Eighty percent of the home loan applicants Magicbricks handled came from residents in tier 1 cities and Mumbai (22 percent), Bengaluru (19 percent) and Noida (17 percent)
The survey noted that in the top three metropolitan cities (Delhi-NCR, Mumbai, and Bengaluru), 71 percent of employees are required to work exclusively from the office in contrast to 63 percent in other cities.
With rental properties not available in prime locations, most millennials and the Gen Z have spilled over to the suburbs of Bellandur in the south, Whitefield in the east and southern Bengaluru like JP Nagar.
Both millennials and GenZ are attracted to the sense of financial freedom and security that comes with homeownership; they are stepping up home purchases, especially in affordable cities such as Pune and Bengaluru.
Local brokers and developers say that demand for villas in Bengaluru has gone up by 30-40 percent in the last two years.
The age range of homebuyers has risen by at least 4-5 years to the 35-42 age bracket as prices, rentals shoot up and the pandemic hits early millennials hard. The average investment range for millennials in Bengaluru is Rs 1 crore or less.