A Must-Read Guide for Nagpur Millennial’s, The First Time Home Buying Guide 2019 : Vrindavan

Do you often feel that there is a conflict between you and your parents over the idea of home buying? While they are content living in a basic set-up, you demand every comfort in your home. Well, this is not just your case. However, almost everyone from the millennial generation feels this way. The term Millennials or Generation Y refers to those born between 1981-1991. There is a complete change in your spending habits and the kind of life you wish to live. Surveys have also indicated that the millennials demand increased stability. This change is more visible in the real estate sector as your generation is investing in it and spending like never before. Even though your generation is witnessing a fluctuating economy, still investing in a home is considered a wise decision from a stability point of view.

According to a survey done by CBRE, a real estate and investment firm, “by 2020 65% of the population will be under the age of 35”. This 65% of the population is aspiring to buy their home. Besides, a sizeable number of them have the potential as 82% of them are staying with their parents.

The Requirement of Millennials
These statistics indicate that buying a home is a priority for people of your generation. It is a significant investment. However, there is a paradigm shift in the kind of house you want as compared with the previous generations. With much higher purchasing power and risk-taking capacity, it is getting observed that your generation likes to buy high-end properties, which were earlier for those who had a bloated bank balance. Luxury and comfort are the new normal for the Gen. Y. According to research done by Bain & Company and Farfetch, “Millennials will represent 40% of the global market for luxury homes by 2025”.

Moreover, unlike the previous generation, for you and people of your generation location is vital from the kind of returns it will yield. You don’t have issues going a little far from the city centre. As long as, the property is in an area, which is buzzing with development and is bound to reap benefits in the future, it is observed that the millennials are willing to invest. Even if it requires deviating a little from the budget, your generation can afford it, thanks to the multiple housing loan options. This luxury of easy home loan options was not there for the earlier generations. Besides, considering the kind of work life you have, you want your home to be a comfortable abode. It should have every amenity and luxury.

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The Millennials Must Know
As a part of the internet and well-travelled generation, you may know the kind of house you want. However, when you are planning to buy your home, you may get overwhelmed and end up missing a few essential details. So, here’s a guide to help you buy your house as a first-time home buyer.

·         Analyse your Needs & Set a Budget: When you are buying your home, you should analyse if the size of the house is right for your family, does it have the amenities you desire, and will it appreciate in the future. Once you are clear about these, then you should set your budget. Though you may find options with slightly less interest rate, most banks will offer 80% finance, and the remaining 20% will come from your savings. 

·         Choose the Location: Once you are clear about the budget, then start your location research. You should look for one that is near to your workplace and has conveniences like schools, hospitals, malls, ATM and supermarkets. Most importantly, the location should be such that it is likely to give a reasonable rate of return in the future.

·         Research on Developer: The locality in which you are planning to buy your home will have several developers. So, it is crucial that you choose a reliable and genuine one. If you like a project, then visit other projects of the same developer. Check the RERA number of the project, be satisfied with the quality before making a plunge.

·         Approval and Licenses: After choosing the developer, you should see and get documents verified. Among others check for the title deed, release certificate, validate the land use, review the approvals by local body and property tax receipts.

A Guide for Nagpur Millennials
If you are planning to invest in a tier 2 city, then Nagpur can be an ideal choice. It is buzzing with growth and development. A manufacturing hub, it is also on the path of becoming the next IT hub of the country. Whether you are planning to shift on an immediate basis or looking from an investment point of view, Nagpur is ideal. To cater to the needs of the millennials, Nagpur has best in class townships, with amenities a galore. There are many flats for sale in Nagpur in different projects so that you can choose among the many options.

One such township project that offers the best in terms of location, infrastructure and amenities is Vrindavan township in Jamtha, Nagpur. It is close to the airport, metro station, schools, colleges and hospitals. It is one of its kind projects in Nagpur, which is worth the investment and living in. It also has many options in terms of project layouts. There are row houses, apartments and double duplex in 1, 2, 3, 4 & 6 BHK projects. So, if you are looking for apartments in Nagpur, then check this ideal township that offers the best of independent and community living.