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Women Gaining Benefits from Real Estate
Women have much to smile about. Be it in terms of tax exemptions, lesser stamp duties or easier availability of home loans, women are reaping the benefits in real estate. No wonder then that even a large number of single women are now enquiring about their dream home from developers. A major benefit is the lower stamp duty charges. Uttar Pradesh, for instance, has reduced its stamp duty rates for both men and women. In the past, other states such as Delhi, Orissa and Punjab had also reduced rates. A lower stamp duty rate helps in saving on the overall costs while purchasing property, thus acting as a significant boost for prospective woman buyers.
According to Aman Gehlot, director of Ambience Group, “Several states charge lower stamp duty on properties to women as compared to men. Women even enjoy the benefit of a higher tax rebate as compared to men. These factors act as a great incentive for women keen to buy property.” There have been many factors that have led women to come to the forefront. The emergence of the new breed of women achievers who place career before marriage, the desire for self-acquired security and awareness of tax benefits has fuelled interest levels. Plus, the lack of hesitation showed by banks in lending to women is an added bonus.
Says Raminder Grover, CEO (Homebay Residential) of global real estate consultancy Jones Lang LaSalle Meghraj (JLLM), “Women, regardless of whether they are married or single, face no specific problems in obtaining home loans today. It is true that banks were earlier hesitant about granting loans to single women since they saw a possible loss of income and therefore inability to service the loan following marriage. However, this is the age of double-income families and such misgivings are a thing of the past. Many banks also have special schemes for women who avail of home loans and offer discounts of around 0.25%.”
Banks, however, say they have no special incentives or schemes specifically for women. “It doesn’t matter whether it’s a man or woman. The schemes are not gender specific,” a senior source from IDBI told SundayET. Ditto is the case with Kotak Bank which also follows the same policy. “Single women buying property usually happens at a higher age bracket. Mostly the home loan applications come via the couple route. We do not have any specific schemes lined up only for women,” says Kamlesh Rao, senior VP, Kotak Bank. Developers such as Omaxe, Ambience Group and CHD Developers, however, reveal that the number of queries from women have been increasing.
Says R K Mittal, CMD of CHD Developers, “More single women are now coming forward to invest in real estate. About 15-20% of all enquiries we get are from women and almost half of these are unmarried. Women today are on the same professional, personal and financial platform as men. They are independent, earning high salaries, driving their own cars, and have an impressive lifestyle full of luxuries. Owning a house, no doubt, is topmost priority. It makes them feel safe and secure for the future and serves as a wise investment option.” Agrees Rohtas Goel, CMD of Omaxe, “Today, more women are buying their own homes. Yes, we are getting more queries from prospective women buyers now, but they are more for Tier-I cities as compared to Tier-II & III cities. Also, mature female buyers will often buy in an urban area as most urban centres tends to escalate faster in value than in a suburban environment, so there is opportunity for greater equity growth.”
And even though developers may not have special schemes yet lined up to specifically target the woman buyer, most are mulling the option seriously. While CHD Developers does not currently have any special incentives for women, they will come up with them if the percentage of women buyers keeps showing an upward graph. Omaxe and Ambience Group are also not averse to the idea of planning some special incentives for the women buyer. Adds Grover of JLLM, “All developers instinctively or consciously factor in some basic considerations while planning their projects. For instance, every developer knows that it is the woman, and not the man, who has a deep, practical knowledge of what is and what isn’t required in a home. In that sense, every residential property is fundamentally designed keeping the women in mind.” It’s not a man’s world alone. In fact, women have a lot to keep them motivated in their property pursuit.
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