The benefit of credit subsidy for first time female home buyers under the Pradhan Mantri Awaas Yojana or PMAY scheme has given a major thrust to this emerging homebuyer segment.
Niranjan Hiranandani
Among the aspects that define empowerment, shelter, or housing is among the most important. Having one’s own home, preferably one that is owned is arguably, among the most important decisions of our lives – and this holds true for all Indians, regardless of gender. Over the years, it was the male who was responsible for buying a house; today, women are not just fast catching up, they have also broken the stereotypes - from being 'influencers', they are now home buyers in their own right.
Indian real estate buying has undergone a paradigm shift in terms of home purchase pattern. The switch from traditional newspaper ads to digital buying and virtual tours everything has undergone a change. Today the educated, independent women want to create their own assets and widen their investment horizons.
When it comes to buying a home for the family, in the Indian real estate scenario, it has traditionally been a situation where the lady of the family – be it a spouse, parent or child – played an important role in selecting the house. As the adage goes, the lady of the house would make a house into a home – and this traditional thought has been an important aspect of Indian families selecting their dream home and buying it.
In recent times, we have seen women taking on different roles – from a student looking for student housing options to a working woman looking for a home; the single mother looking for choices that fits her child's upbringing and is close to her workplace. With their changing roles the growth trajectory for women has been much more pronounced.
The trend of women being the second biggest group of home buyers is also catching up in many tier II cities. Several reports suggest that a little over 30 percent of those who rent or buy a house across the country are women. Another estimate suggests that women contribute to decision-making in about 74 percent of residential real-estate purchases.
Most of the women home buyers look out to buy property for self- use. This trend could be attributed to the special benefits provided to women home buyers. Women home buyers are incentivised with several customised schemes and offers by government, banks and financial institutions, developers and channel partners. The benefit of credit subsidy for first time female home buyers under the Pradhan Mantri Awaas Yojana or PMAY scheme has given a major thrust to this emerging home buyer segment.
Developers also announce lucrative discounts and offers to generate interest among women to boost sales. Many banks and home financing institutions also offer alternative schemes to benefit women home buyers with flexi-payment schemes. Similarly, women home buyers get tax benefits, are eligible for a tax deduction subject to a limit in case of self-occupied property. They are also eligible along with their spouses for income tax deductions in case of of co-owned property.
(The writer is national president, Naredco and CMD Hiranandani Communities)
