shift in attitude, growing propensity
to hedge against possible future risk, growth in home-finance and much
more," he added.
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