Women have mastered the science and art of making a house or apartment into a home. It is something that comes naturally to them. Interestingly, they have further enhanced their homemaking skills and used them even more in choosing the perfect house. As per industry stats, approximately 74% of all residential real estate buying decisions are influenced by women or homemakers.
In today’s world, women are actively involved in the home-buying procedure. Women are not only calculative about the tax benefits but also check clauses in the agreement of sales, registration of property formalities, rules guiding the formation of societies, and rights and duties of flat allottee.
According to ANAROCK’s latest consumer sentiment survey published in February 2021, women have emerged as the country’s critical homebuyers and approximately 71% of them want ready homes.
Below are some notable highlights of the survey:
● For 62% of women, Indian real estate is the preferred type of investment asset; in contrast, 54% of men chose it over the stock market, FDs & gold.
● Approx 82% of women respondents buy a home for end-use, 18% for investment; in contrast, 68% of men will buy for end-use & 34% for investment.
● Approx 66% of women respondent home seekers buy within affordable & mid-segment housing (less than INR 90 lakh budget).
● The majority of women home seekers prefer a bigger layout. Approx 46% prefer 3 BHK and 30% of the scout for 2 BHKs.
● Approx 70% of women respondents consider this to be an ideal time to buy a property.
● The security of physical assets influences 31% of women home seekers, cheaper home loans attract 28%, and available offers and discounts attract 22%.
Interestingly, women’s preference for real estate has risen post-Covid-19 – from 57% votes in the pre-Covid survey to 62% in the current edition.
Of the total of 3,900 survey participants, 36% of respondents were women and among these, at least 70% consider the current time as ideal for buying a home. Their main sentiment drivers – housing affordability is currently optimal, developers offers and discounts are attractive, and home loan rates are at a 15-year low.
Other notable findings of the survey are listed below:
● While most women preferred properties priced within the up to INR 90 lakh budget, 5% voted for ultra-luxury real estate prices>INR 2.5 Crore.
● 2 BHK properties were the most-preferred configuration (by 30% of home seekers), but further analysis revealed at least 46% of home seekers preferred 3 BHKs, and 10% were also looking for 4BHKs.
The survey leads us to conclude that women actively take part in the home buying process and are more calculative than men. Therefore, they choose any property based on many parameters important for home buying. The survey revealed that many Indian women now consider housing not just the bedrock of financial security but also essential to diversify their investment portfolios.
(Source Code- IIFL http://bit.ly/3qHuebr)
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