As of early 2023, India overtook China to become the most populous country in the world. Of this population of 1.41 billion, 52% are Millennials or Gen Z, taking the country's youth population well over the global average. This is certainly good news for the economy since the participation of the Millennials and Gen Z in the workforce is the key to India's claim as one of the fastest developing and largest economies globally. This also means that these are the generations with the highest purchasing power and are a market force reshaping the real estate market in the country.
To understand the source of homebuyers' purchasing power, it is important to delve a little deeper into the hiring trends of the services industry. The tech industry is concentrated largely around the country's metro cities and urban areas like Mumbai, Delhi, Bangalore, and Hyderabad. In 2022, nearly 68-70% of the hires in the industry were millennials. About 18-20% of Gen Z also went into employment in the industry. The trend is similar in most city-based services industries and businesses. Of the two, Millennials seem more inclined to buy residential property and put down roots, while Gen Z seems to be enamoured with co-living spaces and the flexibility it has to offer. It is indeed safe to say that much of the homebuying demand in major cities comes from Millennials.
The Indian economy is expanding at a rapid pace, and the services industry is at the core of such expansion. Millennials are now the largest part of the services workforce, with high disposable incomes and purchasing power. They are setting the tone for social life, and owning residential apartments is a part of the Millennial dream. This is a great opportunity for the real estate industry. From ergonomic materials manufacturing to solar power units for residential apartments, from smart security systems to tech-powered home buying portals - there is a whole new world emerging, and the Millennials are the driving force.
In today's rapidly changing world of commerce, where the ability to adjust and be versatile is pivotal for prosperity, the selection of suitable office premises can wield considerable influence. Amongst the numerous alternatives at hand, two particular terms frequently gain prominence: secured office areas and virtual office settings. Although each possesses its own strengths, they are distinctly purposed. To effectively comprehend the distinctions and arrive at a well-informed choice, it becomes imperative to delve into the dissimilarities between these two alternatives.
The use of digital technology has become an integral part of working in almost every industry and business sector. Sadly, the real estate industry was somewhat lagging in adopting this technology and exploiting its numerous benefits. Thankfully, things are changing rapidly, and the emergence of innovative PropTech solutions in recent years has paved the way for further growth.
Most Indians have heard references to the term TDS about income tax. TDS is an acronym that refers to Tax Deducted at Source. The Income Tax Act specifies certain scenarios in which the payments received by a person are made after subtraction of the tax dues. This means the person making the payment must deduct the tax and deposit it with the government. In real estate dealings, too, TDS may be deducted under certain conditions.