More women buying homes for end-use in growing real estate trend: Report
The latest Anarock-LIC Housing Finance Consumer Sentiment Survey highlights that as many as 77 per cent of women home seekers are looking to buy properties for themselves, while only 23 per cent buy homes as mere investment.Updated: Mar 08, 2020 08:28 IST
A recent survey by property consultants Anarock has found that women homebuyers are one of the top contributors in the real estate trend of buying homes for end-use.
The latest Anarock-LIC Housing Finance Consumer Sentiment Survey highlights that as many as 77 per cent of women home seekers are looking to buy properties for themselves, while only 23 per cent buy homes as mere investment.
The report highlights that this is in sharp contrast to men, where approximately 62 per cent look to buy homes for end-use while 38 per cent look at it as an investment.
Around 87 per cent women who are buying homes for end-use, these will be their first residential properties.
The survey reveals that mid-segment housing is in the highest demand among women with 40 per cent seeking a house between Rs 45-90 lakh, with only 35 per cent preferring to go beyond it.
Luxury properties rank low in demand among women, with only 3 per cent considering a purchase of a property worth more than Rs 1.5 crore, as opposed to the 12 per cent men who prefer buying within this price bracket.
Anuj Puri, chairman of Anarock Property Consultants, said that the trend of women homebuyers has been around for the last few years, mostly in urban areas.
He further added that while proximity to workplace was the top priority for both men and women, 35 per cent of women consider amenities within a housing project before purchase, which was found to be the second-most important factor.
For men, the second-most important factor is the largest size they can afford.
According to the survey, the Mumbai Metropolitan Region (MMR) is the most preferred city as per buying trends, with 26 per cent women voting for MMR. This is followed by 22 per cent choosing NCR and 20 per cent opting for Bangalore. Pune saw 12 per cent votes going in their favour, while Kolkata, Chennai and Hyderabad saw 8 per cent, 5 per cent and 3 per cent votes.
Turns out, women are more brand conscious when it comes to buying properties than men. 60 per cent prefer a branded developer to the 50 per cent men who opt for the same.
Trends also highlight that about 47 per cent of women property buyers are within the age bracket of 25-35 years, while 41 per cent are between the ages of 35-45 years.
However, the Anarock survey found that only 18 per cent women prefer newly launched projects, while 26 per cent are okay with buying properties which are slated to be completed within a year. On the contrary, 56 per cent women prefer buying homes which will reach completion within 6 months of purchase.
Also, 50 per cent of women prefer buying 2BHKS between 800-1200 square feet as compared to 13 per cent preferring the same specifications within 600 square feet.
Women across urban areas are buying properties to either diversify their investment and/or avail benefits that have been exclusively created for women.