A report brought out by the CREDAI Youth Wing, in association with real estate consultancy CBRE, highlights how millennials will drive the growth of affordable housing.

The report highlights the major trends created and driven by millennials, addresses issues such as why millennials live with their parents longer, and how millennial consumers spend, save and play.

The results challenges many preconceived notions. According to the report, 82 per cent of Indian millennials choose to live with their parents largely due to the cultural upbringing of Asian countries, where parents house their children until they get married. The high rate of property prices is also a key factor for millennials not moving out.

Today, Indian millennials are known as “Generation Rent” since 68 per cent of millennials who don’t live with their parents choose to rent a place.

The findings reveal that about one-third or 35 per cent of the respondents identify ‘investment’ as the key driver for buying a property.

Overall, the majority of millennials aim to buy a home, and focus on a high standard of living. They refuse to compromise on the quality, size and location of their home, further driving trends towards affordable housing for rent and sale.

 

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