Home Buyers Speak: 'Buying Property In India Can Be A Big Task, Especially For Women'

July 16, 2015   |   Thufail PT

Infographic By Sandeep Bhatnagar

Shweta Agrawal, 33, Public Relations professional, New Delhi

Born and brought up in Ballia, Uttar Pradesh, Shweta Agrawal moved to Delhi for higher studies in 2003 and later settled down in the city. A Public Relations professional, Shweta handles an impressive portfolio of clients and lives in Rohini. Shweta lives in a joint family with her in-laws, husband Anurag Singhal and four-and-a-half year-old daughter, Mishaa. She bought a new flat, in addition to her family home, earlier this year as an investment.

 

Could you please describe your new home?

 

I have very recently bought my home and am yet to possess it. It's located near Rohini where I currently live. It is a nice, cozy, two-bedroom flat, ideal for a small family. Situated on the second floor, the view from the flat is really good. Windows open to a park and people in the apartment complex are friendly. There's ample greenery and open spaces. Space in the kitchen was really important for me, as this is the corner in a house where women are likely to spend most of their time. We have also got sufficient parking space with the home.

 

How did you get this home?

 

This is a resale home. Since it was quite close to my current house, I got in touch with the owner and negotiated for the sale. 

 

What made you buy the home?

 

I was looking to invest my money somewhere and property seemed to be the best option because of good prospects of growth in the real estate sector. The new flat is located next to our existing flat, so I could renovate and merge both the flats for greater space. I also have the option of selling or renting it out.

 

Shweta bought this home in early 2015 in Rohini, as an investment.

 

How much money did you spend on it? How did you manage it?

I spent close to Rs 60 lakh. My husband and I paid whatever down-payment was to be done. We took loan for the remaining amount.

 

Could you please share with us your home buying experience?

 

It's a good experience to own a property, but to be able to buy it, you have to go through a tedious process. You should do your research on property buying even before you venture into it. There are several things that you should know about the real estate market and related transactions - you really need to be wise enough. There are many hidden clauses, too many legal papers to take care of and too many government clearances involved while buying property. It turns out to be a big task, especially for a woman. It is advisable to have a good lawyer or an agent, who can help you with all the paperwork.

 

How important is it for a woman to own property?

 

This property is registered in my name and once I fully repay the home loan, it will be completely mine. Owning a home gives you a sense of independence. Generally, a woman lives in her husband's home. In a patriarchal society like India, women hardly get such a chance to own a home. But, things are changing these days.

 

Owning a home also means helping out your family. Such property investments could be used for long-term yields – one could rent, sub-let or sell. It's difficult to know how long a woman can and will be professionally active. But, I can use the returns from this property for my daughter's education and other needs in future, no matter what happens. It is and should always be a collaborative effort for married couples to run a family.

 

Is it your dream home?

 

There's nothing like a dream home. Luxury can never be defined. People may feel dissatisfied even after buying a home worth crores of rupees. So, luxury is relative. The point is to make a home your dream home. Going with the well-known saying, a home is made by people and not by bricks and mortar. We are a joint family and I always prefer joint families.

 

What is your advice to new home buyers?

 

Location is what needs to be taken care of. The property you shortlist should fall within your budget. Do your homework on how much money you should spend on real estate investments in India. Also be sure about accessibility to public and social infrastructure in the locality you are buying your home in. See how populated the area is and how cordial the people in your residential complex are. Ensure you invest in a property in India by reputed builders – that takes care of the quality of construction. Establish the authenticity of builder if you are buying an under-construction flat.

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Buyers home buyers Women home buyers buying a property Buying a home