What does Millennial Homes mean and which consumer does it cater to? Let’s first define what a millennial is? A millennial denotes a segment of the population reaching young adulthood in the early 21st century. There are a vast array of millennials from the health & fitness conscious, highly social, pet friendly, to young techies, well travelled, smart investors, and active lifestyles. Most importantly, for the millennial owning a home is not only a wise investment option, but a part of their value system.
Data suggests that yes, millennials are young professionals, who want budget friendly, yet smart long-term investments. That means they don’t mind taking out a small loan, paying EMIs and investing on assets. Since age is not a definition of characteristics, we can also say the millennial homebuyers are those still holding on to youthful energy. Who don’t mind living in affordable housing, that is not so much about the size, but a location that is well connected to their workplaces and to the city.
Smart real estate properties will shift focus to the Millennial home buyer as it comprises 65% of the population according to CBRE reports, which still 85% want to live with their parents. Millennials are emerging as the key consumer class; and reconfiguration of residential spaces are directed towards this micro market. Let’s look into this youthful generation and see what makes them tick.
Even though millennials typically prefer a smaller apartment, we are seeing a new trend as the pandemic lingers, of those wanting to purchase homes of their own that are more spacious to incorporate an in-home office. They also prefer payment plans to reduce the burden of the initial down payments, and will be more than willing to pay EMIs since they are currently very low. The skyrocketing demand and vanishing inventory has pushed millennials to make fast, hard decisions.
What do we define as a Millennial buyer and how can we tailor residential designs to this micro market?
- Millennials: Millennials are first-time home buyers who are looking for long-term homeownership typically, young professionals/techies.
- Location: Contrary to popular belief, millennial home buyers are committed to finding secure homes, that have good hospitals, educational institutions around and have a short commute to work.
- Finance: Small loan paying EMI for flat size of on average 2000-2400 sq ft.
- Research: They are the number 1 researchers – from the online brand, to the Google Reviews, web content, and social media.
- Family integration: Marriage is not as important to the millennial, intstead they prioritize a strong sense of community which means they are drawn to communal spaces; with cafes, gyms, wifi-enabled spaces, city locality, social events, dining, airports, and rooftop infinity pools.
- Smart technology integration: They are big on tech, integration of AI and 3-D is growing in popularity.
- Appeal: Millennials are typically drawn to the style and charm of older designs. Although they want some modern upgrades, high-end appliances, and recessed lighting.
- Interiors: Integrated Cabinetry (clean lines), Smart Home Technology (auto lighting), Sustainability, “indoor-outdoor” aesthetic with earthy tones.
Based on the higher demand for Millennial homes, Vajram Group recently launched a residential project in the heart of North Bengaluru called, “Vajram Newtown” which inhabits the Millennial homebuyer lifestyle and lifestyle choices. Millennial Homes at Vajram Newtown is an amalgamation of all the requirements above. We do not literally mean – the youth generation, but all those families who have a young health consious pet friendly lifestyle who want to be part of an energetic community. Along with a top of the line location emphasizing safety and ease of commute to the airport and MG road, which only 30 minutes away. This connectivity will only increase as the government initiates Phase 2 Metro and many other road developments in the next 5 year city plan.
In addition, Vajram Newtown ammenities such as a multi-purpose court, Wi-fi Enabled, BBQ, park, reflexology path, the rooftop infinity pool, 18th floor sky lounge, and zumba-fitness centre are all an emphasis to create connections and boost community activity. These interconnections within the complex create a heightened sense of community as well as a fun yet peaceful neighborhood.
Vajram Newtown is built on the Millennial concept of Mivan Technology which is a reusable environmentally friendly formwork construction technology that was initiated in Malaysia in the 90’s. The construction time is rapid, and the strength is double, so we are guaranteeing to meet construction schedules as well as standards. This will also benefit the young professionals in terms of committing to their handover needs.
Recently, Vajram Group has integrated a new interior design team just to meet the requirements of the Millennial Home buyers. This team is very apt in the blueprint engineering of floor designs and layout to provide the appeal and efficiency of the designed floor plans. Also, smart technology can be easily incorporated within the planning. This quick understanding and integration of creativity is a loophole that is filled especially for the Millennial generations.
As you can see North Bengaluru is the next city centre. With this hustle and bustle looped into technology hubs, Vajram Newtown is an ideal place to live. Let’s thrive together and bring this community alive. Vajram Newtown currently is offering a special plan – NO EMI, Maintenance, PLC & Corpus offer for 2 & 3 BHK flats please enquire for more information call at 8088-998-998 or click here Vajram Newtown.