Monday, 20 June 2016

Number of women home buyers rising

More and more working women in metros are opting to buy property these days

Though few women have ventured into the con struction business, they are very much involved in purchasing property. According to a study conducted by a renowned housing portal, around 45 per cent of working women, especially in the agegroup of 25-40 years, are primary buyers of real estate in Mumbai. Be it 2BHK or 1 BHK, or a studio apartment, owning a house has become more of an ambition than a dream for women today. There are several factors that have compelled them to go for a house purchase, some of which include the need for security, making an investment, living close to the workplace and tax benefits.

Security:
Owning a flat certainly gives one a security in life. Considering this, many women wish to have their own property to live a secure life. It is observed that number of single women look forward to have a house of their own.Thirty-two year-old Meenakshi Sabnis, who has just completed the paperwork for a 1-BHK apartment that she has bought in Vashi, said, “It was my aim to have my own house some day, and I am happy that I have fulfilled it. I decided to own property because even if my marriage fails, I will have my own house where I can live independently without being a burden on my family.“ She further adds, “I started to save money since five years and now with the help of home loan, I have finally managed to buy a house.“

Good investment option:
If having a job makes women self-reliant, buying a house from the hard-earned money proves to be a good investment option. It has been seen that investment in property provides better returns than fixed deposits, mutual funds or other investments. Also lack of adequate knowledge about other investments options, say like stock market, makes women put their money in realty. Unlike stocks, it doesn't lose value overnight.

Easy accessibility to workplace:
A number of women travel far to reach their workplace. Moreover, many jobs today require women to stay late in office and this becomes easy if they live close to the office. Also women who migrate from their hometown to settle in the city for work, they prefer to buy a house than to live on rent if one can afford it.

Tax benefits:
Another factor that induces women to buy property is that it enables them to save tax by going for home loan. Most women who work at higher positions receive hefty pay package which implies paying more tax. A home loan proves to be a saviour as it provides the single biggest tax break.Also, a single homeown er will enjoy more tax advantage than a married couple who buy jointly.

Real estate experts say that independent women have changed the demography of home buyers, which was male dominated till late.Mukesh Shah, a real estate agent, says, “Every day I show houses to around 10 home buyers of which three to four will be women client. They look for homes that have a good and safe location. I believe that it is more to safeguard the future that induces women today to own property.Also, they are well-versed with the legal requirements while purchasing property, housing rates, and other terms and conditions. Considering that female workforce is large in every sector, it is not surprising that women are making such decisions.“

With the launch of mobile apps and online websites, it is no more a difficult task to gain information about developers and their projects, and hence it is now easy to zero in on the house of one's choice. However, experts believe that it is ideal for women property buyers to approach local brokers than to depend on online sites. “Besides purchasing property from a good developer, it is also important to approach local brokers of the area as only they know the area thoroughly.Also, before sealing the deal, a woman buyer should thoroughly check out the location and neighbours, and should visit the place late in the evening to check whether there is enough crowd or the place is completely isolated,“ advises Yashwant Dalal, president of the Estate Agent Association of India.

Furthermore, keeping the demand in view, some developers also introduce lucrative schemes and discounts for women to encourage them into property purchase. Not just in Mumbai, the rise in the number of women property buyers is witnessed in other metros as well. Though they make a small percentage, their growing numbers is likely to change the perspective of this male-dominated sector.