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Budget 2023
Budget 2023

Covid-19 impact: Millennials prioritise, invest in real estate to work from home

The pandemic has made Generation Rent, which used to shun immovable assets, rethink its priorities. With work from home the new norm, millennials are scouting for spacious homes built by well-known developers on the outskirts of cities. They’re looking for good resale value, local conveniences and good connectivity

Ashwin Sinha, 32, invested almost half of his salary in stocks and mutual funds until the pandemic struck. He had lived much of his life as an IT professional, literally out of a suitcase, moving from one paying guest accommodation to another. Zoom call meetings made him dash to the nearest park or the comfort of his car as his tiny room did not offer a conducive environment. Sinha moved into a 2 BHK last month in a gated society.

For Generation Rent, which is happiest sharing an apartment with friends to save on real estate costs and wary of taking on a massive EMI burden, Covid-19 came as a surprise. But with most companies focussing on work-from-home for the last seven months, this segment is now shuffling its priorities.

The pandemic has made them realise the importance of owning a home compared to renting one, or for that matter, due to social distancing norms, sharing one. Besides, affordability has certainly improved with interest rates at an all-time low and builders across the country doling out discounts.

Work from home impact