Today, in a majority of the metropolitan cities like Chennai, Bangalore, Bombay, Hyderabad and Calcutta, real estate is booming with a plethora of options such as villas, posh gated communities, exquisite flats, studio apartments and a lot more. This is because the major sector of the target home buyers is the ‘Millennials’ segment. India is said to be the world’s youngest nation with around 2/3 of the population in the said age bracket. This demographic slab from 25 to 34 years of age is the primary home-buying age group in India, as against 40 years a decade ago. Many reasons like rising income, ease of financing, increasing literacy levels etc can be attributed to such a healthy transition.
Studies state that ‘Generation Y’ or the ‘millennials’ are tech savvy, culturally diverse, high-income urban dwellers, working in diverse fields and open to new concepts and ideas. When it comes to home buying, they have a unique taste hinting at an affinity for apartment living. Let’s dig in deep to find out what makes living in an apartment popular among millennials. The key findings include:
- 1.Building homes is considered overtaxing
- 2.Investment horizon
- 3.Affordable structural options
- 4.Flexibility, suiting their lifestyle
- 5.Location! Location! Location!
- 6.Power-packed amenities
Building Homes Is Considered Overtaxing:
It is true that many of Gen Y are either in the early phases of employment or have just taken the career road soon after graduation. Thus, they can’t afford to build their own house immediately. But home buying is one of the primary goals of their life as they consider financial prudence in buying, a fundamental prerequisite for living. Hence, they are not prepared to plan and wait for a long period to build their own house but switch to quick options like apartments which are not just affordable but also easily transferrable. The legal formalities and procedures of transference are both simple and transparent nowadays. Now, do you get why the key areas have too many hoardings stating “2BHK apartments for sale?”
Another important reason why apartment living is most preferred by them is that it satisfies their dual aim of both saving and investment. It is a known fact that through apartments one can save on rent. Moreover, pocket-friendly options like studios and 1BHK units are a perfect fit for small investment criteria. Let’s do a little math! By opting for such investments, one can yield an annualised return of roughly 12%. The sale value deducting the principal paid is sufficient enough to form the investible surplus. This in turn can suffice the down payment for subsequent larger investments. Not bad, right?
Affordable Structural Options:
For instance, looking out for options in top areas in Chennai like flats in Anna Nagar, flats for sale in Villivakkam and flats for sale in Korattur is not a joke in today’s high-priced living. Pooling in such a large down payment is quite a commitment for young blood. It adds a financial pinch when they already have education loans to pay off. Paying the rent on a month-on-month basis will grant more financial freedom to the millennials along with the space to plan their budget and create good credit.
Secondly, when compared to independent villas and gated communities, apartments for sale in Chennai for instance, are a lot more affordable. There are too many feasible options like flats in Anna Nagar, flats for sale in Villivakkam and 3 BHK, 2 BHK apartments, 1 BHK Apartments and even studio apartments that can easily fit into every pocket. To put it right, fix your budget, and pick your dream home! Thirdly, sharing the foot space with an additional member will further ease the burden and ensure that it doesn’t dent their budget.
Flexibility, Suiting Their Lifestyle:
It is a unanimous observation that most graduates do not find their dream job on the first try. Renting an apartment is the best comfortable choice of living for them. Moreover, the short-term leases of apartments suit their dynamic work schedule. Not to miss, living in furnished apartments needs minimal possessions that make it easy for the renters to move in and out at a lower expenditure.
Location! Location! Location!
Posh areas in Chennai like Anna Nagar, R.A. Puram, Adyar, Vadapalani, Mylapore, Besant Nagar, Thiruvanmiyur, Korattur and the like are flooded with software companies, IT parks and huge MNCs. The working population demands proximity and connectivity to their workplace. The areas available to erect villas, gated communities or plots on such buzz spots are almost nil. The skyline of such localities is only of apartments because only apartments can afford such an elevated cost of living.
Very few reputed players like the Pavani North Star offer exquisite homes of 1, 2 & 3 BHK for sale in Anna Nagar at very affordable rates. The best part of the project is that it is located bang on the 200 ft road, Korattur, just 2 minutes away from Anna Nagar. Unbelievable, but true!
It is not an exaggeration to say that only an apartment can render an urban dwelling when it comes to location. Because areas of apartment erections are prime locations of profound connectivity with wide roads, good metros, proper bus terminals, airports and all essential modes of transport cutting down the travel time commute to a great extent. A very good investment with a booming valuation, isn’t it?
Thus, apartment living caters to the increasing migrant population working in the IT/ITES sectors close to technology/ economic hubs making the work-life of the millennials easy peasy!
The popularity of apartment living can also be attributed to reasons including contemporary engineering, innovative architecture, functional layouts, better in-house maintenance and high-grade security guaranteed by top construction companies in Chennai and other big cities all over India. Every apartment comes with a basket of modern-day amenities such as a grand clubhouse, creche, gym, conference halls, indoor games, party halls, aerobics & yoga centre, basketball court, tennis court, cricket ground, elders seating area, barbeque zones and thus the list is never-ending.
By skimming through the list above, it is pretty evident why more and more millennials have eliminated buying a home from their to-do. In digital jargons, the search volume on Google for “new apartments for sale near me” or “flats for sale near me” is way too high when compared to that for search tags like “plots for sale” or “gated communities for sale” So why wait? Let’s google “apartments for sale”, and unlock a lifestyle for a comfortable lifetime! Happy surfing!!