JLL report: By 2030, 60% of new home buyers in India will be Millennials and Generation Z

New Delhi [India]December 25 (ANI): Global real estate services firm JLL expects millennial and Gen Z buyers to account for around 60% of new home buyers by 2030 as India’s residential market picks up. Attention residential market.

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

The global real estate services company added in the report that urban home ownership will increase from 65% in 2020 to 72% by 2025.

This will be supported by affordable financing options and a younger population entering the property market, the report added.

Ritesh Mehta, senior director and head (north and west), residential services and developer initiatives at JLL, said the report further states that by 2025, driven by rapid urbanization, technological innovation and changing consumer preferences, India’s real estate market is set to undergo a significant transformation. India, in his notes. Tier II and III cities are emerging as key growth hubs, with smaller urban centers such as Jaipur, Indore and Kochi driving more than 40% of new housing development by 2025.

According to JLL, the housing sector is expected to contribute 13% to the country’s GDP by 2025, reflecting its resilience and potential.

Expected to grow into a $1 trillion market by 2030, the industry is evolving in response to demographic changes, policy reforms and global trends.

The company added that sustainability, once considered a luxury, is now a necessity in the real estate market. Green-certified buildings are expected to account for 30% of new residential projects by 2025, double from 15% in 2020, the report added.

The demand for sustainable development, smart homes, technology-integrated living spaces, and affordable housing schemes has grown in the market, the report said.

The report adds that by 2024, sustainability will no longer be just a buzzword but a key factor influencing property values ​​and buyer decisions.

According to JLL, green building certifications such as LEED (Leadership in Energy and Environmental Design) are becoming more common as the real estate industry prioritizes sustainability.

According to JLL, demand for smart homes and technology-integrated living spaces is soaring, while affordable housing remains a key focus in India.

The number of residential units sold in 2024 represents approximately 85% of the total units sold in 2023 as a whole.

Sales in 2024 increased significantly by 17% compared to 2023.

The upward trajectory in demand paves the way for continued growth in the country’s residential asset class, the report added. Sales have doubled compared with 2023, according to JLL. (Arnie)