It seems that women are becoming less interested in diamonds and gold. The tastes of young Indian women are changing and now they are focusing on asset creation. The change in trend is observed from the fact that women below the age of 35 who are not married have started to invest in securing homes of their own. This is an evidence for the changing social economic conditions in the country. They have their own reasons for the investments they make in buying homes what ever the price may be.

Single women going for serious investment in real estate

In the case of Shalini Natraj, who has purchased a 1,300 square feet 2 bedroom apartment for Rs 50 lakh, the reason behind the purchase is investment and stability. Shalini Natraj is 33 years old, and now owns a flat in Jakkur, not far the Bangalore city.

According to Shalini, senior manager HR, Target, an American retailer, the idea of owning a house gives her boundless sense of pride and achievement. She was living in a rented house for some time, and she always wanted a house on her own. More over she did not like the idea of some one going to her and asking her to vacate the house or being told not to make any modifications in the house. She is of the view that she has used her money in a better way and that she feels great with that. She said that she is in control of things.

Increasing women working outside their homes

In India, the career opportunities for women have increased and now the number of women working outside their homes has increased. The number of urban women working outside their homes stands at 17 million. So the number of women investing homes has increased. They consider purchasing homes as a means of investment which will be an advantage for them in the present and in the future. This has led to increase in demand for apartment among unmarried women with in the age of 35 years.

Women under the age of 35 shows more interest in such investments

It is observed that women under the age of 35 who are not married prefers to purchase properties which are worth between Rs 40 lakh and Rs 50 lakh. The reason why Latika Gulyani purchased a 1.5 bedroom apartment in Goregaon, Mumbai was the intrusive questions from the house owner that she was supposed to answer. She says that most of the landlords are particular about not allowing men to come to their portion. They are also against partying in their property. She says that an independent woman who is financially secure can go for purchasing apartment rather than fighting with the landlord. Gulyani runs an event management firm by herself. She said that after moving into her apartment she enjoys the independence and the stability of owning a house of her own.

Women have become financially sound and independent

Now as women have become financially secure and independent, they have started to focus on investment option like real estate. According to Navin M Raheja, Chief Managing Director, Raheja Developers, such a women customer segment never existed, and says that this is a recent development that has gained attention in the recent years. He added that unmarried women contribute to 3 per cent of their sales. He is also the president of the National Real Estate Development Council, and has been observing the trend for quite some time.

The role Banks and the trend

This trend is promoted by banks which were not ready to finance single women earlier. But now banks have started to introduce tailor made schemes to meet the specific demand of unmarried women. Bank officials say that women are better clients when compared to men and they regularly pay their monthly installments.

Single women forms groups

An interesting trend observed among single women buying apartments is that they often buy in groups rather than alone. According to a senior official at DLF, there exists a group mentality among women buyers. For example if a woman buys an apartment 1, then her friends will buy apartment 2, 3 and 4 in the same building. The driving force behind this trend is the need for safety and comfort that single women require.

Nandini Sircar proves this trend. Sircar aged 31 purchased a 3 bedroom apartment in Noida, following her friend who has booked an apartment in the same building. Sircar works as an editor in a publishing company in Delhi.

She still lives with her parents in Delhi, and plans to do so in the future. She says that she wants to spend her income meaningfully and want to create an asset that will under go value appreciation. According to her, parents were of great inspiration to her as they were asking her to make such investments for the past few years.

Increasing divorce rates adding to the trend

An important observation made by a major developer in Bangalore is that since the divorce rates among working women are on the rise and their friends are witness to the failed marriages, asset creation has become a priority to single women. How ever the builder did not want reveal its identity.

This trend is often seen among women employed in the metros and urban areas who earn pretty large income. So women who used to stick to their families have now come out independent and are focusing on investment options other that attractive jewelry. This is some thing which was never in the priorities of Indian women. This projects the change in socio economic pattern which will obviously have an impact in the consumer behavior theories that our marketers have been following during the past years. This will become a challenge for them as they will have to change the strategies they have employed.

The trend is going to gain more attention in the years to come.