Young Homebuyers Lead Housing Sentiment in India
According to a recent report by Magicbricks, individuals aged 18-34 are showing the strongest interest in buying homes, with a housing sentiment index (HSI) score of 160. This surpasses the scores of older generations like GenX and Baby Boomers, which range from 141 to 156.
Preferred Property Choices
Young homebuyers are particularly interested in properties priced between Rs 20-75 lakh and sized between 500-1,500 square feet. This indicates a demand for affordable and well-optimized living spaces.
Top Investment Destinations
The report identifies Pune, Thane/Navi Mumbai, and Gurugram as popular investment destinations for the 18-24 age group. These cities are appealing due to their established employment hubs and aspirational value. Gurugram, in particular, experienced a 17.4% year-on-year increase in housing demand and a 32.5% rise in average prices to Rs 14,650 per square foot.
Trends for Ages 25-34
For those aged 25-34, Hyderabad, Ahmedabad, and Noida/Greater Noida are top choices. Hyderabad saw a 3.2% quarter-on-quarter increase in prices, reaching Rs 8,188 per square foot. Ahmedabad remains affordable with prices at Rs 5,927 per square foot. Noida/Greater Noida has become a prime investment hub, with property prices nearly doubling over the past year to Rs 11,625 per square foot.
Doubts Revealed
Magicbricks -: Magicbricks is a popular online platform in India where people can buy, sell, or rent properties like houses and apartments.
Housing Sentiment Index (HSI) -: The Housing Sentiment Index (HSI) is a measure that shows how people feel about buying homes. A higher score means more people are interested in buying houses.
Pune -: Pune is a city in the state of Maharashtra, India. It is known for its educational institutions and growing IT industry.
Gurugram -: Gurugram, also known as Gurgaon, is a city near New Delhi in the state of Haryana, India. It is a major financial and technology hub.
Hyderabad -: Hyderabad is the capital city of the Indian state of Telangana. It is famous for its rich history, culture, and booming tech industry.
Thane/Navi Mumbai -: Thane and Navi Mumbai are cities near Mumbai in Maharashtra, India. They are known for being residential and commercial areas with good infrastructure.
Ahmedabad -: Ahmedabad is a city in the state of Gujarat, India. It is known for its textile industry and historical landmarks.
Noida/Greater Noida -: Noida and Greater Noida are cities in the state of Uttar Pradesh, India, near New Delhi. They are known for their modern infrastructure and IT parks.
Rs 20-75 lakh -: Rs 20-75 lakh is a range of money in Indian currency, where 1 lakh equals 100,000 rupees. This range is considered affordable for buying homes in India.
