Owning a home is everyone’s dream, the millennials are not an exception to it. Millennials are those who are in the age group of 21 to 37 years. Nowadays, there is an increased number of millennials who started to invest in residential properties rather than the stock market.
There are interesting statistics that show that more than 65% of the millennials aim to purchase a property. This changing trend is due to some of the following reasons that we are about to discuss in detail. Let’s see why these millennials are showing interest to buy property in Chennai.
Availability of Loans
Home loans are one of the quickest ways of financing your home. Nowadays, youngsters have a higher chance of loan approval because the average income of an employee in Chennai has increased more than six times when compared to the last decade. So they have the option to repay a lump sum amount when they get a bonus or hike. With the easy availability of loans, millennials are able to afford a home in Chennai.
Focusing the Future Price
Millennials are mostly well educated and they have knowledge about the appreciation of land value. We already witnessed that the properties around the center of the city are much more expensive than the suburbs of Chennai and there is no chance of price deflation in the future. Keeping this in mind, millennials start their investment in residential properties. Also, the soaring rents in the metros force them to buy properties on the outskirts of Chennai that are more cost-effective.
Proximity to Work
Over the past few years, we have witnessed a large number of MNCs and IT/ITES set up in the OMR and Taramani areas that have provided a lot of employment opportunities for the millennials in Chennai. Hence these employees from different places, prefer to live near to their working place and are ready to shift their family to Chennai in order to spend time with their kith and kins. Also, they can indulge in their favorite hobbies rather than spending time on travel.
Prefer Compact Homes
Mostly, the millennials have a nuclear family, so the extra space would be an extra cost. They prefer to lead a minimalistic lifestyle and the smaller homes are easy to maintain too. Also, they are focussing on compact homes with modern amenities in gated communities as it ensures more safety. Chennai property developers have started building housing projects that primarily target this younger generation.
Indulge in Better Research
This millennial generation is adept with the internet and social media where they do a lot of research work on the properties for details about the land appreciation value, registration value, location, etc. The websites of the property developers are there to earn the transparency and credibility of their brand name. They post everything online from reviews to accurate dimensions. So, such type of information comes handy for millennials to search relevant details.
Prefer Community Living
A survey revealed that 82% of the millennials stay with their parents. Millennials are very family-oriented and value their family circle, traditions & customs so they obviously prefer community living. Community living offers valuable experience between stressful work schedules, so the millennials show interest to invest in the Chennai real estate sector.
Here is a graphic that sums up the entire post.
Chennai is a home for lakhs of people but the question today is who is going to secure their future with a property in Chennai. Millennials stand up to this answer by investing in property at this early stage which is a wise foresight. If you would like to find out more compelling reasons to make an investment in Chennai, click here.
Lancor’s one of the hottest selling projects is ready to occupy apartments with modern amenities at a reasonable price. There are ongoing projects in areas like Guduvanchery and Sholinganallur which are Chennai’s next trending places to invest. We keep the updates in the real estate market and launch projects accordingly that is beneficial for our buyers. Choose your dream home with us. Give us a call anytime (+91 8144787405), we will make your apartment buying process smooth and stress-free.