We’ve been witnessing a considerable rise in the real estate industry in India in the previous decade than in a long time. It means, the young generation, the ‘millennials‘, are leaning towards the real estate operations and causing this significant shift of scales. With time, comes a change in thinking, a shift in technology, and a broader point of view. So naturally, the Indian mindset in terms of real estate has seen a similar shift and growth.
What it used to be?
While the real estate industry did grow before, there was a reluctance seen in people to invest in it. A lot of this hesitancy was due to incomplete information, misconceptions, and the basic thinking and mindset prevalent a few years ago.
- Risk Aversion
> People often believed in living a financially stable life that doesn’t involve a lot of risks. While safe, this did not leave a lot of room for growth or development.
> They often relate real estate to something that needs to be done only when you are financially stable, as an asset to be earned eventually and not something as a growth medium.
- Myths and Rumors
> There are a lot of myths related to the real estate industry regarding the buying of property, securing of loans, and a lot more. Such misleading conclusions are enough to derail a person’s mindset, especially of people with little to no access to true facts.
- Procurement Aids
> Another major reason was the difficulty in getting assistance. Home loans were hard to procure, selective in nature, and the interests way too high for a common person. Moreover, there was very little understanding about the correct way to go about the process, and help was not easily available.
What is it now?
Millennials are by far the most redefining generation to have appeared over the past five decades. Several traits drive their lifestyle choices, not least among them being a much higher acceptance of diverse lifestyles than the previous generations. Incidentally, they are the ones dipping their toes in real estate nowadays, leading to an all-increase rise in this industry.
> More than the risk of working with your finances and savings, stability holds a bigger value for Millennials. So, owning a home sooner rather than later is a given for them.
> The previous generations preferred to live on rent, ignoring the fact that a self-owned home’s value lies not only in appreciation but also in the fact that it negates the negative monthly outflow of rental money for good.
- Being the Tech-savvy Generation
> They have adequate means to judge and acquire all aspects of real estate. They can conveniently seek help, look for brokers, find and apply for the best deal in home loans. Technology has made it much easier for them.
- Entrepreneurs in Making
> This is the generation of young entrepreneurs with innovative ideas up their sleeves and determination in their actions.
> Millennials who do not hesitate to make smart investment choices, especially when they believe in their ventures, are bound to look into real estate options.
So, we see how a shift in generation has also led to a shift in thinking, for the better. People know more, understand more, and therefore can make better decisions. An industry which was not understood very much, is now being given a fair chance. The new generation with its new technology is venturing into it, shedding light on its benefits and profiting from its returns.
The only way to make sense out of change is to plunge into it, move with it, and join the dance.
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