Due to the COVID-19 epidemic, young Indians now prefer the option of buying a property instead of renting or cohabiting.
Young Indians typically prefer the experiences and living conditions achieved through a more flexible lifestyle than a sedentary existence bound to permanent housing, which shouldn't come as a surprise. Younger millennials (born between 1989 and 1996) and members of generation Z (born between 1997 and 2012) are particularly affected by this. Prior to the recent COVID-19 epidemic, this preference in lifestyle was mirrored in the living arrangements they chose, such as renting and co-living over ownership, close proximity to the office over a property in a remote suburb.
How did the epidemic change young Indians' attitudes regarding home ownership?
India has undergone a remarkable demographic change in the last several decades, making this one of the youngest large economies. In 2021, the average age of the working population was a mere 28 years, according to the demographic dividend. The younger generation has a higher level of independence and mobility since they were raised with little parental supervision. They have a reputation for experimenting with vocations and life. Young Indians that were digital natives and full of promise would soon dominate the job market in their nation.
The recent COVID-19 outbreak, however, altered the social and economic climate of the nation. It notably increased the need to be thrifty because economic uncertainty remained a major issue, leading to job losses and income cutbacks, particularly among young people. Because of this, many people used the epidemic as an occasion to reevaluate their lifestyle choices, while others placed a greater priority on emphasizing secure investments.
Due to the unstable rental market, employment instability, more work, and higher costs, living in rented flats grew more and more challenging. Due to possible health and security hazards, the pandemic also raises some question on the widely used co-living idea. The culture of working from home and flexible scheduling also contributes to the resurgence of housing demand in several far suburbia and Tier-2 cities away from busy city areas. In retrospect, the younger Indians favored residing in large, clean, privately owned homes that could satisfy their additional demands, even if they weren't close to the city's heart.
In conclusion, the epidemic caused a paradigm shift among young Indians, moving them away from a nomadic, adaptable way of life and toward a more secure way of life. Government incentives provided during the epidemic, including as lower interest rates on mortgages, tax breaks, and a first-time homeowner's insurance policy, further reinforced these shifts in priorities. These considerable advantages, together with the actual real estate options, extra discounts provided by the developer, and a rise in supply, led to a stunning shift in the young Indians' desire to reach the heretofore unattainable quality of living through home ownership.
Is this idea going to stick around given the pandemic's peak and current gradual decline? The epidemic did, in fact, evoke the impulse to flee for protection and stability, much like any other significant disruption. It remains to be seen whether this trend will persist or weaken in the coming years.