The Great Resignation, quiet quitting and a remote work revolution – the pandemic in its wake threw up so much for everyone to consider. There was a major shift in the lifestyles of many and people saw the need to upgrade their living conditions. Up until 2019, young Indians preferred to be on the move by choosing to rent homes instead of buying them. However, today the trend has seen a 180-degree switch – home ownership has become a priority for young Indians for both Gen Z and Millenials. There are multiple factors that have contributed to this change and they are worth looking into. 

They Have A Permanent Home

One of the primary factors that might have pushed young Indians to look for permanent homes is the insecurity that the pandemic caused. A lot of people were forced to leave their rented spaces either due to their own lack of funds or the landlord’s fears of transmission. This is a highly unfavourable situation to be in and young Indians would rather avoid this from ever happening again. Hence, many of them are opting to buy their own homes that are safe and permanent.

The Ability To Work From Anywhere

The rise of remote jobs around the world enables the possibility of working from anywhere. A major driving force in pre-pandemic real estate investment was the residence’s proximity to the workplace. Remote professionals no longer worry about where they live. This has pushed them to buy homes in their favourite locations – preferably close to friends and family – rent them out for short periods and indulge in mini workstations. This allows them the comfort of purchasing a property that fits their preferences, building a secondary income from it and travelling at the same time. For many young Indians, ‘vacation spots’ like Goa, Himachal Pradesh and Kerala became ideal places to buy homes in because of the space, natural beauty and entertainment they offer. 

The Need For Independence

Most young Indians are swimming against the traditional currents. They no longer feel obliged to follow in their parent’s footsteps or honour every single one of their wishes. This has resulted in a need to move away from a restrictive home environment to one where young Indians can live life on their own terms. Moreover, due to the ubiquitous financial knowledge available at the tap of a finger, most young people are opting to buy a property instead of renting one. 

Government Incentives

The incentives offered by the government during the pandemic gave young Indians that added push. The primary policies that made purchasing real estate revolved around lowered home loan interest rates, tax rebates and the first-time homeowner’s policy. This coupled with the rising demands for homes and discounts offered by the developers encouraged young Indians to buy independent properties.

While a lot of young Indians continue to live on the go, there seems to be a general increase in their preference for permanent residence. This phenomenon has further increased the demand for real estate and a consequent rise in the construction of newer, more ecological properties. There is no doubt that this change is here to stay encouraged by a need for independence, the shift to remote work, and the prospective security brought by incentivised purchases of homes. At Kasu, our homes cater to the lifestyles of young home buyers – and we take into account their contemporary tastes, their preferred locations and the growing sensitivity in sustainable development. 
You may also like to read our blog posts on how to choose the right real estate developer in Goa and why to buy a house when you’re young.