Lifestyle

Women at par with men in property searches in India

[ecis2016.org] A recent analysis by property search and advisory portal, ecis2016.org revealed that women are as active as or more active than men, when it comes to searching and researching about a property, they are interested in

If you were of the opinion that men dominate the real estate space, think again. At ecis2016.org, we examined a sample of the traffic coming to the website for property searches and found that women may be as active as men, when it comes to home buying and related decision making. Among the website’s active users, 34% were women in the age group of 25-34 years, as against 32% men in the same age bracket. About 20% men and women in the age range of 34-44 years are equally active on the website.

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Women at par with men in property searches in India

Women increasingly becoming active

In 2018, we conducted the same study over a longer time period and inferred that while women between 25-34 years were the most active with their property searches, there was greater activity coming in from those in the 18-24 years’ age range. Now, user interest has caught up and in spite of the COVID-19 pandemic and its aftermath, we find that the 35+ years’ age group have become far more active than before. This stands true for both, men and women. Interestingly, from 12% women in the 35-54 years age bracket in 2018 to 32.5% in January 2021, women have taken quite a leap when it comes to searching for properties.

Men vs women: A look back at trends in 2018

Age Group Male Female
18-24 26% 24%
25-34 57% 58%
35-44 7% 8%
45-54 3% 4%
55-64 4% 4%
65+ 2% 1%

Aastha Chauhan, a 39-year-old from Delhi says that the change would be more obvious in times to come. “By your late 30s, you are clear about your financial obligations, your marital status and the road ahead. Younger women sometimes find a property investment difficult. Should they be saving up for marriage or children or property? Men at the same time can be very clear about a property purchase, right from the time they are 25-26 years old, because society expects them to invest in a home, get married and settle. Women, on the other hand, are expected to move into or relocate to their husband’s place of work and thus, property investment plans take a backseat,” Chauhan explains.

For Harsha Khattar, a graphic designer by profession, staying single was a choice from the beginning. “I was very clear about my decision to remain single. I invested in a studio apartment in Noida long back and I have currently put it on rent. I believe that women, irrespective of their marital status should invest in properties that they can afford. It need not be a 3BHK – it could very well be a 1RK, 1BHK or a studio property but an investment should be on your roadmap,” says Khattar.

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Due diligence by women when it comes to property purchase

We studied the sample population and their search behaviour on ecis2016.org in January, 2021. Interestingly, 28% of users were females and close to 30% of the sessions were generated by them. Moreover, women visited 13% more pages than men on the ecis2016.org website, spending 8.3% more time than men.

Read also : Q3 2016: Apartment sales outdo new launches for the first time, since 2008

In a study conducted by ecis2016.org, it was found that there were 8% more new female users than men. The number of women returning to the website for a property search was also much higher than men, at 33%. This gives you a hint that perhaps women are more keen on research and due diligence than men.

Women mean more business for realty

You may be lucky if your realty business has garnered favour among women! Yes, there is 11% greater chance that a woman will drop a lead, as compared to men. About 85% of them are more likely to use their mobile phones to search for a property, as against 83% men.

Mumbai women far more active in scouting for real estate

When it comes to women looking for real estate purchases, we observed that Mumbaikars have taken the lead, followed by women from Bangalore and Delhi.

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Women and real estate investment post-COVID-19

The Coronavirus pandemic was tough on men and women alike but prospective buyers do see an opportunity. Reports suggest that COVID-19 has not dampened the interest in buying property, with more than half of women respondents saying they would prefer real estate over the stock market, fixed deposits or gold.

“Post COVID, I am keener to buy a property,” says 42-year-old Chandni Bhargava. The importance of home and security has only grown over the last one year and while I kept postponing this decision, this year, I am armed with my research about property options in Pune where I work, she adds. Bhargava says she was forced to find a new rental property in February 2020. “The home owners wanted to come back and occupy this property, since their Mumbai-based son could now work from home. It was a nightmarish experience for me, as people are not too keen to rent out their property to a single woman,” recalls Bhargava.

What are the preferences of women property buyers?

Women keener on real estate than men: As per data shared with the media, 64% women said they would be keen on a property purchase post-COVID-19, while only 54% men had the same thoughts.

Women may buy property for end-use: More women (82%) said they would invest for end-use, as opposed to 68% men.

Read also : Punjab land records: How to view jamabandi on PLRS portal?

Optimistic buyers: 70% women say that this is the best time to buy.

Keen on the affordable segment: About 66% women said they were keen on properties priced below Rs 90 lakhs.

Bigger homes are attractive: Women tend to prefer the luxury of space. About 46% of the sample population indicated their preference for 3BHKs.

What attracts women to a home: About 31% women said that safety and security was most important, while 28% said that lower home loan interest rates can be the key for them. Another 22% said they would be keen on discounts and offers.

If you are a woman reading this article, also go through Benefits that women home buyers enjoy in India and Best banks for home loans for women. Make an informed decision!

Note:

*The ecis2016.org study is based on user behaviour on the website and not the app. 

FAQs

Do women in India buy property?

Numbers suggest that an increasing number of women have shown interest in owning properties in India. They do so, either solely or as joint owners of properties. In case of joint properties, the spouse is an active contributor.

What is stamp duty for women in Mumbai?

While presently it is 3% for both, women and men, starting April 1, 2021, stamp duty for women, as well as men, would be 5% of the property’s value.

Can women claim tax deductions on joint property?

If the woman has a separate source of income, both, the husband and the wife, can claim tax deductions individually.

Source: https://ecis2016.org/.
Copyright belongs to: ecis2016.org

Source: https://ecis2016.org
Category: Lifestyle

Debora Berti

Università degli Studi di Firenze, IT

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