The growing population of India consists of various demographics, of which millennials comprise a large chunk, and as we move forward Gen Y will account for almost the entire population of our country. However, even though the sentiment of buying a home is still considered a notable milestone by the present generation, just like the generation of our parents and before, the approach towards the goal has changed considerably.

The present generation is not just content with the idea of owning a home but inclines more towards having a home that suits their exact requirements. This change is more of an offshoot of the rise in the disposable income of the present generation. The new generation is always pursuing higher income as they value experiences more than material, more money would mean having a home that would reflect their hi-tech, connected lifestyle.

It is quite evident that the millennial generation approaches things quite differently than "Generation X" and "baby boomers".

Trends millennials are bringing in the real estate industry

Changes in the real estate sector have made the industry attractive for home buyers, and that is making millennials one of the most important market players for the real estate sector. As per data, it has been estimated that by 2022, the average age of a potential home-buyer will come down to 29, making it the youngest country in the world. This further strengthens the fact that going forward rise in disposable income in the backdrop of a growing economy will very soon lead to a demand for real estate that tailor fits the Millenials requirements. Home buying is no longer considered just for security, at the present time it is also viewed as a symbol and reflection of status and personality. The rise and easy access to the internet is also one of the major reason which sets millennials apart from their preceding generations.

Millenials and technology

It is common knowledge that millennials thrive on social connection, and thanks to the "click-driven ecosystem" Gen Y relies much more on technology. They want information about everything, the companies, how they operate and are multitaskers that do well in a fast-paced world without comprising convenience, ability to stay connected and with the option to be in control.

According to the latest data, over 86% of millennials are ready to shell out more on a smart home. Smart home technology, also often referred to as home automation provides homeowners security, comfort, convenience, and energy efficiency by allowing them to control smart devices, often by a smart home app on their smartphone or other networked devices. Being a generation that has been practically raised on technology, a smart-home allows them to spend their time with family instead of focusing on managing the house.

What changes can developers bring

It is important for developers to recognize the different needs of the millennial homebuyer. It is no longer just about the size of the apartment, preference is given to convenience, livability index, close proximity to entertainment places such as malls and restaurants everything is of vital importance before buying a flat.

Gen Y homebuyers are looking for apartments that are compact and have a lot of amenities for them to socialize. A gymnasium or a swimming pool will not just satisfy the new age millennial. Real estate developers need to either build projects that cater to different age demographics or find the common points of demand and market housing projects that possess characters that will appeal to people across the age spectrum.

High-tech security systems such as indoor cameras which will allow them to take care of the little ones from the convenience of different rooms or from work, a doorbell camera will also give them a sense of more protection allowing them to see and speak with visitors without having to drop everything and tend the door, voice-command lighting systems, along with smart power-saving ACs are some of the modern amenities that developers need to consider. It is also important for developers to upgrade their systems to cater to such high tech-savvy clients. Millenials do not accept anything via word of mouth, everything from buying something as small as a mixer grinder is done only after extensive online research. Smart technology is what Gen Y looks for, easy assistance in aspects ranging from functionality to documentation and financial assistance is something that millennials are going to give their attention too.