Millennials (those born between 1981 and 1996) are gravitating towards home ownership, while Gen X and elders (born between 1965 and 1980 and earlier) are considering larger homes.
According to a survey by property consultant Savills India, apart from the desire to own a home, the preference for paying EMIs over high rental costs stands out as a significant motivator for those aged between 26 and 32 years. However, the need for improved and more spacious living arrangements becomes increasingly prominent for respondents in older age groups.
The data also highlighted that around 54 percent of prospective buyers based in Tier 1 cities are looking to purchase a home priced up to Rs 2 crore, while 32 percent have a budget of Rs 2.1 crore to Rs 4 crore.
The survey covered over 450 respondents from more than 35 cities in India.
It indicated that 46 percent of prospective buyers from Tier 2 and 3 cities are interested in purchasing homes priced up to Rs 2 crore in Tier 1 cities, primarily for end-use purposes.
Additional factors for purchasing homes include the need for a more compact living space after retirement, considerations regarding capital gains, and the desire to buy homes for the well-being of children.
The urgency to buy a home is evident among homebuyers as over two-thirds of the respondents wanted to buy a home within the next 12 months.
Amenities in demand
The Savills survey highlights a preference among individuals aged 42-65 for embracing smart homes, equipped with cutting-edge technologies, with 65 percent people expressing an inclination towards this trend.
Additionally, within the same age group, there is a robust demand for a conducive work-from-home environment, with over 50 percent expressing a strong need for such arrangements, underscoring the escalating popularity of remote work.
However, a shift is noticed in the age bracket of 26-41 years, where the provision of childcare facilities, along with smart homes, emerges as a top priority.
Furthermore, the integration of electric vehicle charging stations garners notable interest, with 32-42 percent of potential buyers across age groups expressing a desire for this feature, emphasising its significance in the evolving landscape of desired amenities.
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