How Gen Z is transforming homeownership in India

financialexpress.com:

Residential demand today is at a decadal high and underscores the evolving dynamics of the real estate market, driven by a combination of economic factors and buyer preferences. According to Magicbricks, residential demand has surged by 23.8% over the past three years across major metros.

An in-depth analysis reveals that one of the significant contributing factors to this remarkable growth is the increasing interest of Generation Z (Gen Z) in the housing market.

Born in the late 1990s, Gen Z is increasingly becoming influential across social and economic realms, and being recognized as innovators, change-makers, and trendsetters. As “digital natives” GenZ have grown up in an era dominated by smartphones, social media, and instant access to information. These tech-savvy individuals are accustomed to instant communication, transparent dealings, and technology-enabled efficiency. Being particularly attuned to the benefits of digital innovations, GenZ are helming new trends in every sector, and real estate is no outlier.

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In 2020 and 2021, many GenZ seized the opportunity presented by low-interest rates and the rise of remote work to enter the housing market. This marked a departure from the previous association with the rental lifestyle to embracing homeownership on a global scale. Magicbricks’ recent Housing Sentiment Index uncovered that Gen Z are displaying bullish sentiment (159 on a scale of 0 to 200) towards housing aspirations.

Their unique perspectives and preferences are transforming the way we see homeownership, which was traditionally regarded as a symbol of generational wealth. Hence, understanding these changes is crucial for developers to