WOMEN SPEARHEAD HOME BUYING IN A POST-COVID WORLD
A recent survey has revealed encouraging statistics on the influence of women in the home buying process. Read on to know more.
(Survey Courtesy: Anarock Property Consultants)
WOMEN PREFER BUYING AS END USERS
Women have always been a core decision maker in the home buying realm. More than anyone in the family, they have always had a clear understanding of what a home meant to them. For men, buying a home had multiple benefits - investment, status, passive income, diversification et al. For women, a safe, secure place for the family was always first priority. Even today, 82% of women want to buy a home for personal use, while 18% are looking at it as a viable investment option. 34% of the men consider real estate for investment.
While the love for gold as an investment notwithstanding among women, it turns out real estate trumps gold as an investment for them. Women prefer real estate over the stock market, gold or fixed-deposits - three instruments where men scored higher as options to park their money.
THEY ARE CLEAR ON SIZE, BUDGET AND LOANS
The survey pegs 66% of the women looking for mid-segment properties that are in the 90 lakhs and below price point. While what 90 lakhs can fetch you depends on the city and location, their mantra is clear - affordability.
Most women also prefer bigger configurations. 3BHK homes seem to be the most preferred category with 46% of the women. While 30% want 2BHKs, 4BHKs are most sought after by the balance 10% - with price point preferences hovering around 2.5 crores.
Home loans, low interest rates, offers and discounts attract a combined 50% of women. 31% of women value the security of a home as a physical asset.
READY-TO-OCCUPY IS MOST PREFERRED
The survey reveals that women homebuyers prefer homes that are ready to move into. Under construction properties do not strike a chord with 11% of the women buyers, unless possession is within a six-month frame. Nearly 71% of the women want to buy and move in immediately.
WOMEN CONSIDER THIS THE RIGHT TIME TO BUY
A post-covid world has made many relook at what is most important in life. And everyone agrees, a roof above your head is the most important thing for a family. And women stand testimony to that - over 70% of women respondents consider this to be an ideal time to buy properties. With interest rates at an all time low and various government policies that promote home ownership for women in India, they know to strike when the iron is hot.
WOMEN AS HOME OWNERS
To promote home buying and empower women (with a focus on the lower-income groups), the government launched the Pradhan Mantri Awaaz Yojna (PMAY) in 2015 - a scheme where homes have to be registered in a woman's name or have her as co-owner was mandatory.
Another benefit women enjoy is lower stamp duties if the property is in her name. While this percentage varies from state to state, state governments are taking notice of the benefit of lowering stamp duty to push investments as a part of rebuilding the economy.
THE PUSH AND THE PULL
Today India is seeing an increasing number of women in middle and senior management positions than ever before. Over the past few decades, women have broken the proverbial glass ceiling, overcoming gender biases in a country that forever termed them housewives. A Harvard Business Review article put it succinctly. Women were taken off the ramp of their career highway by some push and pull factors. On one hand they were pulled from their careers by childbirth, elderly parents or other family members. On the other hand, they were pushed because they felt their jobs were not satisfying or meaningful. Today women are pushing the boundaries of achievement and pulling more of their kind, inspiring them to lead by example.
Thank you for taking the time reading this blog. I hope it was helpful to you in taking a step in the right direction, if home buying is on your mind. I'd also like to take a moment to recommend a book I read a while back, to all business owners, employers and employees.
"Harvard Business Review on Women in Business" is a fantastic read with essays by prolific personalities, giving a deeper understanding of the most important factors affecting a powerful and growing sector of the workplace - women in business.
I wish all the women a very Happy Women's Day. Your contribution towards nation building and taking India into the next decade is more vital now, than ever.
Have a great day and a march ahead to a prosperous life. Take care and stay safe.
T Chitty Babu
Chairman & CEO, Akshaya Pvt Ltd