Women have graduated from indirect involvement in influencing decisions on property to being direct purchasers | Magicbricks.com Property Pulse
One fifth of homebuyers today are single women. Investment in real estate is no longer an exclusive male province. Prodipta Sen, a developer, says that around 30% of the property buyers in urban areas are now women, and over the coming years, this figure will only continue to increase as globalization continues. Sen says: “A record numbers of single women are buying their own houses. Real estate provides better security, as property, unlike stocks, doesn’t lose value overnight.
We have been seeing more women going for property purchases in the last few years - owning a home is the single biggest tax break for most consumers and a single homeowner gets all the tax advantages that married couples, who own a home, receive collectively. Owning a home in a good market ensures appreciation.”
A senior woman executive of a real estate firm says that, today, a woman wants to buy a house even before a car. The reasons being: she wants to secure her future as she has the means to do it now owing to financial independence, greater access to information about projects and developers, and also the wisdom to form an opinion after doing all research. Also, a woman has far greater exposure to the value of real estate and it is an important purchase in her life.
to Rohtas Goel, another property developer, “From the initial idea, throughout the search for a suitable property, to acquisition or building work - women work in concert with their partners in reaching a decision on acquiring an apartment or a house. Women are no longer restricted to home duties and are increasingly playing a significant role in investment decisions like buying homes. We have also seen that women are well versed in the latest trends in housing, best locations and even best construction materials.” He adds that it is exhilarating to see women developing the skills of house purchase, and more important, the confidence to make life-changing decisions like buying a home.
Women investors form a small percentage of the total pie but it is a growing figure and one to reckon with. Nowadays, a woman, married or unmarried, is taking a keen interest in buying property - more than ever before. With greater social acceptance of young adults moving out of joint families and into their own apartments, now women are also moving out of their parental properties to pursue higher education in other cities, securing jobs, and property investment has become a way of building long-term security and stability for themselves and their family.
Sangeeta Kapur, 36, a telecom professional, is a well travelled single woman earning a handsome salary. She travels the world over but needs a pad - one which is only hers! She says real estate investment is the most important investment for a single woman now, as there is an intangible value of ’security’ attached to it. So what are the specific requirements of women clientele and are they distinct from those of men.
Prodipta Sen says: “Women are more discerning and have a better eye for detail. Their priorities include a thorough research on the developers’ projects details, their market equity, price, security, aesthetics, location, facilities, et al.”
Builder Manoj Goyal says that women play it safer and make investments in quality projects alone. He adds that women have a different kind of requirement when compared to men. “They focus on the surroundings and the ambiance of the project and how effectively living and dining space is planned. They focus more on reputation of the builder, rather than just pricing.”
Women, today, are far more educated than before and earn handsome salaries which they want to invest wisely in a long-term asset like real estate. Women have become financially independent and are focused on careers and building long term security. They want to provide stability for themselves and their families, hence, many working women who are also self-reliant are direct purchasers of property.
Getamber Anand, another real estate developer, says, “A higher real estate tax rebate and cheaper loans for women in some parts of India is increasingly attracting the fair sex to invest in property. With a growing number of women home buyers and homeowners, the real estate industry, bankers, and builders are now designing new projects that address the concerns of women - primarily security, convenience, energy efficiency, and storage and aesthetics.”
Leading players in the Indian housing finance sector have been announcing a special offer for all women home loan seekers. They offer a concession on the rate of interest by 0.25% on the applicable card rates as well as concessions on processing fees to women working in the corporate sector. At present, the stamp duty on real estate purchases is biased in favor of women at 4% as against 6% for men.
According to officials of the revenue department, the better deal for women buyers is already having an impact. “In case, a plot costs Rs 1 crore, the buyer would like to get it registered in the name of a woman since he will save at least Rs 1 lakh on account of stamp duty. So, we are witnessing a major shift in the pattern of property ownership with women becoming landlords,” said a senior official.
Though skeptics argue that much of it is really on paper, as people buying property will get it registered in the name of their wives if only to save tax. How much does it really empower women in the true sense is doubtful, they say.
Vishal Vohra, a real estate consultant, says: “If a man buys a house with his earnings, or joint earnings, and registers in the name of his wife, and should a divorce follow, even courts recognize that the house does not automatically go to the wife, since it is hers on paper, but rules that the asset be shared, or sold and the sale proceeds split, rather than it wholly going to the wife. In this sense, it is still only on paper, but it is true that statistically, it does certainly mean that more women are property owners.” This, at least, is a stepping stone towards a positive change in society.
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