Real Estate News

60% women prefer buying homes from branded property developers

women prefer buying homes

 

The survey found that 60 per cent women prefer buying homes from branded developers, while the male participants’ preference is equally divided between branded and non-branded developers, i.e., 50 per cent each.

Men and women are extremely different – be it when it comes to their spending habits, how they invest and so on. And now, a recent survey by property consultants, ANAROCK, ANAROCK’s latest Consumer Sentiment survey indicates that as many as 77 per cent women home seekers are looking to buy property for end-use; merely 23 per cent will buy homes as investments. Compared to this, about 62 per cent men are looking to buy property for end-use and 38 per cent for investment purpose. For 87 per cent women end-user homebuyers, these will be their first homes.

Another interesting find is that women more brand conscious than men. The survey found that 60 per cent women prefer buying homes from branded developers, while the male participants’ preference is equally divided between branded and non-branded developers, i.e., 50 per cent each.

The online survey was conducted in the second half of 2019 where 2,602 participants (including NRIs) took part. Here are few other findings from the survey.

Young women property seekers

Trends reveal that more young women buyers are now coming forward to buy a property. About 47 per cent women property seekers polled in the survey were in the age bracket of 25-35 years, followed by 41 per cent in the 35-45 age bracket. Interestingly, 5 per cent women property seekers were also aged within 25 years. In contrast, 47 per cent male home seekers were in the 35-45 years age bracket, while 34 per cent were aged between 25 years and 35 years.

Anuj Puri, Chairman, ANAROCK Property Consultants said, “The growing dominance of women homebuyers has been an ongoing phenomenon over the last few years, especially in urban centres. Now, their preferences are also distinctly shaping newer trends. While ‘proximity to workplace’ was the top priority for both male and female survey participants looking to buy homes, 35 per cent of the polled women consider suitable amenities within a housing project the second-most important factor. For men, the second-most important factor was the largest size they can afford.”

Property price
At least 40 per cent women home seekers prefer a property in the mid-segment price bracket with ticket sizes between Rs 45 lakh and Rs 90 lakh, followed by 35 per cent preferring the affordable segment priced within Rs 45 lakh. Only 3 per cent women will consider buying luxury properties priced over Rs 1.5 crore, as against 12 per cent men who prefer to buy within this category.

Most preferred city
At least 26 per cent of the polled women voted for Mumbai Metropolitan Region (MMR) as the top choice among all cities, followed by 22 per cent preferring the National Capital Region (NCR), and 20 per cent stating Bengaluru as their primary choice. About 5 per cent women prefer to invest in tier 2 and 3 cities.

Major motivators
Women across urban India are buying property either to diversify their investment portfolios and/or to avail multiple benefits exclusive to women. These range from tax benefits to reduced home loan interest rates by some banks, and also reduced stamp duty and registration charges across different states.
Type of property
At least 56 per cent women will only consider buying such homes, followed by 26 per cent open to buying properties that will be completed within a year. Merely 18 per cent preferred newly-launched projects.
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