When a woman steps out to buy a house, what does she look for? A woman is not just a homebuyer but also a home maker, and the real estate market understands it too.

By Varun Singh

In a homebuying process a woman plays an important role. How a man looks at house, is very different from how a woman looks at homebuying process.

A recent report by Anarock Property Consultants has thrown light on what a woman is looking for when she steps out for buying a home.

From being part of the home buying process to driving it, today’s financially strong Indian women emerged as a powerful demographic in ANAROCK’s latest consumer sentiment survey published in February 2021.

Prashant Thakur, Director & Head – Research, ANAROCK Property Consultants says, “The survey reveals that many Indian women now consider housing not just the bedrock of financial security but also essential to diversify their investment portfolios. 62% of women respondents confirmed housing as their preferred asset class – even more than men. 54% of men who participated in the survey preferred real estate above the other options – stock market, fixed deposits and gold.”

The survey also revealed that most polled women homebuyers prefer ready-to-move-in homes, reflecting a strong aversion to the perceived investment risk of under-construction properties. 

Nearly 71% of women respondents want to buy ready homes, followed by 11% each for homes that will be available for possession in the next 6 months, and newly-launched projects. If we consider the overall survey results for both genders, ready homes had 29% votes in their favour.

Notable women-centric findings:

  • While most women preferred properties priced within INR 90 lakh (at least 66% women homebuyers), 5% voted for ultra-luxury real estate priced >INR 2.5 Crore.
  • In the overall survey, the 2BHK was the most-preferred configuration – but further analysis reveals that most women preferred higher BHK-configurations. At least 46% of women favoured 3BHKs, and only 30% were scouting for 2BHKs. Interestingly, 10% were also looking for 4BHKs.
  • The psychological assurance of physical assets influences 31% of women homebuyers; 28% responded favourably towards the availability of cheaper home loans, and 22% will buy homes because of ongoing offers and deals by developers.

Indian women enjoy multiple benefits when buying homes:

  • Various government policies support and promote women homeownership in India. For instance, to avail homes under the government’s flagship scheme Pradhan Mantri Awas Yojna (PMAY) introduced in 2015, homes have to be mandatorily registered either in a woman’s name or with women as co-owners. This was done to empower women of the lower-income segments.
  • Lower stamp duty is another benefit that women enjoy while buying a property. Stamp duty charges are lower if property registration is executed in the name of a woman, although these charges vary from state to state. The exemption for women varies between 1-2% across different states. In some cases, it might even vary within a particular state, based on the classification of regions as ‘urban’ and ‘rural’. For instance, Delhi, UP, Rajasthan, Punjab and Haryana offer relaxation in stamp duty for women buyers. Punjab has a 4% difference between male and female homebuyers.
  • Many banks such as SBI, ICICI, HDFC, etc. offer discounted home loan rates to women as compared to men. This again varies from bank to bank, but the difference can be as much as 0.25%. The prevailing low property rates coupled with home loans rates at a 15-year low are certainly an advantage.
  • To avail of certain tax benefits, a woman can also become the joint owner of a property with her husband and, if she has a separate source of income, both can claim tax deductions individually.

Dr Niranjan Hiranandani –MD- Hiranandani Group says, “Next Gen Millennial women are steadily taking on a more dynamic role as homebuyers, in addition to their role as homemaker. Until now, they always acted as a vital influencer in home buying decisions, but more financial independence and urban migration have enabled them as new entrants into the home buying segment.”

Also Read: Women (77%) Buying Homes for End-use, Against Men (62%) – Survey

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