Most Indians planning to rent out property: Study

The study, post ‘Generation-Rent’ by Godrej Housing Finance (GHF), was commissioned to gain insight into the changes in consumer preference and its factors, which are used by Indian consumers for property purchase, wealth creation and investment. Make decisions to consider along the way. To secure your future in the post-pandemic world.

Industry experts expect this to continue to pick up in the coming months, bringing down long-held demand across sectors. The survey validates the sentiment as a majority of those surveyed said they are now more open to investing in their own property against the earlier notion of being labeled as ‘Generation-Rent’.

‘Generation-rent’ is a well-documented phenomenon involving Millennials around the world, who prefer to rent out property ownership of consumer durables and even housing. Contrary to earlier perceptions, around 62% of Indians highlighted that they now prefer to buy their furniture, cars, homes and wedding wear rather than renting as it gives them more stability in the future.

A ‘Generation-Rent’ study posted by Godrej Housing Finance revealed that nearly half of Indians (49.13%) had begun to pursue their house-hunting aspirations in the past year and started reaching out to housing finance companies Was. Around 33% believe that currently buying a new home is the best investment option, while 16% mention that owning a home is a top priority as working from home is the new normal.

The study also found that 25.5% of Indians consider owning a home the second most important aspect defining ‘personal security’, with job security topping the charts with 40.6% of the turnout.

“The pandemic has brought about a marked shift in preference among Indian consumers. They are moving towards future-proofing through long-term investments. With affordability at an all-time high, there has probably never been a better time to buy a home, Which is both an important element of asset allocation and a key pillar of financial security. That said, clients look to their financials to advise and guide them through this long-term commitment to change. Need more support from partner,” said Manish Shah, MD and CEO, Godrej Housing Finance.

The study further revealed that policy flexibility, brand credibility and transparency, relative turnaround time for digital offering and processing are key factors that drive the selection of financing partners. This can be attributed to the accustoming of consumers to on-demand satisfaction of their needs aided by digital technology.

The study also found that digital-first and frictionless processes are perceived as both a benefit and starting point for consumers when choosing today’s financing brands. Companies that provide end-to-end digital solutions and services enjoy an edge in consumer preference over more traditional financing models.