Young homebuyers aged 18-34 lead real estate sentiment, focus on affordability
Oct 17, 2024
New Delhi [India], October 17 : Individuals aged 18-34 show the strongest housing sentiment, with a housing sentiment index (HSI) score of 160, outpacing GenX and Baby Boomers, whose scores range from 141 to 156, according to the Magicbricks report.
The report highlights an interest among young homebuyers in properties priced between Rs 20-75 lakh and spanning 500-1,500 sq. ft., underlining a demand for affordability and optimized living spaces.
The HSI report identifies Pune, Thane/Navi Mumbai, and Gurugram as favored investment destinations for the 18-24 age group. These cities are attractive due to their established employment hubs and aspirational value.
Gurugram, in particular, saw a 17.4 per cent year-on-year (YoY) increase in housing demand, alongside a 32.5 per cent YoY rise in average prices to Rs 14,650 per square foot (psf). The city also witnessed a significant 35.85 per cent growth in the under-construction housing supply during the third quarter of 2024.
For buyers aged 25-34, Hyderabad (HSI 180), Ahmedabad (HSI 171), and Noida/Greater Noida (HSI 169) emerged as top investment choices, driven by infrastructure development and robust housing demand.
Hyderabad recorded a 3.2 per cent quarter-on-quarter (QoQ) increase in average prices, reaching Rs 8,188 psf in Q3 2024. Meanwhile, Ahmedabad remains a more affordable market, with average prices at Rs 5,927 psf, and popular micro-markets such as SG Highway and Bopal priced between Rs 5,500-7,900 psf.
Noida/Greater Noida stood out as a prime investment hub, with residential property prices almost doubling over the past year to Rs 11,625 psf. The surge was especially significant in the under-construction segment, where prices skyrocketed by 69 per cent YoY, from Rs 7,547 psf in Q3 2023 to Rs 12,758 psf in Q3 2024.
