HYDERABAD: For the new generation, real estate seems to be the sector of choice for investment as owning property may become unaffordable in the future. The younger generation which used to put their money in savings banks or chit funds or in shares is now looking at the possibility of owning properties.
As the realty sector is on the ascendency in Hyderabad, youngsters working in IT, pharma industries, electronics, health and other key sectors are parking their money in flats, independent houses and those who are earning well, are purchasing luxury apartments.
CREDAI General Secretary Rajashekhar Reddy said that the new trend of the younger generation preferring real estate for investment purposes has been gaining momentum. “This is a good sign for the sector and also for youngsters who will benefit in the long term,” he said.
According to him, several banks are providing housing loans upto 80 to 90 per cent based on their income levels. With regard to locations, the youngsters are purchasing properties that are nearer to their workplaces, educational institutions, hospitals and other amenities for their future needs. Moreover, they are selecting the flats which are comparatively cheaper and near bus stops and railway stations.
Apart from this, post-Covid-19, youngsters are going in for bigger homes that can be used as offices for work from home. On the other hand, middle-age people are going for open plots which have a possibility of appreciating in value in the future.
Twenty-eight-year-old Vamsi Krishna, a techie in Gachibowli said that he recently bought a three BHK in Serilingampally and felt he invested his income in the right way. “Land rates are going up, registrations are increasing while construction costs are rising sharply. Under these circumstances, I thought, it is going to become a big task to buy properties in the future and decided to put my investment before prices go beyond my limit,” he said.
Youngsters look for big houses after Covid-19
After Covid-19, youngsters are going in for bigger homes that can be used as offices for work from home purposes. On the other hand, middle-age people are going for open plots which have a possibility of appreciating in value in the future, say experts