By Dominick Rodrigues

Mumbai: Women are emerging as ‘key’ home-buyers in the present real estate scenario, where 62% find it to be the preferred investment asset class in contrast to 54% men choosing it over the stock market, according to the latest survey.

On the journey from being part of the home-buying process to driving it, today’s financially-strong Indian women emerged as a powerful demographic in the ANAROCK Consumer Survey dated February 2021.

“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,” said

Prashant Thakur, Director & Head – Research, ANAROCK Property Consultants. “Around 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 options like stock market, fixed deposits and gold.”

Of the total of 3,900 survey participants, 36% of respondents were women among whom at least 70% consider the current time as ideal for buying a home. Their main sentiment drivers – housing affordability is currently optimal, attractive developers’ offers and discounts, and home loan rates at a 15-year low.

Most surveyed women respondents (82%) plan to buy a home for their personal use, and 18% for investment. Among men respondents, the end-use to investment ratio was 68:32.

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. At least 82% of women respondents will buy a home for end-use, 18% for investment; while in contrast, 68% men will buy for end-use & 34% for investment.

Over 70% of women respondents consider this to be an ideal time to buy a property. About 66% of women respondent home seekers will buy within affordable & mid-segment housing (Rs 90 lakh budget). Most women prefer bigger configurations – 46% favour 3BHKs, while 30% are scouting for 2BHKs and 10% also looking for 4BHKs. The security of physical assets influences 31% of women homebuyers; while 28% are attracted by cheaper home loans and 22% by available offers and discounts.

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.

Other notable women-centric findings included: While most women preferred properties priced within Rs 90 lakh (at least 66% women homebuyers), 5% voted for ultra-luxury real estate priced Rs 2.5 Crore. In the overall survey, the 2BHK was the most-preferred configuration, but further analysis revealed 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 influenced 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.

Various government policies support and promote women homeownership in India. For instance, to avail homes under the government’s flagship scheme Pradhan antri 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.