HYDERABAD: The city’s post-Covid-19 market has found a new set of home-buyers — millennials. While prior to the pandemic, this group — largely between 25 years and 35 year of age — comprised only a small section of the clientele, most developers are now seeing that percentage touch 50% or more.
In fact, Anarock Property Consultants’ recent consumer sentiment survey found that Hyderabad has the “highest number of property seekers (55%) aged within 25 to 35 years among all cities in India, including metros and smaller ones”. This is followed by Pune, where it stands at 45%. Reason: Both cities have a large pool of young people who now aspire to own a home earlier in life, the survey stated.
“The fact that the IT industry, despite the challenges of the pandemic, has managed to stay stable is also a reason for this trend to pick up,” said R Suresh Kumar, senior vice-president (business operations), Prestige Group (Hyderabad). The Bengaluru-based developer has seen a pronounced jump in its 25 to 30-year-old home buyers’ numbers. “The importance of a home that has dawned on many, post Covid-19, has hit this generation as well. So those with financial stability is looking at parking their money here,” Kumar added.
It’s also the safest investment option now feel those like Suresh Kumar, a 31-year-old IT professional from Jharkhand. He has recently invested in a house in Hyderabad’s Financial District. “With this pandemic I have realised that returning to my home state, at least till I am employed, is not an option. So, if I eventually want to live in Hyderabad — a city I like — I might as well buy a home here and start my loan early so that I can pay it off faster. It’s an asset that won’t depreciate in value soon,” he said.
Agrees Veera Babu, managing director of Cushman & Wakefield (Hyderabad). “And given the current situation coupled with very low interest rates, the conditions are even more appropriate for these buyers, with larger disposable incomes, to take a decision,” he said adding, “Also, Hyderabad’s residential market has been heating up for the last couple of years and there is general concern among buyers on losing out on opportunities.”