Here`s looking at millennials as prospective homeowners
Mar 29, 2019
Research reveals that the average age of homebuyers has come down to 30 from 50. This sudden shift can be attributed to numerous factors. Explore some reasons for this rising interest among millennials.
Indian millennials are shaping the course of the real estate sector by investing in the property market and owning a home. Today’s generation is more dynamic, tech-savvy, knowledgeable, interested in infrastructural development – a few factors that influence their home purchasing decisions.
Here’s mapping some interesting trends:
With factors like escalating income levels, convenience, connectivity, and urbanization spreading to small towns, millennials are more determined than ever to purchase homes that match their requirements.
As the Indian economy is growing steadfastly, new policies and reforms are being introduced. The real estate sector has become one of the fastest-growing businesses in India. Millennials have successfully identified this and are making the most of this opportunity by investing in homes.
First time home buyers get a 4% rebate on the interest charged for a loan amount of up to 9 lakhs – income between 6 lakhs to 9 lakhs. A rebate of 3% on the interest charged for loans up to 12 lakhs, for income between 12 lakhs to 18 lakhs. These home loan benefits make millennials all the more determined to purchase homes.
The trend of renting homes is at its peak, and millennials are very well aware of that. So, they prefer buying homes and giving it on rent. This becomes a win-win situation for both the developer as well as the home buyer.
Under Section 80C and Section 24, tax incentives are offered when a home loan is repaid. On one hand Section 80C offers a tax deduction up to 1.5 lakhs, whereas Section 24 provides a deduction of up to Rs. 2 lakhs for paying the interest on a home loan.
Today’s youth know what they want and go the distance to achieve it. It’s high time for developers to pull up their socks and pay attention to the needs of home buyers as well as cater to their demands more efficiently.