Millennials have a very different idea of ideal homes as compared to our older generation. Also, the older generation did not have easy access to home loans or other such facilities which made owning a house a simple process. Millennials prefer owning a house as early as possible in their life rather than in the later years. As there are lifestyle changes, home ownership is what tops the list of priorities of millennials.
Here we state a few reasons as to why millennials will not settle for ordinary houses.
1. Love for Big Spaces and Luxurious Facilities
Millennials have a very urbanized concept of living and this is what they want to be reflected in their homes too. A luxurious house in Mumbai is evidently defined by its space. Even though Mumbai is getting crowded by the day, Millennials are on the lookout for homes, which have ample space. They are now looking for flats in Mumbai that are equipped with all the luxurious facilities.
2. Demand for Personalized Homes
An important feature of Indian Millennials is they are clear about what they want. They look out for prestigious builders to buy residential property in Mumbai. They want their home to reflect their personality and hence choose builders who are ready to build customized homes.
3. Tech Enabled Living Spaces
The technological revolution is something that millennials have grown up with literally. They have been using technology right at their fingertips. This has made these millennials to customize the home living experience using technology. They want their homes to be equipped with proper technological features such as security features, temperature and light controls, etc which can be controlled through their phones or tablets. Ultra luxurious project in Mumbai are able to fulfill the demand for this set of buyers.
4. Modern Infrastructure With A Natural Backdrop
Gone are the days of building homes with a traditional approach. Modern infrastructure is what the millennials expect for their homes. French windows to allow a lot of natural light in the house to customizable open floor plans, floor to ceiling heights which make the house look bigger, better ventilation etc, modern homes are in high demand. Also real estate developer is building project which have a good amount of green cover. There is more emphasis on landscaping and lush greenery.
5. Affordable Homes with Better Amenities
A certain group of millennials still believe in affordable homes with more amenities. Hence there is a demand for affordable homes. Therefore, whether it is a 1 BHK or 2 BHK in Mumbai, millennials want world class amenities. Hence, the real estate developers in Mumbai are now coming up with the concept of affordable housing which is complete with all the latest amenities such as covered parking, power backups, security, play area for children etc.
6. Need for Building Wealth
Owning a house is a much better form of investment with a good ROI. Millennials looking to build wealth are keen to invest in a house for this purpose. Real estate in Mumbai is one area which millennials are choosing for investments. They want houses in upmarket localities in Mumbai and are not hesitant to pay the price for it.
Millennials are a large section of home buyers in this country and so it is evident that the demand for residential projects in Mumbai is on the rise.