Millennial more inclined towards Affordable Housing

Instead of searching for and booking bigger and more expensive real estate projects, millennial these days prefer to opt for smaller units that are more affordable when it comes to buying a house. More and more developers are settling on average unit size of apartments to make them affordable and attract the millennial homebuyers.

Basis a report, the average sizes of apartments in most of the cities of our country have shrunk in the past five years and this can be imputed to the shift in demand for affordable housing in the sector. In the past five years, the average property sizes declined 17% in the top seven cities from a high of 1,391 sq.ft in 2014 to 1,100 sq.ft in 2018. Millennial these days prefer buying apartments smaller in size as that fits into their budget and the location of these units are also central and well-connected. Buyers these days are more focussed on their careers and opt for apartments with a good location and better connectivity.

Mr. Pradeep Aggarwal, Founder and Chairman, Signature Global elaborates, “Affordable Housing has come out to be as a boon to the millennial homebuyers, they can easily afford and have a house of their own without digging a hole in their pockets. Reduced flat sizes have lowered the burden on the homebuyers as property sizes are proportional to square foot area thereby lowering the cost of the apartments and an increase in the demand for Affordable Housing.”

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