In the new normal after the Covid-19 pandemic, owning a home is no longer just a dream but a vital necessity. The new-age millennials have redefined the concepts of equal opportunity and gender equality, and we are seeing women from this segment stepping up and taking on responsibilities of making ‘dream homes’ into reality. For them, real estate has become an asset class that spells safety, security, and high returns.
A recent market study revealed that 77% of women are buying a home for end-use while the remaining 23% are buying it for investment purpose. The study also added that women investing in real estate did so following due diligence. This means that women who invest in real estate are driven by the twin benefits of capital appreciation and rental income.
The change in perception
From being an influencer to the key decision-maker; the change in perception is driven by the need for a safe and secure nest, which has been the driver for the rise in women homebuyers. Millennial women are progressive and risk-oriented when it comes to financial independence. This has resulted in a shift in their financial investment approach – the focus has moved from asset classes like gold or fixed deposits to real estate, given aspects like a sense of ownership stability and healthy returns. As a result, this powerful demographic is on the rise post the Covid-19 pandemic, and this rapid growth has drawn attention to the industry.
This segment reflects high disposable income, portfolio diversification, which leads to the need for multiple tax and fiscal benefits. Lower home loan interest rates, reduced stamp duty, entitled tax benefits, and deal sweeteners from developers are some factors encouraging women to take the plunge.
It has also prompted authorities to announce measures to incentivise the segment of women homebuyers. The interest subvention schemes under CLSS for first-time women homebuyers in the PMAY-U scheme is an apt example, as is the aspect of making it mandatory for women to be either co-owners or sole owners of affordable homes.
What do women buyers want?
Recent media reports also suggest that 47% of women property homebuyers are in the age group of 25-35 years, followed by 41% in the 35-45 years. Women migration to urban locations sounds prudent and follows due diligence before sealing the home-buying deal on grounds of accessibility and community living as major decision factors.
The woman homebuyer looks at practical utility and functionality while selecting a residential property. They look for a home that spells security, prefers mid-size apartments to cater to multiple needs and evaluates the growth return in the long run.
Integrated townships- A safe option
For this emerging segment of ambitious female homebuyers, it makes sense to buy homes in integrated townships, which will ensure their comfort and convenience.
Integrated township living takes care of daily requirements, be it education, healthcare, high street retail, entertainment and convenience. It also offers ‘walk-to-work’ options as well as ‘work-from-home’ or ‘remote location work’ options. Holistic living offers women homebuyers a strike a chord between in aspect of ‘work, life, play’ and enriches their standard of living in a safe ecosystem. The eco-friendly and green ecosystem epitomises their growth quotient, striking the right balance between mental, emotional and physical wellness.