Women become top home buyers, 71% want homes ready: survey
Out of a total of 3,900 survey participants, 36% of those surveyed were women and of these, at least 70% consider the current time to be the best time to buy a house. Their main drivers of sentiment – housing affordability is currently optimal, offers and discounts from developers are attractive, and mortgage rates are at their lowest in 15 years.
Prashant Thakur, Director and Head of Research, ANAROCK Property Consultants, says: “The survey reveals that many Indian women now see housing not only as the foundation of financial security, but also as essential for diversifying their investment portfolios. investment. 62% of women surveyed confirmed housing as their preferred asset class – even more than men. 54% of the men who took part in the survey preferred real estate to the other options – stock market, term deposits and gold.
Most of the women surveyed (82%) plan to buy a house for their personal use and 18% to invest. Among men surveyed, the end-use / investment ratio was 68:32.
The survey also found that most female home buyers surveyed prefer ready-to-move-in homes, reflecting a strong aversion to the perceived investment risk of properties under construction. Almost 71% of women surveyed want to buy ready-made homes, followed by 11% each for homes that will be available for possession within the next 6 months and newly launched projects. If we consider the overall results of the survey for both sexes, the ready houses had 29% of the votes in their favor.
While most women preferred properties priced below Rs90 lakh (at least 66% female buyers), 5% voted for ultra-luxury real estate priced at Rs2.5 Crore. In the overall survey, 2BHK was the most preferred configuration – but further analysis reveals that most women preferred the higher BHK configurations. At least 46% of women were in favor of 3BHKs, and only 30% looked for 2BHKs. Interestingly, 10% were also looking for 4BHK.
Various government policies support and encourage women’s home ownership in India. For example, to have housing under the government’s flagship program Pradhan Mantri Awas Yojna (PMAY) introduced in 2015, housing must be registered either in the name of a woman or with women as co-owners. This was done to empower women from low income segments. Another advantage women enjoy when buying property is lower stamp duties.
Many banks such as SBI, ICICI, HDFC, etc. offer reduced mortgage rates to women compared to men. It still varies from bank to bank, but the difference can be up to 0.25%. The low real estate rates in force coupled with mortgage rates at the lowest over 15 years are certainly an advantage.