From being a homemaker to a home buyer and investor in the real estate market, the new-age women have evolved and emerged as a key driver of demand in the residential real estate segment. The increase in the number of registrations of residential properties in Chennai and residential properties in Panvel by women over the past few years is a testimony to the fact. Joint ownership numbers have also increased as the willingness shown by women has grown manifold. Industry experts feel that over the years, the approach of today's new age women towards financial investment is taking a paradigm shift from asset classes like gold, fixed deposits, stock markets to real estate.
Luxurious 3-BHK flats in Chennai like in Hiranandani Parks, Oragadam and the massive 3-BHK flats in Navi Mumbai like at Hiranandani Fortune City, Panvel are the most preferred segments for the new-age, says a recent study. Celebrated for its craftsmanship and towering neoclassical style architecture, the spacious Hiranandani Chennai and Hiranandani Panvel apartments offer today's families an array of modern residential options.
Apart from the recent pandemic that played an important part and stressed the importance of ownership, the slew of government initiatives to support and encourage women and a regular source of rental income are some of the reasons for the increase in women homebuyers. Here are some of the benefits
Reduction in stamp duty: To encourage women homebuyers, many state governments offer lower stamp duty for property bought in a woman's name. Maharashtra gave a 1% stamp duty discount for women homebuyers during February 2021. The stamp duty in Delhi is 6% for men and 4% for women. In some states, there is a lower stamp duty charge even if the property is given to the female family member as a gift.
Property tax rebates: Though variable across states, many cities offer a tax rebate on properties registered in a woman’s name, another factor boosting women's homebuyer sentiments.
Lower interest rates on home loans offered by banks and NBFCs: Several banks offer lower interest rates and other rebates on home loans for women to buy apartments in Chennai and apartments in Panvel. Experts add that women availing of home loans also have the benefit of various exemptions under Section 80C, Section 80EE, Section 80 EEA, and Section 24B of the Income Tax Act.
PMAY Benefits: Under the Pradhan Mantri Awas Yojana (PMAY), the government has made it mandatory that any property purchased under the scheme should be registered under the name of at least one woman in the household. And if the woman is the borrower of the loan under this scheme, she can reap the benefits of a low-interest rate, too.
Safety and security: Women are looking out for peaceful and safe areas where they can live, work and entertain, says a study. Apart from the three-layered security measures at Hiranandani Parks, Chennai, and Hiranandani Fortune City, Panvel which include 24x7 manned checkpoints at the entrance, CCTV surveillance and local security, the presence of a top-quality school, hospital, retail avenues, and more help the residents especially women to enjoy a happy and safe lifestyle without leaving the comforts of the township.
Regular income opportunity: For women who wish to let out their property, Hiranandani Parks offers assured rental scheme of Rs 35000 per month* for 30 months*. Hiranandani Fortune City offers an assured rental scheme of up to Rs 50000 per month* for 12 months*. Apart from keeping their investment safe, it offers a great source of regular monthly income.