Published: Updated On – 06:17 PM, Fri – 8 October 21
Hyderabad: Easy entry to loans and well-paying entry stage jobs has led to this new breed of residence homeowners.
When Nikhil Rao bagged his first job at the age of twenty-two, he was clear about one factor – make investments his hard-earned cash in a home. And, at the age of 27, he has purchased a 1,100 sqft 2BHK in Madhapur and proud about his funding.
Like Nikhil, many children within the age group of 25 years to 35 years are wanting to buy a home as a protected funding possibility fairly than investing in gold or different saving devices.
“Having a house of my own meant stability, peace of mind, and ownership, which no other saving instrument gives. It is also a safe investment option and I don’t have the problem of paying rent. I have a secure and well-paying job and with work from home and hybrid work culture becoming the norm, the house is the place where I will spend most of my time,” says Nikhil Rao, who works in a big MNC within the city.
He is one among the many rising variety of children for whom buying a property/dream house is a precedence. He provides, “I had also decided that I would first buy a property and then get married.”
Young millennials and GenZs are investing in homes starting from a 2BHK, service residences, villas to even farmhouses – relying on their spending capabilities.
Easier entry to loans, low-cost EMIs, and booming real property together with greater salaries at entry-level and mid-level has led to this pattern.
About a couple of years in the past, the sooner era used to attend until their late 40s or early 50s to buy their very own residence, however consultants counsel that this pattern has modified drastically. For many, a dwelling of their very own was a retirement venture.
“Buying a house was always an option after you turned 50, but now it has become so easy to buy a property,” factors out says G Ram Reddy, nationwide vice-president, Credai (Confederation of Real Estate Developers Association of India).
If one has a job and a pay slip, then many banks are prepared to offer a mortgage of as much as 90 per cent. “So, instead of getting into the hassle of paying rent, youngsters prefer to pay a little extra for the EMIs and enjoy the benefits of owning a house,” he says.
The booming IT sector in Hyderabad additionally contributed to this pattern whereby enormous hikes within the vary of 30 per cent to 150 per cent led to excessive disposable earnings. With restricted avenues, many people had been wanting in direction of proudly owning land or a home in Hyderabad.
Knight Frank India’s Hyderabad department director, Samson Arthur says the sooner millennials had been of the view that they might go for a rental property to keep away from making heavy funding and hold it asset-light.
“However, this opinion has changed in the post-pandemic world wherein it has made people realise that homes are dear and it is more than just an investment. For uber-luxury, they invest in a farmhouse so that they can get away from the city life and the price-conscious will look at a service apartment or 2BHKs with a study room,” he says.
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