Indian millennials unlock housing recovery as many seek ‘security’ of ownership
- As millennials and overseas Indians rush to buy homes, India’s once-beleaguered urban housing market is seeing a resurgence after years of stagnation and unsold inventory
- Stricter laws and oversight around dubious developers and safety standards have also injected fresh life into the property market
“The job market was shaky, but I took the risk as prices were at rock bottom,” said Singh about his purchase in 2021, adding that the flexibility of working from home enhanced the appeal of home ownership.
The turnabout has been significant, especially in the country’s national capital region – the parts surrounding New Delhi – where pockets such as Noida were pockmarked by multiple housing projects left uncompleted by dubious developers.
Tens of thousands of homebuyers were left high and dry in a multibillion-dollar industry when some developers stopped midway, declaring bankruptcy after accepting the bulk of construction-linked payments, to avoid finishing costs that need the most funds.
Even the lucky few who got possession typically faced lengthy delays stretching up to a decade as developers would often divert payments to bankroll multiple other housing projects. For years, India’s property market was also a conduit for unaccounted money, with scores of fly-by-night operators and only a handful of established firms.