Contrary to the widely held belief that most people are seeking to move out of urban areas as workplace flexibility is emerging as a major topic, areas close to city centers still account for most of those planning to relocate. are more demanding.
New Delhi: According to a survey by property consultant CBRE India, around 44% people in India intend to move into a new home in the next two years and a majority of them, including millennials, prefer to buy residential property instead of paying rent. .
As it is widely believed that most people are seeking to move out of urban areas as workplace flexibility emerges as a major theme, areas close to city centers still feature among those planning to relocate. Most demanding. CBRE India's findings 'Voice from India: How will people live, work and shop in future?' released a report titled
The sample size of the global survey was over 20,000 people, of which 1,500 were from India across all age groups, including Gen Z, Late Millennials, Early Millennials, Gen X and Baby Boomers.
Indians exhibit greater flexibility towards moving or relocating than their global counterparts. The survey found that respondents displayed a strong intention to move to a new home in the next two years (44% versus 31% in the previous two years). This is significantly higher than both global and APAC respondents.
It is also interesting to note that as most cities in India lighten up, the definition of a true city center continues to evolve. Most major cities, especially Delhi-NCR, Mumbai, Bangalore and Pune, are witnessing the emergence of suburbs that redefine the 'city centre' in many ways.
"Gen Z leads the preference for moving to a new home in the next two years, compared to only 29% of baby boomers. This indicates that the younger generation will primarily drive the upcoming housing demand," CBRE said.
Except for Gen X, all other generations displayed a higher preference for locations near city centres. Gen X displayed a slightly stronger preference for remote locations and a greater willingness to move to another country as more experienced professionals seek overseas opportunities.
In fact, across age groups, the preference for moving to another country was highest in India (compared to global or APAC respondents)," CBRE said.
The survey also highlights that among those who are planning to relocate, more than 70% want to buy a home rather than rent. While India has always been an economy where renting is preferred over buying a home, the uncertainty surrounding the pandemic has further intensified the need for homeownership and security.
Anshuman Magazine, Chairman & CEO – India, South said, “While a majority of respondents intend to buy a home, we should not discount the remaining group looking for rental housing – 40% of Gen Z people would rather rent than buy But would love to have it." -East Asia, Middle East and Africa, CBRE.
While 20% of Generation Z would prefer private rental accommodation, 17% see student accommodation and shared accommodation as an option.
“Since this is the age group that will drive rental housing, developers should outline strategies to understand and tap the demand in time,” he said.
"Additionally, families are now placing equal emphasis on the quality of the property and the surroundings surrounding the unit. Hence, attractive and thoughtful interior design, well-planned outdoor areas and surroundings must now be complemented with remote working infrastructure."
The pandemic has heightened the importance of health and safety, increasing demand for professional property management services, especially in apartment buildings. The need for dedicated office space in the home is also increasing as hybrid working becomes more widespread.
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