Today, women are independent. They have become capable of living in their own conditions and having their own life. Women have kicked the patriarchy. they are working hard to make their mark in a male-dominant society. women are successful in the private sector as well as in the government sector. This sense of independence is the reason why Indian women are investing in real estate and property. Owning a house gives them a sense of security and independence.
Women, a major target for marketers:
Women have become a major target for developers and property dealers. According to ANAROCK-LIC Housing Finance Ltd. consumer sentiment survey, Most women prefer real estate as compared to other asset options such as the stock market, FD’s, and gold. let’s have a look at some major highlights of the survey:
- 18% of the participant were women, among which 57% of women preferred real estate as an investment. 28% of women preferred the stock market. 11 % preferred FD’s, and only 4% preferred gold.
- 45% of women wanted to buy the property so that they would sell the property after appropriate appreciation. 32% of women wanted to earn steady rent from the property. and 23% of women preferred real estate as a future asset.
- 63% of women prefer 2BHKs. 23% prefer 3BHKs, and only 14% prefer 1BHKs. the number of women preferring 2BHKs shows the mindset of women that they do not want to settle for less.
Equality after marriage:
Women are willing to have homeownership before marriage or even not getting married at all. Since owning a house is by far the strongest security aspect for women. Married women are also willing to have their own house for security. They too want to have equal power of owning their own house.
Future security:
As we know Indian society has their culture of sending their daughters to their In-law’s house. But this ritual results in a lack of independence in women. Even if a woman is self-employed, not owning a house is like living with no security. This is the main reason why Indian women are investing in real estate and property.
Breaking the stereotype:
Forget about Stereotypes of women limited in fancy kitchens or playing with their children in the garden. Today’s women share the same priorities that men do. In other words, they are in complete control of their home, including owning them.
Schemes for women:
The government and developers have their own promotions and schemes. Now let’s know about how government and developers motivate women to invest in housing and properties.
Lower stamp duty charges:
In India, if executed in the name of women, stamp duty charges of property are lower in some states. Delhi, UP, Rajasthan, Punjab, and Haryana fall under these states. the exemption on stamp duty range from 1-2% in different states. Punjab offers 4% relaxation for women buyers. while men have to pay 8% on stamp duty charges in Punjab.
Tax reduction:
If a property is in joint ownership of men and women, then under section 80C of the Income Tax Act, tax exemption up to Rs. 15 lakh is allowed. and under section 24 up to Rs. 2 lakh tax exemption on the interest on a home loan.
Lower home loan interest rate:
Many banks offer lower home loan interest rates for women buyers. for example, SBI offers an interest rate of 7.90% in a home loan up to 30 lakh. whereas, for man, it is 7.95%. ICICI bank offers an interest rate of 8.2% on loans up to Rs. 75 lakh. whereas, for man, it is 8.25%.
Reduced registration charges:
Men have to pay an extra 2% of stamp duty to register the property in their name as compared to women. If the property is in the name of a women buyer the registration charges are reduced by some percent. for example, the registration charge for women in Harayan is 6%. whereas, for men, it is 8%.
Schemes offered by the government:
Schemes offered by the government such as ‘Mahila Awas’ loan. ‘Her Ghar’ scheme by SBI. ‘Women Power’ by HDFC. PMAY scheme, Pradhan Mantri Awas Yojana provides a subsidy up to a maximum of Rs. 2.67 lakh. Both married and unmarried are eligible for this scheme.
Conclusion:
The above schemes motivate women to invest in real estate. In this changing world having backup security has become a necessity. In conclusion, women have started understanding this aspect. Therefore, in the future, the number of women investing in properties will only increase.
