The need for understanding Generation Y employees' attitudes and expectations that considerably differed from previous generations had been a focus of researchers in the last decades. IT industry and specifically software industry had been among the most popular employment areas of Generation Y professionals and hence Generation Y Software Developers constitutes the majority of the work force in the software industry. As known, software development is a project-based business where the project management methodologies and principles are utilized. Similar to other project based works, the effectiveness of human resources management and team development is the determinant of project success in software development. Therefore, to effectively manage and to adapt appropriate approaches for leading the project teams which include Generation Y software professionals, managers and leaders prior in need to understand their perspective. In this context, research aims to understand the expectations and attitudes of Generation Y Software Developer professionals in projects. The research is structured in two parts reflecting these dual aims. The first part of the research addresses the expectations of Y generation employees from project management and project environment in software development projects. The second part of the research explores the attitudes of Y generation Employees in software development project teams. Survey is conducted with the participation of 113 Generation Y Software Professionals who are employed in major software companies in Turkey. Basic concepts that are explored in the study are expectations from working environment, expectations from project type and content, leadership, motivation factors, challenges faced, perceptions on generation conflicts and the attitudes of Generation Y professionals towards project-based work and work environments. Software industry is dominated by project based management methods, perceptions and attitudes of Generation Y in projects are expected to provide practical guidelines to policy makers and HR professionals in developing solutions and tools for improving motivations and effectiveness of Generation Y employees.