There has been a tectonic shift in the past decade not just in the overall buying pattern but also in the age of property buyers, according to a new report on Wednesday which found that younger Indians with much lower savings kept away from bank loans seeing them as risky, and were also very cautious about them.
Analysing the age bracket of home seekers in the first half of 2019, the report, conducted by a property consultant Anarock, said that at least 37 per cent of participants serious about buying homes fall in the age bracket of 35-45 years, followed by 25 per cent in the 45-55-year bracket.
The report also revealed that 20 per cent participants are in the age bracket 25-35 years and at least seven per cent are under 25 years of age.
The homebuyer share of these two age brackets was extremely limited in the early 2000s.
Towards 2009-2010, easy home loan availability boosted the share of homebuyers falling in the 25-35 years age bracket, the study said.
In late 2010, buyers were largely in the age group of 35-45 years and 45-55 years, but the share of homebuyers in the 25-35 years age group was minimal.
However, improved tax benefits motivated more working youth in this age bracket to opt for home loans.
Millennials predominantly favoured paying EMIs to own a home over the 'dead' expense of rentals.
The ranks of the vital age demographic swelled steadily till about 2015-16.
However, since then, many millennials are rethinking the notion of buying homes at this relatively early age.
In Mumbai, 37 per cent home seekers are in the age group of 35-45 years, followed by 28 per cent in the 45-55 years. Also, nearly 16 per cent are in the 25-35 age bracket, while another 12 per cent - predominantly start-up entrepreneurs - fall in the below-25 age group.
In Delhi-NCR the trend is reversed. At least 37 per cent home seekers are in the age group of 45-55 years, followed by 26 per cent in 35-45 years age bracket.
Bengaluru has at least 52 per cent property seekers in the age bracket of 35-45 years. 18 per cent of Bengaluru's home seekers are in the age bracket of 45-55 years and almost 21 per cent are below 35 years of age.