Millennials in the age group of 30-34 years are increasingly giving more importance to safety and security of homes rather than on return on investment, fancy amenities and proximity to work which the older age-groups preferred, a recent survey has revealed.
The joint OLX and Kantar TNS survey, released on Friday, was conducted with more than 600 respondents in Delhi, Bengaluru, Hyderabad and Thiruvananthapuram.
The survey interviewed people who were looking to buy a home in the next six months, and sought to understand the user behaviour in an evolving real-estate market.
Looking at various age-groups, the survey revealed that for 51 per cent of the millennials between 30-34 years of age, the need for security and safety of the location mattered the most, closely followed by the wish to make a safe investment.
"Those between 35-39 years also placed most importance on safety and security of the location. For 40-49 year olds, safety of the investment was the biggest consideration. Sixty-four per cent of the respondents between 50-55 years of age wanted to buy a new home as their current home was unable to meet their changing requirements," it said.
"Real estate is one of our fastest growing categories. Listings on OLX grew at 55 per cent and property seekers grew at 70 per cent in the last quarter, showing strong signs of recovery following the demonetisation-induced slowdown," Irwin Preet Singh Anand, COO, OLX India, said.
"Indian real estate market is at a critical juncture, with strong regulatory momentum through RERA and GST around the corner. The sector is expected to be more professionalised and transparent, enhancing buyer trust," Anand added.
However, a deep-dive into different cities revealed that each city has its own distinct reasons for considering home purchase.
"Home buyers from Bengaluru paid most attention to how safe their investment was in the home they were considering. They also looked at better amenities (gym, swimming pool among others), and security while buying a home. For home buyers in Hyderabad too, a desire to make a safe investment, closely followed by the wish to live in a safe location, was the most important reason for considering residential property purchase," it said.
For Delhi home buyers, reduced travel time to work, followed by a good return on investment were the key factors while considering a home for purchase.
The survey also looked at reasons that lead people to start considering a home purchase in near future.
"Drop in property rates is the biggest reason for people to immediately start looking at potential homes for purchase with one-third of the survey respondents claiming so. Another 23 per cent of the respondents said that instant availability of the required funds prompted them to look at buying a home," it said.
A new life-stage was also a time to consider buying a home.
"Thirteen per cent of the respondents said that extension in the family such as parents moving in was a time to consider buying a home, and 11 per cent said that the arrival of a baby prompted them to think about investing in a house."
The survey also highlighted that the home buying trends were being influenced by the ease provided by online property platforms and the entry of millennial buyers in the market.
Almost four out of five people now rely on online property sites to find leads and information related to the homes they are interested in, revealed the report.
"This study explores how online property avenues have increasingly become important in the property purchase journey and in empowering a property seeker. The benefits of online in handholding a property-seeker in the initial journey of shortlisting a property, contacting a seller/ broker has resulted in online becoming the starting point for 80 per cent of property seekers," Sachin Hajela, Group Account Director, Kantar TNS said.
--IANS
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