By James Mathew
Real estate industry circles and anecdotal trends indicate that an increasing number of young women NRIs are taking to owning residential properties back home
Forget about gold and diamond jewelleries, more and more young women are seeking to own residential properties in India, with 47 percent of women property buyers fall in the age group of 25-35, a latest survey in India has revealed.
The rising trend of female millennial taking to owing property assets is further substantiated by the fact that 5 percent of women property seekers were aged within 25 years, the latest Anarock-LIC Housing Finance Consumer Sentiment Survey has shown.
As against this, only 34 percent of male house buyers were aged between 25-35 years, while 47 percent of them were in the 35-45 age bracket.
Though the survey did not specify whether the home buyers’ figures included NRI (non-resident Indian) buyers also, real estate industry circles and anecdotal trends indicate that an increasing number of young women NRIs, especially professionals such as nurses, software engineers, etc, who work alone in mostly Gulf countries are also taking to owning residential properties back home.
“The earlier trend of NRI working women’s preference for investing in gold ornaments has been fast changing and they are increasingly looking to acquire residential properties,” M R Rajaram, a leading financial consultant, has said.
Industry experts say the reason for this changing investment trend could be that assets like housing provide NRI women, especially those work in Gulf countries on short-term job visas, a sense of security.
Multiple benefits exclusive to women such as tax benefits, reduced home loan interest rates by banks and reduced stamp duty and registration charges across different Indian states are said to be the other reason for the increasing trend of young working women taking to buying properties.
Women in the age group of 35-45 constituted 41 percent of the female property buyers in India, where real estate investments traditionally has been a male domain.
The survey has also shown that as high as 77 percent women home seekers are looking to buy property for end-use and only 23 percent will buy homes as investments.
In contrast, about 62 percent men are looking to buy property for end-use and 38 percent for investment purpose.
“While the growing dominance of women homebuyers has been an ongoing phenomenon in the recent years, especially in urban centres, now their preferences are also distinctly shaping newer trends in the residential property industry,” Anuj Puri, Chairman, Anarock Property Consultants, has said.
‘Proximity to workplace’ was the top priority for both male and female survey participants looking to buy homes.
The survey said 35 percent of the polled women consider suitable amenities within a housing project as the second-most important factor for choosing a property, for men, the second-most important factor was the largest size they can afford.