Whether it is Bangalore or any other metro in India, few changes have marked the shift of the buying process of homes. Global culture and technology have added to the attitude of prioritizing investments and assets.
Age groups of buyers and different needs
If they are old enough to vote or drink alcohol, then buying their first car and home is also on the bucket list of the young and trendy.
Currently, Indian property buyers fall in the bracket of 36 to 50 years. Since 2013, the National Association of Realtors or NAR research shows that there is a paradigm shift in the new age buyers. The research is done annually by gathering data from home buyers and sellers. One finding that has been persistent with years of research is that individuals who are 36 years and below make up the largest proportion (34%) of home buyers. The same age span of buyers also has student loans that they have to repay, making it difficult to spend on property. Purchasers between 52 and 61 years prefer to buy homes with multiple master bedrooms to accommodate many generations living under one roof. The previous generation of buyers are also less likely to compromise on what they want in their future homes and are willing to shift long distances to get those qualities. But whatever the age is, consumers have raised their lifestyle bar and so, become increasingly demanding while buying their luxury apartments. Let’s find out what gives the edge to own homes with panache.
Internet generation aspirations tilt towards mindful luxury
With the global desi returning to India from overseas, the lifestyle changes are apparent. They want luxury homes that match their global outlook and comfort level.
A major chunk of the present generation of homebuyers ranging from 24 to 35 years, start the search for their dream homes online. Hence, to take advantage of this trend, most real estate companies focus their funds for advertising online. They have a concept of luxury, unlike the previous generation that was satisfied with the four walls and a roof over their heads. In comparison, their descendants need luxury and technology too. While in earlier residential buildings a day and night watchman was sufficient, it is not the case today. In some luxury apartments, biometrics, use of technology, surveillance have become common. With many job opportunities and options to buy homes of different budgets, there is a level of confidence in the purchase activity. The previous generation depended heavily on retirement funds to make ownership homes.
New gen ready to postpone marriage and kids to get a home
Affordability factor makes one think about buying ownership homes at younger ages.
Builders respect the sentiment of the younger generation and the apartment projects they have in various parts of Bangalore showcase the fulfillment of this demand. This is considered to be a wise move seeing that the current generation has been buying homes at a higher rate than compared to any other generation before them. The present generation also tends to keep changing homes frequently according to their whims or financial situations, making them non-sentimental at times. The younger generation of buyers has also shifted towards smaller homes that have many amenities and a good neighborhood as opposed to older generations who prioritized big living spaces. In fact, buying a home has become so important that most people today are willing to postpone their marriage, honeymoon and parenting plans to be able to afford one.
Being selfish is not always bad
Private life more important to the current generation and being self-centred is a positive sign.
Studies have shown that rather than staying in collectivistic societies, the present generation prefers being individualistic. They prefer buying apartments which are more compact than compared to villas whose maintenance and cost of living is higher. The Older generation of buyers, however, settles for villas due to their trend of multi-generational families. With more nuclear families, the demand for apartments has risen. But living in a residential complex gives the opportunity to socialize and also remain in private quarters. Even new builders try to incorporate this requirement for their housing projects.
Survival of the fittest in the urban jungle
The current generation is capable of compromising on their needs while focusing on what is more important to them in terms of investment and utility. That is why this generation is more aware and can tap their inner resources to pay for luxury villas in Bangalore and survive in the concrete jungle of city life.
Photo by the measure of mike