Ask any Indian millennial what their parents had to say about buying a house and you’re likely to hear the same things. From philosophical answers like your own roof over your head and a small garden in the balcony to retire in, to the melodramatic ones like hosting their children’s million pre-wedding functions or simply keeping Sharma ji ’s snide comments at bay. Pretty much the same rote, but nothing that had to do with their own dreams. Surprising isn’t it!
Cut to 2017 and despite the internet trying to make you believe that the current generation doesn’t invest in real estate, a lot of people are buying houses but the when, how, and why has certainly changed!
#1 Why buy at 50 what you can buy at 30!
The urban Indian middle class, of which we have plenty, is educated & well-paid, and certainly more sensible with money. Indian millennials know the value of a good investment and they certainly like to live life grand. Perhaps, that’s why over a third of first-time home owners in India now are in their twenties or thirties – something quite uncommon a generation ago.
#2 Retiring in your house, maybe. Keg parties, certainly!
Blame it on Bollywood or our lack of imagination, but the archetypical Indian was someone who bought a house when he was inches away from retirement. No wonder he couldn’t do much in it.
Thankfully, not any more! Younger home owners are putting their houses to creative uses and none of them include retirement. Setting up party pads, building home studios, or Air BnB listings; you name it and they’re doing it. So, the next time you’re invited to a keg party, it might just be at a posh apartment instead of a brewery!
#3 Small is the new big!
Twenty years ago, if you didn’t have a house with enough room to house half the neighbourhood, you hadn’t arrived in life. But in 2017, small families and working couples with no children are making that concept redundant!
Studio apartments and compact houses have become the norm-de-jour in India, and what’s great about this trend is that it opens up the possibility to buy a second or third home as an investment.
#4 My house, my style!
A generation ago, a house was perfect if the paint didn’t chip off, rats didn’t find their way into the sink, and the pipes didn’t leak. Not any more!
Developers are selling Feng Shui houses and interior designers are being put to work much before completion. With home owners today, décor isn’t about throwing in sofas and chairs in the living room, it’s a reflection of their personality and they aren’t shying away from investing in art pieces and designer furniture.
Talk about how the average Indian home has changed from then to now and we’ve certainly gone from ‘station wagon’ to ‘coupe’!
#5 Homes need Insurance too!
We all remember the famed Indian safe, the keys to which were a secret only the ladies of the house knew. Not that homes back then didn’t have valuables, but the concept of home insurance barely had any takers. Well, things are changing now! With all the expensive gadgetry, designer furnishings, and art & décor homes these days have, home owners are increasingly opting for home-insurance to protect their investments. Besides, home insurance has become so comprehensive and easy to avail. Think of Reliance General Insurance’s Home Content plan that provides coverage for your expensive gadgets, jewellery, accidents inside the home, and burglary, all in a single policy.
All in all, owning a house in India has changed drastically over the years in terms of when people buy a house and for what reasons they do. But the one thing that’s still the same is that the people living in the houses are what really make it a home!
