Majority of women prefer to invest in real estate compared to stocks or gold, a consumer sentiment survey by real estate consultant Anarock Group has found.
The survey, which involved 2,275 women, revealed that about 65 per cent of them preferred to invest in real estate, while 20 per cent preferred to invest in stocks. Incidentally, gold has also lost its appeal as an investment option. A mere 8 per cent women favoured gold, the findings revealed.
According to the survey, a huge 83 per cent of them preferred homes that cost more than Rs 45 lakh, while 36 per cent preferred something between Rs 45 lakh and Rs 90 lakh. About 27 per cent preferred homes priced between Rs 90 lakh and Rs 1.5 crore, whereas 20 per cent prefer homes priced above Rs 1.5 crore.
According to the survey, 23 per cent women preferred to purchase property for investment purposes, which was an increase from 18 per cent in the previous survey, while 82 per cent preferred to buy homes for end-use.
“Government policies that support and promote women’s home ownership, especially in lower income segments, may have contributed to this change in sentiments. For instance, Pradhan Mantri Awas Yojna (PMAY) requires homes to be registered in a woman’s name or with a woman as a co-owner,” the survey said.
Around 80 per cent of the respondents were of the opinion that this was an ideal time to buy homes.
Santhosh Kumar, vice chairman, Anarock Group, said in a statement: “Over the last decade, women have emerged as a major residential real estate buyer segment, especially in the urban centres. Their preferences are also distinctly shaping newer trends – from bigger homes, ready-to-move in properties to specific budgets, they know exactly what they want. And like millennials, their preferences now influence the supply that developers put on the market.”
Women also enjoy a few extra benefits as homebuyers.
Women can become joint owners of property with their spouses and claim tax deductions individually if they have a separate source of income.
Women homebuyers also enjoy 1-2 per cent lower stamp duty, if the property is registered in their name. For instance, in Delhi, stamp duty charge for men is 6 per cent of the property value compared to 4 per cent for women. Haryana also offers a 2 per cent relaxation, whereas Rajasthan and Punjab offer a 1 per cent relaxation to women.
Several banks, such as the State Bank of India, ICICI Bank and HDFC Bank offer lower home loan rates to women, which is typically around 0.25 per cent lower than the prevailing home loan rates.