The real estate industry in Pune is experiencing a trend where the average age of homebuyers is decreasing, indicating a growing number of millennials who are showing interest in this sector for long-term investments and financial stability. The younger generation can reap the benefits of investing in real estate due to their extended earning potential, which reduces the burden of the loan amount. Acquiring an asset in youth can substantially enhance financial stability and allow for more time for the property to appreciate. Moreover, possessing a property during economic downturns can provide additional advantages.
Pharande Spaces has recently undertaken ambitious real estate projects across Pune, completely transforming the city’s landscape and creating stunning architectural landmarks. The projects undertaken by Pharande Spaces exude a unique and exceptional exuberance.
Even though the pandemic and economic slowdown have presented obstacles, millennials are still eager to seize opportunities and make their mark in the investment market. There are various favorable conditions that support the growth of their real estate investment portfolios. Let’s take a look at that have contributed to the involvement of millennials in the real estate market.
Let’s gather information that is valuable for what millennial home buyers want and how they can position themselves as successful real estate investors.
Easy loan availability
Millennials and housing are quite a common scenario in these modern times and getting a home loan has become quite convenient to finance millennials’ real estate dreams. Several banks and private financial institutions are currently providing loans at lower interest rates, making it easier for individuals to borrow money. On top of that being younger increases the likelihood of loan approval, as you are likely to have fewer active loans in your name and can choose a more extended repayment period. As a young individual, time is an asset, and it’s wise to use it to your advantage by opting for lower monthly instalments over an extended duration. Additionally, the number of millennials buying homes increases during their prime earning career years. This may benefit them well because of the reduced interest rates and the ability to pay in one lump sum when they are awarded a bonus or a pay rise. As you will have a longer period to earn and repay your loans, the burden will be comparatively less than individuals who purchase properties at a later stage in life.
Enhanced research skills
Tech-savvy millennials have an added advantage of possessing better research skills as they are well-versed in using leading search engines and media to gather information on the latest developments. With a plethora of properties available, these millennials can access accurate information about projects through websites at their fingertips. Moreover, these online portals provide detailed reviews and opinions of people who have used the project, enabling them to make informed decisions. Young investors can leverage technology to research properties from any corner of the globe, resulting in better property deals.
Investing in real estate at a younger age can provide a plethora of tax benefits. By choosing a home loan, you can receive a rebate in your yearly income tax returns. The interest paid towards your monthly EMI can be deducted from your taxes. Section 80C of the Income Tax Act allows you to claim a tax deduction on the principal amount of your home loan, up to a maximum amount of Rs. 1.5 lakhs, which can further contribute to your savings while you acquire an immovable asset. Furthermore, first-time home buyers can take advantage of a provision in Section 80EE, which permits them to claim tax benefits if the total value of the loan does not exceed ₹35 lakhs.
Pharande Spaces have created residential properties keeping in mind the needs of the millennial demographic. These properties are strategically located in areas surrounded by IT parks, popular commercial zones, sports facilities, and all essential amenities that are easily accessible to this younger generation. Discover the finest offers for 2-BHK flats in Moshi and 3-BHK flats in Punawale, where you can relish undisturbed vistas, lush green gardens, and immerse yourself in the ambience and spirit of the city by making your home in these locales.
The real estate market in Pune is witnessing a significant shift as the younger generation is showing more interest in investing in properties. Millennials are leveraging the benefits of easy loan availability, tax benefits, and their enhanced research skills to position themselves as successful real estate investors. Pharande Spaces has been instrumental in transforming the city’s skyline with its exceptional architectural landmarks and providing properties that cater to the needs of this demographic. With attractive offers on 2-BHK flats in Moshi and 3-BHK flats in Punawale, millennials can now fulfill their real estate dreams while enjoying the benefits of financial stability and long-term investments.