More Indian women than ever before are financially empowered to buy their own homes. Lower stamp tax for properties registered in a woman’s name and special housing loan programmes have also made it easier for women to invest in real estate.

Santhosh Kumar, Vice Chairman – ANAROCK Group, says “Women today are no longer mere influencers in the homebuying process, but independent decision makers and are buying homes for either self-use or investment. According to the latest ANAROCK Consumer Sentiment Survey, a whopping 78% women homebuyers prefer to buy homes for end-use, and 22% will do so for investment. If we look back in H2 2021, this end-use vs investment ratio stood at 74:26.

The survey also finds that 61% women respondents see housing as the preferred investment asset class. Approx. 16% prefer the stock market, and 14% pick gold. Of the total of 5,510 survey participants, women comprised a 50% share.

Notably, 3BHKs are the most favoured configurations for a significant 57% women respondents, followed by 29% women home seekers voting for 2BHKs. Around 9% are looking for 4BHK homes or larger.

In terms of budget ranges, nearly 36% of respondent women home seekers prefer to buy mid-segment housing (priced INR 45 – 90 lakhs), followed by 28% preferring premium homes priced between INR 90 lakhs and INR 1.5 Cr. A significant 23% prefer to buy luxury homes priced >INR 1.5 Cr, and just 20% will settle for affordable homes priced <INR 45 lakhs.

“While the survey finds that 24% of all polled home seekers now prefer newly launched properties, a deep dive reveals that just 15% women respondents prefer homes in newly launched projects,” says Kumar. “A massive 71% will zero in on properties that are either ready or to be completed within the next six months. This clearly indicates that the majority are buying for immediate self-use.

Women empowerment has become a core topic in India in recent years, with various measures being taken by the government for their upliftment. The most recent was the passing of the Women’s Reservation Bill, 2023 in the Parliament. While the government has been prioritizing women’s homeownership via its flagship PMAY scheme, large numbers of independent urban women have also come to the market to buy homes.

A greater number of Indian women are buying their own homes because they want to feel safe and independent, and there are more single women living alone and in nuclear families.

Also Read: Hope you are not dealing with these Real Estate Agents

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The real estate sector in India has been dominated by men for decades, but times have changed. Today, women are almost on par with men in real estate. Currently, 66% of Indian women, according to a recent survey, prefer real estate as an investment. Even before the pandemic, the numbers were on the rise, thanks to woman empowerment and growing awareness of the goldmine that is property investment.

While it’s refreshing to see women take the lead, it is even more delightful that there are multiple benefits for women buying a property. The time is ripe to be a female homeowner as there are several benefits in store; from low interest rates and tax exemptions, to discounts and lower stamp duty charge.

Here are some of the key benefits for women to own a property in India:

Attractive interest rates:

Banks often keep their home loan interest rate low for women borrowers compared to men borrowers. A lower interest rate makes a great impact on Equated Monthly Instalments (EMIs) and provides significant savings over the longer tenure of the home loan. The rates would differ across banks, with a difference of around 0.25 per cent and  is also applicable when a woman co-applies for the home loan.

Lower rates for Stamp Duty:

A majority of the state government encourages home ownership by women and thus they provide a significant rebate on registration fee/stamp duty if the property is registered in the name of a lady. Home loan benefits for females include lower stamp duty charges by 1-2%. For eg: the State Government of Maharashtra recently announced in their budget that they would give a 1 % rebate on stamp duty for women which would not only encourage a sense of homeownership among women in the state but would also aid them in saving money spent on the registration of properties.

Tax deductions:

To avail of certain tax benefits, women can also become the joint owner of a property along with her spouse. If she has a separate source of income, both can claim tax deductions individually if they opt for the old tax regime. Hence, under Section 80C of the Income-tax Act, 1961, each co-owner can claim a deduction on the principal payment of up to Rs 1.5 lakh. When it comes to interest payments, each co-owner can claim a deduction of up to Rs 2 lakh. Due to their financial awareness and credit consciousness, women borrowers are also less likely to default on the home loan, and they also have better credit scores as compared to men. This enhances their home loan eligibility and opens up more loan repayment options, too.

Pradhan Mantri Awas Yojana (PMAY):

PMAY is a game-changer initiative for home buyers. The PMAY makes female co-ownership mandatory for the female head of the family. When it comes to the Economically Weaker Section (EWS) and Low Income Group (LIG) category, the PMAY scheme preference is extended to widows as well as single women.

In summation

It is heartening to see so many women in leadership positions in the real estate industry, which is currently booming and also to see women become homebuyers in greater numbers. No one should hesitate because there are so many advantages for a woman buying a home in India!

Also Read: Maharashtra State Budget 2023-24: Women Homebuyers to benefit

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By Varun Singh

What do women homebuyers prefer when it comes to real estate buying?

Here we will answer the question but also would tell you that women form a majority part of real estate buyers.

States like Maharashtra even have discounts in stamp duty for women homebuyers.

Women are emerging in greater numbers as key home purchase decision-makers. Over the years, an increasing number of Indian women have been making independent and individual investments in the real estate market. According to the latest ANAROCK Consumer Sentiment Survey, real estate is now the preferred investment asset class for 64% of women respondents. It was 62% in the last study (H2 2020) and 57% in the pre-Covid survey (H2 2019).

3BHKs are the most favoured configurations for approx. 41% women respondents, followed by 36% women home seekers voting for 2BHKs. At least 11% are looking for 4BHK homes or larger.

Anuj Puri, Chairman – ANAROCK Group, says, “While traditionally, women have always been an integral part Indian families’ homebuying process, the trend of women as independent buyers and investors with distinct choices is a more recent phenomenon. Women’s affinity to housing purchase has increased markedly since the pandemic – from 57% votes in pre-COVID-19 survey to nearly 64% in the current edition. Now, we see that the pandemic has also influenced their property preferences.”

There has also been an increase in women looking at real estate from an investment perspective. Of total women respondents looking to buy homes, approx. 26% declared investment their primary motivator, while 74% had an end-user perspective. Contrastingly, a year ago, the same survey showed an end-use vs. investment ratio of 82:18. Their strengthening investment sentiment is a clear indicator of women’s increasing financial independence.”

The survey indicates 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.

In budget categories, at least 67% of women home seekers will buy properties in the mid and premium segments (properties priced INR 45 lakh to INR 1.5 Cr.) Of this, approx. 34% are focusing on a budget range between INR 90 lakh to INR 1.5 Cr, followed by 33% preferring homes within the INR 45 lakh to INR 90 lakh budget bracket.

In the same survey last year, affordable and mid-segment homes priced within INR 90 lakh were the top pick of participating women home seekers, with nearly 66% voting for this budget range.

Moreover, there is a marginal rise of 2% in demand for ultra-luxury property priced >INR 2.5 Cr – from 5% in the H2 2020 survey to 7% in the current H2 2021 edition.

A very significant 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.

• 36% of participating women homebuyers prefer 2BHKs – a clear preference trend for bigger spaces
• 38% of women buyers want to buy homes in city peripheries, 30% will buy within city limits
• End-use vs. investment ratio in the latest survey (H2 2021) is 74:26 (it was 82:18 in the year-ago survey) suggests improving investment sentiment
• 67% of respondent women home seekers will buy mid & premium segment housing (INR 45 lakh – INR 1.5 Cr)
• For 64% of women participating in the survey, Indian real estate is the preferred investment asset class; 62% in H2 2020 survey
• 79% of women respondents prefer ready homes or properties within 6 months’ completion

Ask Read: Which Maharaja has put his house on rent in Mumbai!

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By Varun Singh

Mumbai in the 21 days of April has seen more sales than it witnessed in the entire month of April 2019 and even in April 2020.

In April 2020 there were Zero sales registered in the city of Mumbai as registration offices were shut due to lockdown imposed because of the pandemic.

In April 2019 a total of 5940 sales were registered in the city of Mumbai. From these sales a revenue of Rs 460 crore. was generated.

This revenue includes stamp duty and registration fees paid during the registration.

In. April 2021, within the 21 days of the month a total of 6413 sales have been registered, which higher than the sales registered in. April 2019.

However, the revenue generated is merely Rs 357 crore. There are two main reasons which. developers attribute to the less revenue collection in April 2021.

The developers body is happy that in spite of a pandemic and the state government taking away the stamp duty cut benefit, April 2021 has shown good sales.

Anand Gupta, chairperson, Housing and RERA committee of Builders Association’s Of India said, “First of all we in BAI happy to see that in spite of all odds of pandemic number of transaction and registration are more than April 2019 and April 2020.”

As regards to less collection of amount inspite of more transaction, Gupta says, the revenue amount is lesser compared to earlier years is mainly because first homebuyers who have paid concessional rate of 3% as against current 5% stamp duty (up to March 31) they are eligible to register as they have paid stamp duty prior to end of March.

The second reason according to Gupta is, the 1% concession given to all woman purchaser. “Obviously people are preferring to purchase flat /property in female member of family to get 1% concession in stamp duty. Thirdly even most of business houses/ people are avoiding or postponing big money transaction because of cash crunch in their present business, these are the main reason for less collection of total stamp duty,” said Gupta.

Also Read: Stamp Duty Concession, Woman To Pay 1% Less

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By Ateeq Shaikh

With existing concession on stamp duty in Maharashtra ending later this month, starting April, families may opt for buying property on their mother’s, wife’s or daughter’s names to avail 1% discount on stamp duty for women.

In August, Maharashtra government had announced a discount in stamp duty by 3% and 2% between September-December 2020 and January-March 2021, respectively. Earlier this week, the Maharashtra government in its Budget proposed a 1% concession in stamp duty for women homebuyers, which means stamp duty payment of 4%.

Industry players shared that those who may miss out on availing the ongoing 2% stamp duty benefit may opt booking a home in the names of their mother, wife or daughter. Overall, the move may help in increasing women’s share of property ownership, which has been on a rise.

Also Read: Women (77%) Buying Homes for End-use, Against Men (62%) – Survey

“The Maharashtra government’s announcement on additional stamp duty reduction will encourage and empower women homebuyers. This will not only instill confidence in them but also drive sales growth in the real estate market,” said Chintan Sheth, Director, Ashwin Sheth Group.

As per a recent Anarock survey, for 62% women, real estate is the preferred investment asset class for investment as compared to 54% men who prefer stock market, fixed deposit and gold.

The findings of the study also showed that at least 82% of women will buy a home for end-use, 18% for investment; in contrast, 68% men will buy for end-use and 34% for investment. With the tax benefits that are available combined with the lowest home loan interest rate in over a decade, over 70% of women respondents consider this to be an ideal time to buy a property.

“Women have always been an influencing factor in the purchase of a new home. The proposal of registering homes, with the eligibility to benefit from the 1% discount on stamp duty, encourages women to own a house and be independent. We hope that the proposal goes through, and we see many women homebuyers and families register homes on their mother, spouses, or daughters name to avail of the benefit. Those homebuyers who may miss out on the ongoing stamp duty cut of 2% can still have an opportunity in the upcoming fiscal thereby pushing the sales momentum in the coming months as well,” said Sarat Sinha, AVP & Head of Marketing, Adhiraj Constructions Pvt Ltd.

Rohan Khatau, Director, CCI Projects Pvt Ltd, developer of Rivali Park also had similar opinion to share, “Home purchases among women have been increasing Year-on-Year. Maharashtra government’s budget proposal of reducing 1% stamp duty to transfer house or registration of sale deeds in the name of a woman will accelerate the homebuying trend. Hereon, we would witness rise in enquiries and sales coming in from both consumer segments. There is also a possibility of families opting to register the property in the wife’s or daughter’s or mother’s name to avail the latest benefit.”

“The incentive proposed by the state government will create an increased interest among women home-buyers and their families who prefer real estate to be an asset building investment. With the ongoing stamp-duty reduction applicable till end of March 2021, this 1% discount from April will ensure the momentum in sales continues with families likely to opt buying a property on the names of their women family members in order to avail the benefit,” said Milind Korde, Founder and Managing Director, Ananta Landwise, Development Managers of Bluegrass Residences.

Interestingly, women’s preference for real estate has risen post-COVID-19 – from 57% votes in the pre-COVID survey to 62% in the current edition of Anarock’s study.

WHAT ARE THE BENEFITS FOR WOMEN?

Indian women enjoy multiple benefits when buying homes:

• Various government policies support and promote women homeownership in India. For instance, to avail homes under the government’s flagship scheme Pradhan Mantri Awas Yojna (PMAY) introduced in 2015, homes have to be mandatorily registered either in a woman’s name or with women as co-owners. This was done to empower women of the lower-income segments.

• Lower stamp duty is another benefit that women enjoy while buying a property. Stamp duty charges are lower if property registration is executed in the name of a woman, although these charges vary from state to state. The exemption for women varies between 1-2% across different states. In some cases, it might even vary within a particular state, based on the classification of regions as ‘urban’ and ‘rural’. For instance, Delhi, UP, Rajasthan, Punjab and Haryana offer relaxation in stamp duty for women buyers. Punjab has a 4% difference between male and female homebuyers.

• Many banks such as SBI, ICICI, HDFC, etc. offer discounted home loan rates to women as compared to men. This again varies from bank to bank, but the difference can be as much as 0.25%. The prevailing low property rates coupled with home loans rates at a 15-year low are certainly an advantage.

• To avail of certain tax benefits, a woman can also become the joint owner of a property with her husband and, if she has a separate source of income, both can claim tax deductions individually.

Also Read: Mumbai Project Under SWAMIH Nears Completion

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By Manju Yagnik,

Women today are making their mark in different industries, so also in the world of real estate. Women have the innate qualities of managing any profession.

I believe that women carve a niche for themselves with their talent in whichever profession they choose to be in. If there is zest and commitment to do something, then no one can stop you. Indian real estate industry has grown by leaps and bounds since I entered the industry over three decades back.

Today, if I look at the industry and corporates, I see that women of today are breaking all the stereotypes and excelling across sectors and real estate is no different.

Indian real estate industry having seen only a few women in leadership positions primarily, is today seeing more participation of women.

The real estate industry has been pretty archaic for a long time and with the increasing participation of Women in Indian real estate as channel partners, sales heads, developers, architects, and marketing heads it’s getting easier.

We are all aware that Women, due to their multitasking ability to balance work and family, is the right choice for any industry along with real estate, owing to the nature of the business.

Women have become part of the mainstream when it comes to contributing to the economy be it at work or as a consumer. I believe that women play an important role in the home buying process as they can envisage the lifestyle and future they would be able to create at home with their children and hence, underestimating the role of a woman in the home buying decision is unwise.

This has played a catalyst’s role for the Indian real estate sector that is witnessing increased traction from women home buyers along with being part of the industry as well.  

For me, women engaged in the real estate industry is always an advantage since women have the qualities of empathy and persistence and help in building relationships needed for the business. Women’s more nurturing, more sensitive and patient approach towards client’s needs benefits organizations in many ways.

We have seen that the change in the socio-economic environment of the country has led to increased participation of women in areas be it education, employment, entrepreneurship, Defence, Medical, and business.

Manju Yagnik, Vice Chairperson, Nahar Group & Sr. Vice President, NAREDCO West

India of today is seeing an increasing number of women having established a path of their own to gain financial independence. With financial independence comes ownership of various asset classes and have started investing in real estate to own a home of their own.

With the sector moving towards maturity, we need to see more women taking on leadership roles in all segments of real estate development, along with increased participation in home buying. On this International Women’s Day, let’s celebrate the spirit of womanhood.

Also Read: What Does A Woman Homebuyer Want?

Note: Manju Yagnik is the Vice Chairperson, Nahar Group & Sr. Vice President, NAREDCO West. Views expressed in this piece solely belongs to the author.

The post Women Leaders In Real Estate An Advantage appeared first on Square Feat India.

By Varun Singh

In a homebuying process a woman plays an important role. How a man looks at house, is very different from how a woman looks at homebuying process.

A recent report by Anarock Property Consultants has thrown light on what a woman is looking for when she steps out for buying a home.

From being part of the home buying process to driving it, today’s financially strong Indian women emerged as a powerful demographic in ANAROCK’s latest consumer sentiment survey published in February 2021.

Prashant Thakur, Director & Head – Research, ANAROCK Property Consultants says, “The survey reveals that many Indian women now consider housing not just the bedrock of financial security but also essential to diversify their investment portfolios. 62% of women respondents confirmed housing as their preferred asset class – even more than men. 54% of men who participated in the survey preferred real estate above the other options – stock market, fixed deposits and gold.”

The survey also revealed that most polled women homebuyers prefer ready-to-move-in homes, reflecting a strong aversion to the perceived investment risk of under-construction properties. 

Nearly 71% of women respondents want to buy ready homes, followed by 11% each for homes that will be available for possession in the next 6 months, and newly-launched projects. If we consider the overall survey results for both genders, ready homes had 29% votes in their favour.

Notable women-centric findings:

• While most women preferred properties priced within INR 90 lakh (at least 66% women homebuyers), 5% voted for ultra-luxury real estate priced >INR 2.5 Crore.
• In the overall survey, the 2BHK was the most-preferred configuration – but further analysis reveals that most women preferred higher BHK-configurations. At least 46% of women favoured 3BHKs, and only 30% were scouting for 2BHKs. Interestingly, 10% were also looking for 4BHKs.
• The psychological assurance of physical assets influences 31% of women homebuyers; 28% responded favourably towards the availability of cheaper home loans, and 22% will buy homes because of ongoing offers and deals by developers.

Indian women enjoy multiple benefits when buying homes:

• Various government policies support and promote women homeownership in India. For instance, to avail homes under the government’s flagship scheme Pradhan Mantri Awas Yojna (PMAY) introduced in 2015, homes have to be mandatorily registered either in a woman’s name or with women as co-owners. This was done to empower women of the lower-income segments.
• Lower stamp duty is another benefit that women enjoy while buying a property. Stamp duty charges are lower if property registration is executed in the name of a woman, although these charges vary from state to state. The exemption for women varies between 1-2% across different states. In some cases, it might even vary within a particular state, based on the classification of regions as ‘urban’ and ‘rural’. For instance, Delhi, UP, Rajasthan, Punjab and Haryana offer relaxation in stamp duty for women buyers. Punjab has a 4% difference between male and female homebuyers.
• Many banks such as SBI, ICICI, HDFC, etc. offer discounted home loan rates to women as compared to men. This again varies from bank to bank, but the difference can be as much as 0.25%. The prevailing low property rates coupled with home loans rates at a 15-year low are certainly an advantage.
• To avail of certain tax benefits, a woman can also become the joint owner of a property with her husband and, if she has a separate source of income, both can claim tax deductions individually.

Dr Niranjan Hiranandani –MD- Hiranandani Group says, “Next Gen Millennial women are steadily taking on a more dynamic role as homebuyers, in addition to their role as homemaker. Until now, they always acted as a vital influencer in home buying decisions, but more financial independence and urban migration have enabled them as new entrants into the home buying segment.”

Also Read: Women (77%) Buying Homes for End-use, Against Men (62%) – Survey

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