A recent report by Magicbricks has revealed that young homebuyers aged 18-34 exhibit the strongest housing sentiment in India. Their housing sentiment index (HSI) score of 160 surpasses that of older generations, GenX and Baby Boomers, who score between 141 and 156. The report also highlights a preference among young buyers for affordable properties priced between Rs 20-75 lakh and spanning 500-1,500 sq. ft.
This emphasis on affordability and optimized living spaces reflects the changing priorities of younger generations. Pune, Thane/Navi Mumbai, and Gurugram have emerged as popular investment destinations for the 18-24 age group. These cities offer a combination of established employment hubs and aspirational value, making them attractive to young professionals. Gurugram, in particular, has witnessed a significant surge in housing demand, with a 17.4% year-on-year increase. Average property prices in Gurugram have risen to Rs 14,650 per square foot, and the under-construction housing supply has grown by 35.85%.
For buyers aged 25-34, Hyderabad, Ahmedabad, and Noida/Greater Noida are top investment choices. These cities are driven by factors such as infrastructure development and robust housing demand. Hyderabad has seen a steady increase in property prices, reaching Rs 8,188 per square foot in Q3 2024. Ahmedabad remains a more affordable option with average prices at Rs 5,927 per square foot.
Noida/Greater Noida has witnessed a remarkable surge in property prices, with a 69% year-on-year increase in the under-construction segment. This growth is fueled by the region’s development as a prime investment hub. Overall, the report indicates a strong preference for affordable, well-located properties among young homebuyers in India. As the real estate market continues to evolve, it is essential for developers and policymakers to cater to the specific needs and preferences of this growing demographic.
