look news india
As India’s housing market continues to grow, Millennial and Generation Z buyers will account for 60 percent of all new home buyers by 2030, and 72 percent of urban residents will own a home by 2025.
Along with this, tier two and tier three cities are emerging as important centers of the emerging housing market. Jaipur and Indore as well as smaller urban centers like Kochi are leading the way with more than 40 percent new housing development in 2025. said global real estate services firm JLL. This situation is attributed to new financing options and the increasing entry of younger demographics into the housing market. India’s housing market will see significant changes in 2025. Which is driven by rapid urbanization, technological innovations and changing consumer preferences. The housing sector is expected to contribute 13 percent to the national GDP by 2025. Which shows its flexibility and capability. By 2030, the growth of the housing market will reach the level of one trillion dollars.
Millennials or Generation Y By definition, people born between the early 1980s and mid-1990s to early 2000s are called Millennials. While Generation Z refers to people born between the mid-1990s to early 2010s. Also known as Gen Z. The Global Real Estate Service form further states that the urban home ownership rate is projected to increase to 72 percent by the year 2025. In the year 2020 this ratio was 65 percent. The sector is evolving in response to demographic changes, policy reforms and global trends. Sustainability, once considered a luxury, has now become a necessity in the housing market. Green-certified buildings are expected to account for 30 percent of new residential projects in 2025. Which will double to 15 percent in 2020. According to the report, sustainable development, demand for smart homes and tech-integrated living spaces, affordable housing initiatives have boosted the housing market. Sustainable development is not just a buzzword but a decisive factor influencing property values and buyer decisions. Green building certifications, such as Leadership in Energy and Environmental Design, are becoming common. Because, the real estate industry gives priority to sustainability. The demand for smart homes and tech-integrated living spaces is skyrocketing. Along with this, budget friendly housing is the main focus in India. The number of residential units sold during 2024 is approximately 85 percent of the total units sold during the entire year 2023. There was a significant increase of 17 percent in the sales of residential property in 2024 compared to the year 2023. The increase in demand has led to sustained growth in the country’s housing market.