Meet Neha – a trailblazing homeowner defying traditions. In a remarkable turn of events, Neha, a proficient IT professional earning an impressive annual income of 10 lakhs, has not only defied conventional norms but also etched her name in her family's history. As the first member of her family to purchase a home, Neha's decision echoes a trend that is gradually becoming a norm across the real estate sector – the surge of female home buyers. She is not the only one to break the barrier, there are many like her.
The Maharashtra Government, as part of its budget for 2023-24, unveiled a one percent discount on stamp duty exclusively for women homebuyers. This progressive step is expected to significantly reduce the financial burden associated with home purchasing for women across the state.
A striking contrast to the conventional narrative emerges when comparing the benefits offered to men and women under the Pradhan Mantri Awas Yojana (PMAY). The program, designed to facilitate affordable housing, grants higher precedence and subsidies to women purchasing property. A woman listed as the registered owner of a property covered by PMAY can avail subsidies of up to Rs. 2.67 lakhs, providing an additional incentive for women to venture into property ownership.
A recent study by the Anarock Group sheds light on an intriguing statistic – out of every 100 homebuyers, a noteworthy 23 are women. This figure marks a substantial increase from the 18% reported in the previous survey, underscoring the shifting dynamics of the real estate landscape. A similar trend has been observed in the vibrant city of Mumbai, where the number of female home buyers has surged significantly over the last year.
According to a report by Knight Frank India, women constituted 6.6% of total new home sales in the Mumbai BMC region in April 2021. This percentage experienced fluctuations in the subsequent months, with May 2021 witnessing a dip to 1.7% and June 2021 rebounding to 4.7%. The persistent interest among women home buyers can be attributed to the strategic stamp duty rebate of 1% announced by the Maharashtra government on Women’s Day, March 8, 2021.
Indian women are progressively embracing the concept of homeownership, viewing it as not only a foundation of financial security but also a crucial element in expanding their investment horizons. This bold and enterprising mindset has precipitated a steady uptick in the proportion of female home buyers, reshaping the real estate landscape one purchase at a time.
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The content of this blog post is for general informational purposes only, sourced from secondary information, and should not be considered professional advice. It intends to raise awareness, not guide decisions. Readers must consult experts before making choices. This blog post cannot be invoked against the builder in any sales agreement.