A recent Housing Sentiment Index (HSI) report by Magicbricks reveals that individuals aged 18-34 years exhibit a notably higher housing sentiment (HSI 160) compared to Gen X and Baby Boomers, whose sentiment scores range from 141 to 156. This age group shows a strong preference for properties priced between Rs 20-75 lakh and sizes ranging from 500 to 1,500 sq. ft., highlighting their focus on affordability and space optimization.
The report identifies Pune, Thane/Navi Mumbai, and Gurugram as preferred investment locations for those aged 18-24, driven by established employment hubs and aspirational value. Gurugram, for instance, saw a 17.4% year-on-year increase in demand, with prices rising 32.5% to reach Rs 14,650 per square foot. The under-construction supply in this area also expanded by 35.85% in Q3 2024.
For the 25-34 age group, cities such as Hyderabad (HSI 180), Ahmedabad (HSI 171), and Noida/Greater Noida (HSI 169) are gaining traction due to infrastructure growth and high demand. Hyderabad experienced a 3.2% quarter-on-quarter growth, with average rates reaching Rs 8,188 per square foot in Q3 2024. Ahmedabad offers a more budget-friendly option, with average prices around Rs 5,927 per square foot, particularly in popular micro-markets like SG Highway and Bopal, where prices range from Rs 5,500 to Rs 7,900 per square foot.
Noida/Greater Noida has emerged as a prime investment hub, with residential rates nearly doubling to Rs 11,625 per square foot over the past year. The under-construction segment has seen significant growth, with prices soaring 69% year-on-year, rising from Rs 7,547 per square foot in Q3 2023 to Rs 12,758 per square foot in Q3 2024.
This shift in young homebuyers’ preferences underscores the evolving landscape of the real estate market in India, with a clear focus on affordability, infrastructure, and aspirational living.
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