By 2030, 60% of New Home Buyers Will Be Millennials and Gen Z in India: JLL Report

The firm added that sustainability, which was once considered a luxury, is now a necessity in the housing market. Green-certified buildings are expected to account for 30 percent of new residential projects by 2025, doubling from 15 percent in 2020, it added.

- TBG NETWORK

As India's residential market picks up, the Millennials and Gen Z buyers are expected to comprise about 60 per cent of new homebuyers by 2030, the JLL, a global real estate services firm, anticipated in its year-end residential market note.

By definition, Millennials, or Generation Y, are the people born between the early 1980s and the mid-1990s to early 2000s, while Generation Z are born between the mid-to-late 1990s and early 2010s.

The global real estate services firm added in the note that the urban homeownership rate is set to increase to 72 per cent by 2025, up from 65 per cent in 2020.

This will be supported by affordable financing options and a younger demographic entering the housing market, the note added.