If the people belonging to the previous generation were self-made, mostly-middle class, and worked hard to save up some money with frugal investment, millennials, who constitute half of the current workforce, are way different. The current generation of millennials is highly educated, has humongous technical prowess, and makes well-informed decisions. They work hard and invest in many assets such as mutual funds, stocks, gold, and properties.
Like any other metropolitan city, the millennials from Hyderabad and Vijayawada are also savvy. A majority of them are engineers, doctors, and IT professionals. Thanks to the ongoing pandemic, these current generation youth have learned the art of frugal spending. As the entertainment hubs were practically non-functional for ages, these youngsters, mostly working from home, found time to search for wise investments. As a result, they have discovered expansive vistas of investment opportunities.
After investing a bit in all the assets mentioned above, except housing, the millennials have started making investments in apartments. No parent wishes their son or a daughter living in a rented house after marriage. Many parents back their children in offering advance payments to book apartments and ask their wards to pay the EMIs. So, the millennials are currently in this phase of evincing keen interest in investing in real estate. The builders also understand the new crop of the millennial generation, who are ready to invest in properties. Accordingly, the real estate developers are focussing on executing projects meeting the specific needs of these young homebuyers.
With frequent lockdowns, many of these millennials have had a tectonic shift in their attitudes and hastened the plans to buy new apartments. If the proof of the pudding is in the eating, as per research reports, the exponential growth of millennials investing in real estate from 63% in 2021 alone is in contrast with the previous year's 49%. Real estate developers capitalize on the millennials' needs offer them special prices, flexible payment options, and more.
As we are just getting out of the pandemic, the RBI, too, has reduced the interest rate for housing. The housing loan interest rate now is as low as 6.5%. Also, the Central Bank has increased the maximum permissible loan amount. Homebuyers can avail of housing loans of up to 90% of the total value of the apartment.
When floodgates of the real estate segment are opening up in a big way post-pandemic, property developers have geared up to capitalize on the exponential boom from the millennials segment, while the latter is gearing up to own properties on their own and set up their own families. Overall, this is undoubtedly a boom time for real estate developers and the millennial youth! Invasion offers Vijayawada's largest gated community with all amenities that a millennial would love to indulge in.
The extra-large 3 and 4 bedroom apartments are suitable for everyone's taste. Along with it comes many amenities like swimming pools, sports arena, business center, coffee shop, ATM, medical store, supermarket, and more. with the Benz Circle, just four kilometers away, Navah by Invicon is connected to every aspect of fast-paced life- airport, entertainment hubs, shopping centers, and educational institutions. For more details, visit: https://www.invicon.com/