Mumbai property purchases: This is what millennial homebuyers want

Millennial homebuyers seem to be price sensitive. Yes, as far as Mumbai property purchases by this segment of the population is concerned, price trumps, size

In Mumbai Metropolitan Region, 77 housing projects with compact units have been launched since 2013 and seven projects were launched this year alone. Image source: Reuters

Millennial homebuyers seem to be price sensitive. Yes, as far as Mumbai property purchases by this segment of the population is concerned, price trumps, size. Affordability is the main factor for them while choosing most things they need. This also holds true while buying a home, DNA reported. In Mumbai Metropolitan Region, 77 housing projects with compact units have been launched since 2013 and seven projects were launched this year alone.

The basic cost of these projects varies between Rs 8.35 lakh and Rs 60 lakh. The minimum carpet area of these houses is between 136 sq ft and 281 sq ft. They prefer compact homes because these are pocket-friendly and low on maintenance. They prefer a nest that has good connectivity with their workplace, according to an Anarock Property Consultants. Rising rents in the city and high price of bigger properties contributed to the trend, it said.

This bunch of young professionals are least bothered about the look and size of their house. They want a place where they can stay and at the same time at affordable price. The report said, "Smaller homes is what Indian millennial's prefer, especially when in cities like Mumbai." "The young professionals are less focused on size and look for homes close or well-connected to their workplaces to cut commute," it said.

Taking a small loan and paying EMIs on an asset can be easily resold is seen as the preferable option for these population, said Anuj Puri, chairman of Anarock.

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