The Increasing Number of Female Real Estate Investors in India
The real estate sector in India contributes almost 5-6% to the county’s GDP. This growing sector is expected to contribute close to 13% to the GD of the country by 2025and reach a market size of US$ 1 trillion by 2030.
Whether married or single, every woman across the country are becoming financially independent and stable. This, on the other hand, has increased the number of homebuyers in India.
According to reports,women in India constitute the second biggest group of home buyers. Cities like Bangalore, Mumbai, Delhi, and Chennai are the areas witnessing this trend.
This trend is already spreading its wings and making a mark even in the tier-II cities. Reports say that 32% of homebuyers in India are single women whosecontribution to decision-making is almost 74% of all property purchases. How cool is that!
Such facts and figures have attracted a lot of sellers and property builders who have gone out of the way to provide female buyers with lots of incentives and offers. Here is a list of a few of them.
1. Pradhan Mantri Awas Yojana (PMAY)
This is an initiative by the government to offer affordable housing units as well as give ownership of homes to women in the urban and rural areas. This initiative not only makes women eligible for tax concessions on home loans but also mandates that all female participants should be co-owners of the property.Under the Credit-Linked Subsidy Scheme (CLSS), the scheme allows subsidiesup to Rs 2.35 lakhs to the first-time homebuyers.
2. Lower Interest Rate
To encourage more women home buyers, a lot of Indian banks provide home loans at low-interest rates, 0.2-0.5% at the max. There are also a lot of financial companies that have introduced a lot of interesting schemes for women who plan to be happy and proud homeowners.
3. Lower Stamp Duty
This benefit is also provided to women buyers in many states of India. The stamp duty for women is 2-1% lower as compared to men. Although this ratio can vary from state to state. For example in Delhi women have to pay a stamp duty of 4% whereas, in Haryana, a stamp duty of 6% is what women pay while buying homes.
4. Tax Deduction
In case the property is self-occupied, women are eligible for a tax deduction of 1.5 lakh. For a property that is co-owned, both husband and wife are eligible for income tax deductions. For a property that is rented out, the interest rate on home loans can be claimed as the deduction against the net rental value in total.
Breaking the stereotype, women now are proud owners of luxurious homes across the country. And, believe it or not, women are considered to be more financially stable than men. With luxurious 2 and 3BHK apartments in Bangalore, Gopalan Enterprises proves you homes that are a blend of convenience and comfort.