If you are a homeowner looking to sell your residential flat in Gurgaon or any part of the NCT, the chances are you will be selling it to a millennial. It is seen that the millennials are the newest entry into the real estate sector. It is possible that today they are form the largest group purchasing homes for the first time. This seems to be a new trend, where earlier, this generation was known to rent housing in cities. So, what is it that you as a homeowner need to be aware of to cater to this population? Here are some quick areas.
One of the most important reasons for this generation to deviate from their original behaviour is the low rate of interest available in the market. The launch of the affordable housing scheme in Gurgaon, NCR, and other areas in the country have prompted millennials to think of investments in a sustainable manner. What could be a better investment than a real estate property? The confidence is high, and many of them believe that they would like to purchase a property. In addition, the availability of more financing options adds to their developing interest. Nonetheless there are some hurdles paving their way.
If we look at the real estate scenario a little closely, we see that there is a shortage of affordable housing projects in the country. Even in Delhi NCR, which remain the top property destinations lack more options. The affordable housing project launched by the government intends to work well for low income groups and economically weaker sections. The millennials wanting to buy homes do not fall in this category, which calls for an extension of the criteria employed for the scheme.
In addition, most affordable projects are present in the city’s periphery, where transportation and basic amenities are yet to reach. In this scenario, working millennials find themselves unfairly tackling infrastructural limitations against their interests. With inter-city migration, especially for better economic opportunities, millennials prefer living closer to their work places and where there are amenities present round the year.
As a homeowner, it would a wise decision to invest in meeting some of these expectations. Enlisting yourself with a loan officer or working closely with a real estate agent will allow for matching your property with the right client. In addition, even though your property may not have luxurious countertops and club memberships, real estate agents can help millennials look for the right deals, such as a school district and a safe neighbourhood. Ensure that you are making the business as simple and easy as possible for the buyer. This could include easing the paperwork process, discussions about the down payments, and any credit issues that may need to be handled. The unfamiliarity may be an overwhelming experience for them and you can ensure that they have a good experience.
The market conditions are in favour of affordable homes than premium housing projects. Nonetheless, you may come across buyer expectations which may not suit your present situation. Research well about any additional investments into the project and see whether you will be rewarded by the market in the days to come. Millennials will continue to remain a strong contender in the real estate market as homebuyers especially because their economic projections are favourable. As a large population in the country is reaching their retirement, more millennials have stepped forward to fill their gaps. It is beneficial to see these new customers for the kind of influence they will have and leave on the real estate sector. After all, they are the future.
Signature Global is a reputed name in the real estate sector in India dealing in affordable housing projects. Signature Global’s residential flats in Gurgaon include their massive projects of Solera (Sector 107), Synera (Sector 81, NH8) Andour Heights (Sector 71), Orchard Avenue (Sector 93), Grand Iva (Sector 103), Roselia (Sector 95A), and Serenas (Sector 36). At present, Signature Global’s Signum project offers retail shops in Gurugram in sector 36, 95A, 93, 103, 71, 81, and 107. For bookings, check http://www.signatureglobal.in/retail
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