Indians display more flexibility towards moving or relocating than their global counterparts, said a survey conducted by CBRE South Asia. The real-estate consulting firm on Tuesday announced the findings of its report, �Voices from India: How will people live, work and shop in the future?’, which is based on the response of more than 20,000 people polled globally.
According to the LIVE section of the India report, in contrast to the widely-held belief that most people are seeking to move out of urban areas as flexibility at the workplace emerges as a dominant theme, areas close to the city centres still remain the most sought after among those planning to move. The survey found that the respondents displayed a stronger intention to move to a new home in the next two years (44 per cent vs 31 per cent in the previous two years). This is significantly higher when compared to both global and Asia Pacific respondents.
It is also interesting to note that as most cities in India swell to the beam, the definition of a true city centre continues to evolve. Most leading cities, especially Delhi-NCR, Mumbai, Bengaluru and Pune, are witnessing the emergence of suburbs that in many ways redefine the erstwhile city centre, said the survey. Gen Z led the preference towards moving to a new home in the next two years, compared to only 29 per cent of baby boomers. This indicates that the younger generation will primarily drive upcoming housing demand.
Except for Gen X, all other generations displayed a higher preference for locations near the city centres. Gen X displayed a slightly stronger preference for remote locations and a greater desire to move to another country as more experienced professionals seek overseas opportunities. In fact, across age groups, the preference to move to another country was the highest in India (when compared to global or Asia Pacific respondents).
The survey also highlighted that of those planning to move, more than 70 per cent wanted to buy a house, instead of renting. While India has always been an economy where home buying is preferred over renting, the uncertainty around the pandemic has further accelerated the need for homeownership and security.
Anshuman Magazine, Chairman and CEO, India, Southeast Asia, CBRE, said, “While a majority of the respondents intend to purchase a house, we should not discount the remaining cohort looking for rental accommodation � 40 per cent of Gen Z would prefer to rent rather than purchase. While 20 per cent of Gen Z would prefer private rental accommodation, 17 per cent look at student housing and shared accommodation as an option. Since this is the age group that will drive rental accommodation, developers must outline strategies to understand and tap demand well in time.
“Also, families are now laying equal emphasis on a property’s quality and surroundings as on the unit itself. Therefore, attractive and thoughtful interior designs, well-planned outdoor areas and surroundings must now be complemented with remote working infrastructure.”