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By definition, Millennials, or Generation Y, are the people born between the early 1980s and the mid-1990s to early 2000s, while Generation Z are born between the mid-to-late 1990s and early 2010s.
The global real estate services firm added in the note that the urban homeownership rate is set to increase to 72 per cent by 2025, up from 65 per cent in 2020.
This will be supported by affordable financing options and a younger demographic entering the housing market, the note added.
It further stated that India's housing market is poised for a remarkable transformation by 2025, driven by rapid urbanisation, technological innovations, and changing consumer preferences, stated Ritesh Mehta, Senior Director and Head (North and West), Residential Services and Developer Initiative, JLL India, in his note.
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