67% of Indians Plan to Buy a Home in 2024, with Millennials Holding the Baton in Indian Real Estate

Indian real estate is currently witnessing one of its most dynamic phases, with 67% of Indians looking to buy a home in 2024. This shift is driven by a new breed of well-informed buyers and investors who are expected to dictate the market landscape over the next 5-10 years. Notably, there is a significant rise in young buyers, particularly those aged 28-40, who are making their mark on the property market with increasing enthusiasm.

NoBroker has reported a 23% increase in the number of buyers under the age of 35. Overall, buyers under 45 constitute 57% of the platform's total buyers. This demographic is characterized by its aspirations for a comfortable lifestyle, international travel, luxury cars, and high-end gadgets, often choosing to buy a home soon after marriage or during their mid-30s to early 40s.

What are Industry Experts Opinion?

Mr. Devender Aggarwal, Co-founder & Joint Managing Director, Signature Global (India) Ltd.

"Millennials are reshaping the landscape of Indian real estate, with emerging hubs like South Gurugram, Dwarka Expressway, and SPR becoming their preferred destinations. These well-informed buyers are not just looking for a place to live—they’re seeking investments that align with their lifestyle aspirations. As developers, we are keenly attuned to these evolving preferences, ensuring that we offer the right product in the right location at the right price. By focusing on quality, connectivity, and modern amenities, we are delivering homes that not only meet but exceed the expectations of this dynamic generation, making their investment both a valuable asset and a reflection of their future ambitions."

Traditionally, property ownership in India was male-dominated. However, a significant shift is underway, with 32% of women now preferring to invest in real estate, either as sole owners or co-owners. This trend is fueled by increased financial independence among women through careers and entrepreneurship, cultural shifts, and greater awareness driven by government initiatives.

Gaurav K Singh, Founder & Chairman, Womeki Group

"India's real estate landscape is set for a significant transformation, with the majority of the population planning to invest in homeownership. This surge in interest is notably driven by millennials, who are rapidly becoming the dominant force in the housing market in Delhi NCR. Unlike previous generations, millennials are not just seeking homes; they are looking for spaces that reflect their aspirations, lifestyle, and values. Their preferences are shaping the demand for modern amenities, sustainable living, and smart technology in residential properties. This shift is a testament to the growing financial independence and confidence among millennials, who are increasingly prioritizing long-term investments like real estate. The economic stability of this demographic, combined with favorable market conditions such as lower interest rates and government incentives, is creating a fertile ground for the real estate sector to thrive. As millennials take the lead, the Indian real estate market is poised for dynamic growth, reflecting the changing aspirations and economic power of a new generation of homebuyers."

Mr. Santosh Agarwal, CFO and Executive Director of Alphacorp

"Millennials have emerged as a transformative force in the housing market, reshaping the way we approach residential development. Their preference for sustainable living, modern amenities, and flexible spaces has prompted developers to innovate and adapt. We're witnessing a shift towards homes that cater to their tech-savvy lifestyle, prioritizing convenience and community living. As this generation becomes the dominant homebuyer group, the real estate industry must continue to evolve, ensuring that our offerings align with their values and aspirations, ultimately driving the future of housing in a more dynamic and inclusive direction."

Location remains a top priority, with 49% of millennial home seekers citing it as the most crucial factor when choosing a home. Over the last two years, locations such as South Gurugram (Sohna), SPR-Southern Peripheral Road, Dwarka Expressway, and New Gurugram have emerged as key real estate hubs and preferred choices for both end-users and investors.

Mr. Ashish Sharma, AVP Operations, Brahma Group

"With 65% of Indians planning to buy a home in 2024, millennials are driving a dynamic real estate boom, particularly in Gurugram. Notably, 67% of these buyers come from dual-income households, underscoring their rising disposable income and financial independence. As developers, we recognize that for this generation, property ownership is more than a milestone—it's a strategic investment for building wealth and securing early stability. Hence, we are dedicated to providing homes with cutting-edge amenities that surpass expectations, ensuring each investment aligns with both present desires and future goals."

In 2024, 65% of buyers are looking to invest in under-construction properties, anticipating that prices will rise further as the property nears possession. Millennials, in particular, are either focusing on luxury living, with 33% seeking 3BHKs, or investing in 1BHKs to diversify their portfolios, with 39% expressing interest in smaller units.

Tech Innovations and Luxury  Trends Redefine Real Estate Market

Technology is playing a transformative role in the real estate sector, revolutionizing how properties are bought and sold. No longer confined to traditional brokers and newspaper ads, buyers are now leveraging online platforms that offer end-to-end services, from property discovery to packers and movers, interior design, and loans. A significant 56% of buyers have indicated their preference for these comprehensive digital platforms.

Millennials, who are well-traveled and accustomed to global luxury standards, are driving demand for themed residential projects inspired by international styles, such as Greek, Scandinavian, and Singaporean designs. Builders are responding to these evolving buyer preferences by offering projects with IoT-powered amenities, luxurious living experiences, and society apps that cater to modern lifestyles.

With new launches predominantly above the ₹80 lakh price bracket, The Indian housing sector is experiencing a distinct K-shaped growth pattern, where market dynamics are bifurcating along price lines. Buyers originally targeting homes in the ₹70-90 lakh range are now shifting towards properties priced at ₹1 crore and above, driven by a perception of long-term value and necessity.

Conclusion

This new wave of buyers is not merely purchasing homes but is investing in assets that reflect their lifestyle and aspirations. Builders are adapting to this shift by prioritizing amenities over carpet areas, functionality over space, and convenience over everything else, ensuring that the Indian real estate market remains robust and resilient.