India, as a country has witnessed the entry of renowned property developers for their respective residential projects. With the rise in urbanization, the increase in social media infrastructure in prevalent and significant at the same time. According to census’2018, more than 50% of the population is aged up to 25 and more than 65% below the age of 35. With the boom in IT infrastructure, millennials are relocating to developing cities around the country. With property investments at the helm of things, real estate property developers are capitalizing on key markets to grab a majority of the market share and to have a competitive edge over their competitors. The inclusion of real estate governing bodies has brought about an evident change in the property market. There is an obvious increase in demand in affordable homes and property owners are forced to devise strategies to release their excess inventories and come up with new spaces to fulfill and compensate the surplus demand created by the market. Millennials are inclined towards purchasing properties that are pretty close to their workspace.
The metropolitan effect- Think wise, Invest smart
Metropolitan cities like Chennai, Mumbai, Kolkata, Bangalore, and Delhi are the most sought out locations be residents for their residential needs. With high-paying jobs in the IT and other operational sectors, property developers are keen on capitalizing on certain demographic factors that would help them plan their strategies better. It is always suggested that an early investment is profitable as property trends often fluctuate resulting in quick and spontaneous decisions. Also, it is crucial that the youth try and consult professional real estate advisers before jumping to real estate investment decisions. This gives them an overall idea of the property industry which would build up confidence for proactively looking for properties that interest them.
Would you consider residing as a tenant or be a proud owner?
It’s great if one finally decides to invest in the property market. However, there are multiple choices that have to be considered. Would you consider investing in a property and become proud owners or reside as tenants under someone else’s roof? There are pros and cons to either of the options. Considering the increasing land rates across developing metropolitan cities, along with the additional 12% GST for under construction projects, millennials are certain to take their time to decide as effective utilization of funds is pivotal. On the contrary, it is easy to look for property owners who are looking for profitable tenants. The expense comes down considerably and residents can save up on funds on a monthly basis. However, residing as tenants can take a hefty toll as homeowners can optimally increase rentals based on current property prices.
Connectivity and Proximity- Pre-requisites for worthwhile property investments
Location by far is the most crucial aspect of a residential project. Being digital, tech and investment savvy in nature, property developers have to realize that millennials consider residing in locations where they can enjoy impeccable standards of connectivity and proximity to prominent locations. With long working hours, it only befits the fact that staying close to the workspace spreads an aura of convenience and comfort at the same time.
Thus, to conclude, an Indian Millennial is sure to consider permanent rewards rather than something temporary which is to own a house and kick-start their lives this new year. Happy Investing!