NEW DELHI: Real estate is now the preferred investment asset class for 64% of women in India, of which almost 41% prefer to purchase 3BHKs and 26% buy realty purely for investment, according to a new survey by property consulting firm Anarock.
36% women are seeking a 2BHK and at least 11% are looking for 4BHK homes or larger. The number of women homebuyers stood at 62% in the second half of 2020 and 57% in the pre-Covid survey (H2 2019).
What is the budget?
At least 67% of women home seekers will buy properties in the mid and premium segments (properties priced Rs 45 lakh to Rs 1.5 Crore) Of this, 34% prefer a budget range between Rs 90 lakh to Rs 1.5 Crore, followed by 33% preferring homes within the Rs 45 lakh to Rs 90 lakh budget bracket. There is a marginal rise of 2% in demand for ultra-luxury property priced less than Rs 2.5 crore – from 5% in the H2 2020 survey to 7% in the current survey which was conducted in the second half of 2021. In the same survey last year, affordable and mid-segment homes priced within Rs 90 lakh were the top pick of participating women home seekers, with nearly 66% voting for this budget range.
Where do they prefer living?
The survey said that over 38% of participating women home seekers prefer the city peripheries, while 30% will buy homes within the city limits. Only 11% are eyeing the city centres.
79% of women respondents prefer either ready-to-move homes or properties to be completed within the next six months. Over 10% of women respondents are looking to buy properties in newly launched projects, while another 11% will purchase homes in projects scheduled for completion in more than one year.
What is the demand for luxury real estate?
Demand for high-end residential houses shot up in 2021 thanks to the stock market boom and business flush with funds willing to upgrade to better, bigger spaces. India Sotheby’s International Realty sets a fresh record with sales of 180 plus luxury properties worth $280 million in 2021 as against 102 properties valued at $190 million in the previous year. The growth in sale of properties in value terms stood at 47 per cent while in volume it was 78 per cent.
Several factors, including demand for extra space and foreseeing a future of hybrid work, have contributed to the return of mojo for luxury homes not only in India, but internationally as well. “We concluded more than a dozen transactions valued at $10 million-plus, which is unprecedented. Our office concluded one of the highest value transactions, in Goa, at $15 million, for an extraordinary beach facing villa expanding the market place," said Amit Goyal, CEO, India Sotheby’s International Realty.
The stock of luxury homes has fallen behind ready supply, he said. The thriving urban centres of Delhi and Mumbai, and the vacation home destination of Goa, are expected to be the outperformers of 2022.
Around 75 per cent of India's rich will look to buy luxury properties, worth more than Rs 5 crore, over the next two years in big cities as well as holiday destinations, according to a survey by Sotheby's. Out of the 76 per cent wanting to buy real estate, 89 per cent would prefer luxury homes (city apartments, city bungalows and holiday homes), while the rest 11 per cent prefer premium commercial real estate. Around 26 per cent of the respondents did purchase real estates during the last 18 months, mainly to upgrade their lifestyle and encash good investment opportunity.
