Millennials are considered to be confident, ambitious, and achievement-oriented but often face their share of struggle with student loans, unstable employment or struggle to build their wealth. For any country, the performance of the real estate sector is considered a key factor to analyze the success of its economy and India has one of the largest Gen Y populations in the world – estimated at 426 million, which is approximately 34 percent of the total Indian population. This is why the younger generation must be encouraged, or rather enlightened, about the advantages of investing in real estate whilst in their twenties and thirties. Bangalore is one of the metropolitan cities in India, sees a large number of millennial professionals moving into the city every year, adding a lot of vibrancy to real estate in Bangalore. Abhee Developers, the top real estate developer in Bangalore, are keen to cater to these young professionals with their affordable and cheap flats in Chandapura and luxury villas in Chandapura near Electronic City which is a major hub for IT firms.
While many of those who move do look for a house for sale in Bangalore and other major cities where they plan to settle down, the majority of them don’t consider this option, they would rather invest their savings in traveling the world and gaining new experiences. Also, with exposure to technology like never before and having global insights, millennials tend to live in the present than in the future. However, even with all these reasons, Owing a space at a young age can be a positive change which will eventually help them to climb the ladder of wealth as they grow.
Millennial homebuyers need not be the wealthiest in the market and when investing early it’s wise to go for a modest 2BHK rather than a luxury villa, this decision is sure to pay off a decade down the line. For instance, a professional working Bangalore decides to buy a 1BHK flat close to his place of work. Several years later, When the financials are right, he decides to move into a 3 BHK villa in Electronic city and converts his first home as a rental property giving him an additional income. Apart from this, young people have easy access to home loans and other schemes can pay off their mortgages rather conveniently due to fewer or no responsibilities like kids and family. There is also a sense of responsibility that comes with homeownership, By investing at a young age, they are challenged with tough decisions and situations which will help them lay a foundation for future stability.
Presently, with millennials challenging every norm in the society, there should be a shift in their perception from the traditional school of thought that home buying is just saving for a lifetime to move into a perfect dream house. There are multiple and smart ways in which real estate can help to accumulate wealth if one starts soon and invests wisely.