Bengaluru’s real estate has undergone a dynamic transformation over the last few years. Now, in the hands of the millennials, the city has grown from being a garden city to embracing the concepts of concrete jungles and safe green havens. The individuals have emerged as influential players in the real estate sector, reshaping the urban landscape. With their technological and financial acumen, coupled with a desire for independence, Bengaluru millennials are making substantial strides and dominating the real estate market like never before.

India is experiencing a significant demographic shift, with a growing proportion of millennials. According to the American Psychological Association and CBS, in 2021, millennials accounted for 52% of India’s population, surpassing the global average of 47% reported by the UN. This demographic trend is a key factor in the changing dynamics of India’s real estate market.

There are many reasons why millennials invest in real estate. One of the primary considerations for this generation is affordability. Many millennials are dealing with student loan debt and other financial pressures, which can make buying a home challenging. Millennials, who prioritise stability and financial security, recognise the significance of investing in real estate to meet their basic needs while potentially benefiting from long-term value appreciation.

The trend of millennial property buying is spearheading a transformative shift in housing preferences, reshaping the city’s skyline in the process. Embracing co-living spaces, smart homes, and a commitment to sustainable living, millennials are driving demand for innovative housing projects. These dynamic preferences reflect a departure from traditional norms, signalling a new era where community, technology, and environmental consciousness converge to redefine the essence of an ideal home.

In addition, location also plays a pivotal role for most millennials. They prioritize homes close to public transportation, work, and other amenities, such as cafeterias with co-working spaces, entertainment spaces, and open landscaped gardens to stroll amidst nature. Millennials are also more inclined toward smart, fully automated homes for a more convenient and comfortable lifestyle. These elements not only reduce the time and effort needed for maintenance but also help in avoiding costly repairs in the long run.

Furthermore, as lifestyles evolve, the desire for outdoor living spaces has surged among millennials. The trend of spending more time at home, accelerated by the global pandemic, has led many to seek ways to connect with nature without leaving their residences. Outdoor spaces, whether they are balconies, terraces, or gardens, have become highly coveted features in homes. Bengaluru, known for its pleasant climate and greenery, provides the perfect backdrop for such spaces. Developers have responded to this demand by incorporating more outdoor areas in their projects, recognising the importance of providing a holistic living experience.

Hence, the influence of millennials on Bengaluru’s real estate is undeniable. Their preferences and priorities are redefining the way properties are designed, built, and marketed. Despite challenges, millennials are transforming Silicon City’s realty market through bold and strategic moves. Their preferences for affordability, outdoor living spaces, and low-maintenance features are driving developers to rethink their offerings. As this trend continues, Bengaluru is poised to become a city that meets the needs of its millennial population and sets new standards for urban living.

This article was originally published in the Financial Express on August 20 2024, 14:49 IST.