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.
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