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In modern urban parlance, Gen Y or Millennials are those born between 1981 and 1996. This humongous chunk makes for a whopping 34% of the Indian population according to Trendsetting Millennials survey report by Deloitte-RAI https://rls.net.in/wp-content/uploads/2018/02/Trendsetting-Millenials_RAI-Deloitte.pdf constituting the most earning power. More income translates into more expenditure and a comfortable lifestyle focusing on needs and experiences.
Buying homes vs renting/co-living
Enjoying independence and the freedom to live life on their own terms is the motto of most ambitious Gen Y population. As a larger number of millennials leave their homes to carve their career in distant places they explore various options of temporary accommodation, such as furnished co-living or shared spaces with all modern amenities, or renting out independent apartments and houses, before making that all-important property investment decision.
A CBRE report https://www.cbre.com/research-and-reports/Global-Major-Report—Live-Work-Play-Millennials-Myths-and-Realities has revealed that one-third or 35 percent of the millennial respondents identify ‘investment’ as the key driver for buying a property. Overall, a majority of millennials aim to buy a home, and while placing the utmost importance on the quality of life, they also refuse to compromise on the quality, size and location.
WFH drove luxury second home sales
The sudden global health crisis upset the world’s best-laid plans especially on the employment front with millions losing their jobs together. On the flip side, it was about survival and gave rise to a new breed of entrepreneurs and the gig economy of never-say-die freelancers. In tandem with it came the Work From Home (WFH) and the Work From Anywhere trend propelling this segment and other employed lot to look for cheaper and larger homes away from the congested cities. While those who already owned homes in the city rented out their homes, they also started buying second luxury homes on the outskirts of the city preferably nearer to the airport, to live and work out of in serenity.
“There are around 3 million millennials today and demand for second homes among them is growing by 10 to 15 per cent across cities. Overall, there has been a 30 per cent increase in the number of sales across the holiday home segment. A majority of these are from HNI families and they are buying second home properties across India and abroad with accessibility being the main factor,” said Amit Goyal, CEO at India Sotheby’s International Realty.
It’s a global phenomenon
The positive impact of the pandemic has been on our savings and prudent investments. For the average millennial who has evolved and transitioned during this phase has emerged stronger than before and knows exactly where to put their money. A second home is one of them.
In realty firm KnightFrank’s Global Buyer Survey Report 2020, over 26% of respondents said they were more likely to buy a second home as a result of the pandemic, presumably to enhance their lifestyle and to use as a retreat in the event of a second spike. Mark Harvey, head of international sales at Knight Frank said: “Buyers are generally seeking three key factors; good broadband, quality healthcare and a property capable of generating a reliable income. We’ve seen Europeans take shorter holidays across multiple locations in recent summers, but I think we may see a return to the traditional European summer with families decamping for four to six weeks at a time and entertaining family and friends in one location. At the heart of this change in buyer attitudes is wellness and family, which is why I think such trends are likely to endure.” Almost one in three respondents (32%) is more likely to want a second home that they can extend, and 29% are more likely to seek a property offering secondary accommodation.
‘Second’ homes from HM Constructions
As more Indian millennials look at cooler, healthier cities and towns to make their second home in, Bengaluru offers a bevy of spacious homes from HM Constructions http://www.hmconstructions.com/ with ample natural surroundings and landscaped gardens enclosed in aesthetically designed gated enclaves for an exclusive experience in the city’s premium locations. Each home is as close to a holiday home in the city. The cherry on the top is that you do not feel you are in the city because of the ingenious craftsmanship of these architectural marvels dotting the skyline. As you take your pick from 2, 3 and 4 bedroom apartments spread across acres of landscaped grounds, you know your decision to live in one is your best one ever.
HM Showers Offers on Prospective Home Buyers
As established here, it only makes sense to invest in an apartment as soon as possible. We, at HM, understand that the pandemic may have impacted the businesses and jobs of our prospective clients. Thus, we have announced a brand new home-buying scheme for the last 30-odd apartments at HM Indigo so that you no longer have to delay owning your dream home!
The unique scheme lets you book any of our spacious units of your choice at a token amount of Rs.10,000 only. Since the units are ready-to-move, you can finish up the formalities and move into an apartment of your own in just 10 days. What’s more, once you move in, you can let HM take the burden of your EMIs! The EMI Holiday Facility lets you postpone your EMIs by 10 months so that you may enjoy your stay at HM Indigo for nearly a year before you start paying the EMIs.
So, stop worrying about your monthly rental and book an HM Indigo apartment today.
Call us at 8880225555 for a home tour, today.