Women Homebuyers Drive Growth in Indian Real Estate

May 27, 2020: Women get a rebate of INR 10,000 on total stamp duty charged. This and many other reasons make real estate a viable choice for investment. It helps them to diversify their investment portfolios or to avail multiple benefits exclusive to women.

Women across cities have become an important focal point for developers. Contrary to the earlier scenario where they were just considered as decision influencers and not maker, Indian women are today very empowered and have become independent decision-makers in home purchase matters. With good jobs with brilliant growth prospects – not only in corporate India but also in government positions across ranks, women today are an important target audience for real estate developers.

An increasing number of women today believe that owning a physical asset such as a home gives them a sense of achievement more than marriage at the right age.

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The scenario has changed even for married women. With dual-income families as a backdrop, many women are now active financial partners with equal say in purchase decisions.

This had led to a distinct shift in family dynamics and their investment preferences which were predominantly gold and FDs (fixed deposits) until some time ago. Real estate now constitutes an important place in their investment portfolio.

The government and banking system are also going the extra mile to encourage women into standalone homeownership. In India, stamp duty charges of property registration are lower in some states if it is executed in the name of a woman. Delhi, UP, Rajasthan, Punjab and Haryana are States with such a relaxation in stamp duty for women buyers. The exemption on stamp duty ranges from 1-2% in different states.

“There could be an additional tax benefit if property is in a joint ownership. Like men, women homebuyers are also eligible for a tax exemption up to Rs 1.5 lakh under Section 80C of the Income Tax Act on the principal paid on a housing loan, and up to Rs 2 lakh under Section 24 per annum on the interest on a home loan. If a property is rented out, then the entire interest on the home loan is allowed as a deduction. However, to avail this additional tax benefit on a home loan, the property must be in co-ownership,” according to experts.

Moreover, many major banks in India offer a lower home loan interest to women borrowers as against men. The rebate can vary from .05% to .25%, depending on the bank and the loan amount. Read more about home loan benefits for women from here.

Thus, women across urban India are buying property either to diversify their investment portfolios or to avail multiple benefits exclusive to women, which range from tax benefits to reduced home loan interest rates by some banks, and also reduced stamp duty and registration charges across different states.

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