Millennials set most of the market demands for apparel, housing, food, or entertainment. When it comes to real estate, things are similar. Millennials are at the prime of their careers. They drive real estate trends in the country’s financial capital, Mumbai, and make it a city worth residing in.
While financial independence rules over every millennial’s life, they also want to secure their future and reside in a 1 BHK flat in Mumbai, offering peace, security, tranquillity, amenities, and connectivity to major railways, roadways, and airports. Here are reasons to invest in a flat:
All about location
Connectivity, location, and convenience are the most important things to look for in a flat in Mumbai. Working professionals and young families prefer staying in the neighbourhoods where they work to cut short commutes, have great connectivity, and find an excellent social infrastructure for their families.
Investment and asset creation
Rentals in most neighbourhoods in Mumbai are high. It makes sense for millennials to invest in 1 BHK homes and create an asset that appreciates over time. With quick Home Loan approval and availability of subsidies, it is no surprise that millennials prefer owning real estate in Mumbai rather than leasing or renting.
Tax savings
Through robust financial habits, every millennial’s credit scores are at their highest. Banks willingly fund Loans to a millennial over a senior citizen or an intern about to start their career. With such funding comes tax relief. Taking advantage of Section 80EEA and Section 24 makes for considerable relief and efficient tax planning for homebuyers at this stage.
Nuclear families
Unlike previous generations, millennials can adapt to living in small, nuclear families. For example, a flat in Sheth Avante, Kanjurmarg, is enough for a couple with small children. The rise of ergonomic materials, studio apartments, and fluid designs make smaller apartments perfect for millennials who may not want to invest much in maintaining larger homes.
Besides, you can also enjoy amenities like a themed garden, cricket pitch, senior citizen area, multipurpose court, jungle gym, theatre, swimming pool, party deck, star gazing pedestal, and a yoga room.
Smart planning for smart homes
Millennials are more financially literate. They are better at fund planning than the previous generations. Investing in a 1 BHK flat in Mumbai frees up some funds to create a diversified portfolio or even opt for a second home in the suburbs. An important idea drives the demand for smaller, smarter, and more affordable housing.
Conclusion
From personal fulfilment to professional growth, if you have a home in the right locality of Mumbai, you can find it all. You want to live in an area that allows you to access everything the metropolis offers without disrupting your daily life with noise and chaos. Set your budget, location, and budget according to your preferences before buying a home in Mumbai.
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