Hindustan Times ST (Mumbai)

Boom in number of women buying homes for end-use

- Anuj Puri

Indian residentia­l real estate is increasing­ly driven by end-users and women homebuyers are emerging as major contributo­rs towards this trend.

Anarock’s latest consumer sentiment survey indicates that as many as 77% women homeseeker­s are looking to buy property for end-use; merely 23% will buy homes as investment­s. In contrast, approximat­ely 62% men are looking to buy property for end-use and 38% for investment purpose.

Notably, for 87% women enduser homebuyers, these will be their first homes.

The growing dominance of women homebuyers has been an ongoing phenomenon over the last few years, especially in urban centres. Now, their preference­s are also distinctly shaping newer trends. While ‘proximity to workplace’ was the top priority for both male and female survey participan­ts looking to buy homes, 35% of the polled women consider suitable amenities within a housing project the second-most important factor. For men, the secondmost important factor was the largest size they can afford.

Trends also reveal that more and more young women buyers are now coming forward to buy a property. Almost 47% women property seekers polled in the survey were in the age bracket of 25-35 years, followed by 41% in the 35-45 years age. Interestin­gly, 5% women property seekers were also under 25 years. In contrast, 47% male home seekers were in the 35-45 years age bracket, while 34% were aged between 25-35 years.

TRENDS REVEAL THESE WILL BE FIRST HOMES FOR 87% OF WOMEN END-USER HOMEBUYERS. MOST OF THEM ARE BETWEEN THE AGES OF 25 AND 35

WOMEN HOMEBUYERS’ PREFERENCE­S

On being asked about the city they would like to invest in other than where they are currently residing, at least 26% of the polled women voted for Mumbai Metropolit­an Region (MMR) as the top choice among all cities, followed by 22% preferring National Capital Region (NCR) and 20% stating Bengaluru as their primary choice. Pune was next with 12% votes in its favour, followed by Kolkata, Chennai and Hyderabad with 8%, 5% and 3% votes respective­ly. Close to 5% women prefer to invest in tier 2 and 3 cities.

MAJOR MOTIVATORS

Women across urban India are buying property either to diversify their investment portfolios and/or to avail multiple benefits exclusive to women. These benefits range from tax benefits to reduced home loan interest rates by some banks, and also reduced stamp duty and registrati­on charges across different states.

Mid-segment housing is in highest demand. At least 40% women home seekers prefer a property in the mid-segment price bracket with ticket sizes between Rs 45-90 lakh, followed by 35% preferring the affordable segment priced within Rs 45 lakh. Only 3% women will consider buying luxury properties priced over Rs 1.5 crore, as against 12% men who prefer to buy within this category.

When it comes to apartment configurat­ion 2 BHKS is the top choice. A whopping 50% women prefer to buy large 2 BHKS sized between 800-1,200 sq ft. area, against just 13% voting for small 2BHKS within 600 sq ft. With MMR the top city for women investors, the preference for larger sizes is remarkable and stands testimony to increased purchasing power.

Women are more brand conscious than men. Almost 60% women prefer buying homes from branded developers; male participan­ts’ preference is equally divided between branded and non-branded developers, i.e. 50% each.

At least 56% women will only consider buying ready properties or those nearing completion within six months. Meanwhile, 26% are open to buying properties that will be completed within a year. Merely 18% preferred newly-launched projects.

The author is chairman of Anarock Property Consultant­s

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