Indian Millennials And Home
Ownership:
Back To The Basics..!
by Arvind Jain, Managing Director - Pride
Group
Millennials are by far the
most redefining generation to have appeared over the past 5 decades.
Several traits drive their
lifestyle choices, not least among them being a much higher acceptance of
diverse lifestyles than previous generations.
However, millennials have also displayed a
decisive return to conservative behaviour and choices. In a clear departure
from the adventurousness and even rebelliousness of their preceding
generations, millennials show a marked tendency towards traditional values.
Especially in India,
millennials see a good education as very important in achieving their life
goals, and will diligently pursue a degree in their chosen academic fields.
They consider loving and respecting their parents as a very desirable trait,
will conscientiously avoid putting their health at risk with vices, seek to
have stable marriages and will bring their children up with the right kinds
of values.
Because stability is such an
important factor for millennials, owning a home earlier rather than later is
a given for them. The previous generations often gave less weightage to this
very important ingredient of financial and emotional security, choosing to
live in rented homes and using their funds to play the market.
This approach was based on the
assumption that property is just another investment instrument, and that it
does not give the exciting returns that the stock market can yield.
It
ignored the fact that a self-owned home sets the family free from a lifetime
of bondage to landlords, and that its value lies not only in appreciation but
also in the fact that it negates the negative monthly outflow of rental money
for good. For this reason, Indian millennials have placed home ownership very
high on their list of priorities.
Another defining
characteristic of the Indian millennial is a high level of savvy. With the
country's unprecedented Information Technology explosion now influencing
almost all minutiae of day-to-day life, the Indian millennial is an avid
seeker of knowledge, especially in subjects that affect his or /her life
goals.
As a result, the process of finding and buying a home is driven by a
need to understand all the variables, study all available options and make
the soundest possible purchase decision.
Even in other fields, Indian
millennials are dedicated investors, but the kind who are not given to high
risk. This is one of the reasons why mutual funds have proven to be so
popular among them, since they present an acceptable level of risk couples
with reliable returns.
Though they are conservative with their hard-earned
money, they will not purchase into inferior goods - one of the main reasons
why the cheap, unreliable electronic devices which found so much favour with
the previous generations are completely passé today. Millennials will only
buy goods that come with a guarantee of maximum utility lifetime.
This attitude also reflects in
their choice of homes, which is why most of them will deal only with branded
developers who are adequately capitalized and have a proven track record for
consistent quality and timely delivery of their projects. Indeed, when it
comes to buying a home, the Indian millennial's appetite for risk is at its
lowest point.
About
The Author:
Mr. Arvind Jain is Managing Director of The
Pride Group, a world-class property development conglomerate that is
changing the cityscapes of Pune, Mumbai and Bangalore.
Established in 1996,
Pride Group has built and delivered over 10 million sq.ft. of constructed
area. Pride Group has recently launched Pride
World City, the 400-acre luxury mega-township at Charoli, Pune.
For media contact Jay Kalghatgi Client Interface - CopyConnect Mobile: 93201 42248 |
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