Millennials to drive realty demand in India

New Delhi: Millennials 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 percent of 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 prefers affordability in terms of buying property.

“Less than 5 percent of the millennials prefer to buy a home priced over Rs 1 crore. Around 39 percent of the respondents, who wished to buy homes, prefer to buy a budget property within Rs 40 lakhs. About 44 percent prefer to buy homes ranged between Rs 40-80 lakhs and 13 percent 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 percent 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. (IANS)

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