A recent report has shed light on a fascinating trend in the Indian real estate market: the evolving homebuying behavior of Gen Z. This new generation of buyers is not just inheriting property; they are actively and strategically entering the market, driven by a unique blend of personal expression and financial acumen.
They are redefining what it means to own a home, moving away from traditional notions and embracing a future-focused, digitally-influenced approach.
How Gen Z is Reshaping the Real Estate Landscape
Gen Z is bringing a fresh perspective to the real estate sector. Unlike previous generations who might have seen a home as a long-term, passive investment, Gen Z views it as a canvas for self-expression and a strategic asset.
Key insights into their homebuying patterns:
- Personal Expression is Key: Over a third of Gen Z buyers are purchasing homes for their personal use, with a similar number planning to renovate and upgrade. Their homes are an extension of their identity, much like their social media feeds, reflecting their individual style and values.
- Preference for Under-Construction Properties: A significant 73% of young buyers are opting for properties that are still under construction. This preference is driven by practical reasons like lower entry costs and phased payment plans. It also speaks to their willingness to play the long game and invest in a future that they can shape.
- Intergenerational Wealth and Support: While they are financially savvy, a notable portion of Gen Z buyers are also leveraging family wealth to fund their purchases. This financial support helps them navigate high-demand urban markets like Mumbai and Bengaluru, which would otherwise be out of reach.
- Space over Location: In a post-pandemic world, where remote work and personal hobbies are a big part of life, Gen Z is prioritizing space over prime location. They want their homes to be multi-functional, with dedicated areas for a home office, a podcast studio, or a wellness corner.
This generationโs homebuying journey often starts online, on platforms like Instagram and Pinterest. They are as concerned with aesthetic appeal and aspirational content as they are with comparing EMIs and ROI. This blend of aspiration and financial smarts makes them a unique and influential force in the real estate market.
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