by Sumit Bharana,
Director, Adel Landmarks
Gone are the days
when investing in Real Estate was exclusively for men. There is now an
emergence of single women in the residential space & they constitute the second biggest group of
homebuyers in India.
With greater social
acceptance of young adults moving out of joint families into their own
apartments, women are also now moving out of their parental properties in
pursuit of higher education and securing jobs in different cities.
Single women..
Whether a middle-age
divorcee or never married, widowed or professionals, single women are leaving
no stone unturned in purchasing a home for themselves. Such a trend would seem
the very image of women empowerment: a single woman buying a home of her own.
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| Sumit Bharana, Director, Adel Landmarks |
What are the reasons
for the rise of single women home ownership? As women increasingly occupy the
formal workplace, their incomes are on the rise, and as a result they have
money in their hand.
While rising prices,
more consumer goods and other demands of the modern life mean that a fair bit
of these income go into spending, two income households and a rise in overall
level of incomes also means more money to save.
Also, the average age
of marriage in a segment of the Indian population is on the rise. In addition,
education and work are often away from the hometown, and this is also true for
the single women living independently in metro cities.
Property investment
Another reason
include, now a days more and more people are choosing to stay single, particularly
as women become financially independent and are able to provide for themselves.
Thus, property investment has become a way of building long-term security and
stability for themselves and their family.
This trend is
extremely visible in the metropolitan cities and big cities such as, Mumbai,
Delhi, Bangalore and Chennai. These cities being the largest provider of jobs
have seen many single women migrating and getting a house for themselves.
This trend is also
being witnessed in the extension cities of the booming metro cities like,
Lucknow, Chandigarh, Bhopal, Jaipur, Kochi, Indore, Coimbatore, Mysore, Raipur
etc.
The concept of home
resonates so strongly with women. Women want to come home to a place that
belongs to them. When they look for a home, they are excited about turning a
place into a home that reflects their personality and tastes. They know they
can paint a bathroom any color they want and transform into their own personal
sanctuary.
There are many
reasons for a single woman to buy a house but the three reasons that drives her
to this decision are, a strong desire to own her own home, needing more space
or wanting smaller home and relocating closer to job or family.
Emotional factors
While purchasing a
house for the first time, Single women do a lot more due diligence than others.
Real Estate companies need to be upfront and clear in order to appeal to them.
There is a lot more detail that they will read through than what we’ve seen in
the past.
They analyze a
property base on their emotional factors such as sense of responsibility, pride
and fulfillment.
They also look for a
house that incorporates proper security system perhaps outdoor lighting and an
alarm system or windows that can be locked ajar to allow enough light and
ventilation but no entry from the outside. Single women who migrated to cities
like Bangalore, New Delhi or Mumbai often look for an apartment with a
multipurpose space. Single women preferred a house which needs less maintenance
and a close proximity to stores, shopping and gyms.
So, they either save
money throughout their career to purchase their dream house or inherit it from
their family. Housing loan schemes that provide lower interest rates for women
have also been an encouraging factor for them to take on home ownership. Till a
few years back, banks hesitated to give loans to single women fearing loss of
income after marriage.
Double income
families
With double income
families becoming the norm rather than exception, lenders now are lending to
single women as well. Bank and financial institutions also have special schemes
for women offering them a discount up to 0.25 %. Women are better savers which
make them better able to cope with credit stress – saving for the deposit,
paying the loan effectively, etc
The rise of single
women ownerships have change the way developers think. Single women buyers want
a great location, good price, a property that is in good condition, and a home
that is rentable. They are looking for a price that won't stop them from
enjoying their single lifestyle. They are also looking for the possibility of
remodeling their apartment. Developers understood the strength of this focus
group and are catering to their needs and requirement by building houses which
appeals to them.
In new construction,
developers are featuring on Gourmet kitchen, larger closets and yard which
require little or no maintenance at all. Since, safety is one of the most
important aspects for single women; developers are investing into Gated
communities, attached garage and installing home security.
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