Empowering Women Through Homeownership in India
More Indian women are achieving financial independence and investing in real estate than ever before. Government initiatives like reduced stamp duty for female homeowners and specialized housing loan programs are empowering women to become homeowners.
Larger Homes and Premium Investments
Women are increasingly seeking larger homes and viewing real estate as a prime investment avenue. An ANAROCK Survey conducted on International Women's Day revealed that 57% of participating women homebuyers prefer 3 BHK apartments, showcasing a preference for spacious living. Meanwhile, 29% opted for 2 BHK units.
The survey highlights a strong inclination towards mid-range to premium properties, with 64% of female respondents seeking homes within the Rs 45 lakh to Rs 1.5 crore price bracket. A noteworthy 23% expressed interest in luxury properties exceeding Rs 1.5 crore.
Ready-to-Move-in Preference
A significant majority (71%) of surveyed women favored ready-to-move-in properties or those nearing completion within six months, reflecting a preference for immediate occupancy.
Women as Independent Decision-Makers
"Women today are not mere influencers in the home buying process, but independent decision makers who buy homes for either self-use or investment,” states Santosh Kumar, Vice Chairman of ANAROCK Group. The latest ANAROCK Consumer Sentiment Survey echoes this sentiment, with 78% of female buyers prioritizing homes for personal use and 22% for investment purposes. This marks a shift from the end-use-to-investment ratio of 74:26 observed in the second half of 2021.
Real Estate: The Preferred Investment
The survey underscores the rising popularity of real estate as an investment asset class among women. 61% of female respondents favored housing, followed by 16% who preferred the stock market and 14% who opted for gold. Women constituted half of the 5,510 survey participants.
Detailed Preferences:
- Configuration: 57% preferred 3 BHKs, 29% favored 2 BHKs, and 9% sought 4 BHKs.
- Price Range: Approximately 36% sought mid-segment properties (Rs 45-90 lakhs), 28% preferred premium properties (Rs 90 lakhs - Rs 1.5 crore), 20% were interested in luxury properties above Rs 1.5 crore, and 23% sought affordable homes under Rs 45 lakhs.
New Launches vs. Ready-to-Move:
Kumar noted that while 24% of all surveyed home seekers preferred newly launched properties, only 15% of women respondents expressed similar interest. This reinforces the majority's focus on ready-to-move-in options for immediate use.
Government Initiatives and Empowerment
Recent government initiatives, including reduced stamp duty and the PMAY program, have significantly contributed to women's empowerment in India. The Women's Reservation Bill of 2023 further exemplifies this push towards greater female representation. These factors, coupled with the desire for security and independence, are driving more single women and those in nuclear families to invest in their own homes.