New Delhi, Feb 14 : Millenials are seen playing a major role in lifting the real estate demand in the country in the near future, as a report by 360 Realtors shows that around 75 per cent millennials in the country want to buy a home in the next three years.
The report also showed that a large section of the millennials prefer affordability in terms of buying property.
"Less than 5 per cent of the millennials prefer to buy a home priced over Rs 1 crore. Around 39 per cent of the respondents, who wished to buy homes, prefer to buy a budget property within Rs 40 lakhs. About 44 per cent prefer to buy homes ranged between Rs 40-80 lakhs and 13 per cent of the respondents indicated buying homes ranged between Rs 80 lakhs-1 crore," it said.
It noted that millennials in India currently represent around 46 per cent of the total workforce with a spending capacity of around $3.6 billion. Alongside other industries such as retail, consumer appliances and automobiles, they are growing to play a crucial role in fuelling home demand as well, the report added.
"Globally, millennials are becoming a force multiplier in fuelling housing demand. In India as well over the past few years, the millennial class has grown from strength to strength and is consolidating its position as a pivotal force in driving real estate demand," said Ankit Kansal, Founder and MD, 360 Realtors.
"The millennials' evolution into a key determinant of property market demand is rooted in numerous factors such as growth in disposable income, a shift in attitude, growing propensity to hedge against possible future risk, growth in home-finance and much more," he added.