Why There is A Huge Demand For Buying Homes Among Indian Millennials?
An Indian millennial is a person who has seen the several ups and downs of markets, and the world as it ushered in a new millennium. Today’s millennial has been in the job market for a while now and has probably had their share of ups and downs when it comes to income, job security, and financial status. If you are a millennial yourself, if you live independently, there is a good chance you have considered purchasing a home, at least in passing.
Living independently makes one acutely aware of financial repercussions, and choosing between renting and buying is an important long-term decision. This choice is factored into any financial aspirations one may have, and it is no wonder that it is a topic that is hotly discussed in all circles.
However, the Indian millennial of today has made quite a unanimous decision when it comes to buying property. Young people are now veering a lot towards actually buying a property of their own. After paying rent month after month, the earning millennial has chosen for a host of pretty strong reasons.
Here is why there is a huge demand for buying homes, among Indian millennials:
1. Money Is Better Utilized Towards Creating An Asset
After putting years and years into spending money on rent, the Indian millennial has now realized that putting their earnings towards building a precious asset is far better for their financial health. After all, money spent on rent does not benefit you in any way. It is better to put a similar amount of money into an EMI or a good, hefty down payment on a luxurious apartment in a city like Bangalore, Chennai, or Mumbai. While renting does give one a huge amount of flexibility, it soon loses its appeal when one realizes that having stability is extremely important, as well. Creating an immovable asset in your financial repertoire is a process that is important for making sure your wealth is secure.
2. Facing Financial Uncertainty Leads To Needing Stability
Going through a global pandemic that caused huge upheavals in the job market and financial climate has shaken many of us. We are now moving towards a world that is not seeking flexibility but is aspiring to experience more and more stability. There is no other asset that is more stable than property. This stability is truly valuable for every person today, as we know what it is like to have none at all. The stability of owning a home ensures that eventually, you have a major part of your income saved, and not spent in the form of rent.
3. Property Is A Great Asset To Have
Few assets give you the stability and rate of returns that property does. The Indian millennial has seen property markets boom and bubble, both. Property has been known to give huge rates of return, sometimes even over 100%. While the rate of growth might be slow for property, it does qualify as an extremely stable asset. People have been known to make money from the property they own by way of renting and leasing, and it makes more sense to invest in something that gives you some amount of returns immediately. If you have invested in an apartment in Chennai, Bangalore, or any other city, you are bound to make money from it by way of rent.
Today’s millennial hopes to have an immovable asset that will give good returns over the long term, and having a 1 BHK in House of Hiranandani’s Bannerghatta project is the perfect way to realise this dream.
On the other hand, if you have bought open plots in Hyderabad or a similar locale, there is a good chance you can sell the plot at an amazing profit. These reasons form a huge part of why there is a huge demand to buy homes among Indian millennials. We suggest investing in a home that is constructed by a reputed and trusted builder such as Hoe of Hiranandani, to ensure a smooth buying process and a great rate of return on a stunning home.