Debasmita C
| 17-01-2024
Millennials' journey to find home is about finding Ikigai in their lives. Today, millennials are moving across the world, coming from different layers of society from different walks of life. They mix themselves with different cities, cultures, customs, religions, and a diverse range of cosmopolitan attire, but one thing is universal inside them. They mingle themselves into the cosmopolitan lifeblood to improve the quality of their lives, enrich the experience or journey of life, and fulfill their dreams to reach their maximum potential. Home is beyond the four walls border or a roof over the head to millennials. Today, millennials seek homes that denote the value of transparency, logic, uncompromising in terms of quality, sustainability as a future promise to the next generation, and a home that maintains tranquillity or privacy. Properties placed in urban locations hold absolute worth to millennials.
As per the market data of TelanganaToday, Seven out of Ten Employees (about 70 percent) are millennials in India. As per the data of Times of India, Indian millennials are the focal point of the human capital trend, where they are becoming 70% of the Indian working-age population.
According to the Great Place to Work India report, 39% of Indian millennials have grown to progressive leadership development programs. As a torchbearer of change, they demand transparency in their career and home. Millennials prefer developing tier 1 or tier 2 cities. As per the data, 38 percent of millennials stay in the suburbs. They choose to reside in a place to live based on quality-of-life factors first and job availability second. This article will discuss how location matters to millennials and how millennial investors avail high rental yields in the emerging real estate market.
As per the current scenario, many millennials are looking for the best place to invest in Bangalore for high rental yields. As per our survey, today, millennial tenants or even tenants of all age groups prefer locations that are
One of the most significant world trends in the past two decades has been the sustained, rapid growth of international business, MNCs, ITs and the corporate world. The emergence of a corporate economy based on contemporary scientific and technological developments led to product globalization. As a result, the revolution has brought instant worldwide communication, insta-transformational. The ownership of the phase is highly transitional. The management is transitional, provoking the millennial workforce to step up for economic growth. That removes their regional boundaries and makes themselves domestic global in a true sense. That is the first reason millennials locate themselves in the central business area even if they are small city breed. Plus, the central business area is the hub of international export-import companies. It holds the scope of foreign market entry mode, growth of the overseas market, and flow of FDI...the diversification allows cities to become the fastest-growing residential markets in the country. Census data found that downtowns in the nation's largest cities grew by 13.3% over the previous decade. Here we discuss the insight that makes Bangalore the goldmine for real estate investors.
Bangalore is home to the world's most highly educated, skilled workforce. Renowned as the 'Silicon Valley of India,' the third largest city's population is 13,373,956 in 2023. It is the home of the most successful technology companies and the leading universities in India. The vibrant city carries globalization, urbanization, and liberalization, transforming it into one of India's most cosmopolitan cities. Today, the city is a focal point of real estate property investors.
As urbanization continues to shape the real estate sector in India, tier-2 and tier-3 cities have emerged as the new centers of growth. The urban, residential neighborhood has improved connectivity and created an ecosystem fostering economic growth and urban expansion. Investors see the immense potential for residential and commercial projects in those urban residential neighborhoods.
The improved connectivity through highways, significant infrastructural expansion, or the government's focus on infrastructure attract a diverse range of real estate investors to invest in these properties. In our previous blog on Whitefield; the fastest developing area, we stated govt's allocation of Rs 2500 crores of the recently presented state budget of Namma Metro Extension Project. Due to the robust social infrastructure, Whitefield may witness 8-10% of rental growth in 2 years.
According to the new research by Ernst & Young, many youngsters aged 20 to 36 opt for renting in suburban areas. As per the CNBC report, 41 percent of millennials opt for suburbs over cities, small towns and rural areas. Millennials are choosing suburbs as properties are comparatively more affordable than in cities. Secondly, suburbs can provide a better connection with nature with more available space with trees, parks, lawns and gardens to nurture the connection with nature. The third reason is suburbs offer more job opportunities with a relaxing lifestyle. As per data, by 2025, As per the data, millennials will cover 75% of the workforce. They are predicted to choose suburbs to live in and raise their families in a lovely and lively home.
As we know, Whitefield is a vibrant suburb in the eastern part of Bangalore that transforms into an IT hub and, of course, a sought-after residential area. Lots of millennials across Bangalore are searching for rental apartments in Whitefield. Also, as per the opinion of lots of millennials, it is easy to raise kids in suburban areas. This location is evolving, and millennial tenants find ready-to-move sectors and new projects coming up everyday.
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