Indian real estate has been experiencing a major shift since the last decade. The evolving trends, preferences, and demographics have transformed the perception of the realty sector in India. Single women are becoming a major demographic among them. The number of women homebuyers is remarkably increasing. It indicates increased economic empowerment and financial literacy among women. The working women are now more interested in property investments than in gold. Prominent property consultants have estimated a 30% increase in single women property owners in major markets such as MMR, Delhi, Pune, Bangalore, etc. Financial stability and awareness are empowering women to purchase their best-suited home for end-use or even investment.
Securing a home loan is a pivotal step toward home ownership. There are varied options for home loans. Home loans are more favourable for women homebuyers with the government formulating policies to empower women in this sector. There are special prospects for women in the housing market that provide lower interest on home loans, reduced processing fees, and other such benefits. The government has provided many benefits for women applicants under the PMAY scheme. This scheme is specially crafted for women to help them attain their homeownership dreams. The government’s supportive policies and initiatives are backing women in their significant role in transforming the residential landscape in India.
One of the prominent initiatives taken by the government is the Pradhan Mantri Awaas Yojana (PMAY scheme). This scheme offers a substantial subsidy for women homebuyers. This scheme allows women as the lead applicant or the co-applicant, ensuring their capability to purchase the aspired home. Since its implementation, the PMAY scheme has provided a rightful home to millions of individuals in India. Also, it plays a key role in leading women toward homeownership while empowering them financially. The state government has also reduced stamp duty for women homebuyers to further financially assist them. These aspects are incentivizing women’s investment in the housing sector.
Besides this, women are also majorly impacting the shifting trends of the sector. Their changing preferences can be attributed to the rising awareness about tangible and long-term investment appreciation provided by real estate. Residential properties are undermining stocks and gold in terms of investment. Women are exploring various micro-markets that offer a remarkable scope for future price appreciation. Single women homebuyers are underscoring the emerging demographic in the major realty markets. Rather than being co-applicants to their father or husband, they are opting for primary ownership. Developers are customizing their products to fulfill the preferences of this new demographic. Single working women are mainly looking for ready-to-move-in properties within the proximity of their workplaces. Whereas women with families prefer larger homes in a well-connected location to attain the needs of every family member.
As stated by the CIBIL, the number of women loan borrowers is assumed to increase at 19% CAGR in the next five years.
Women are breaking societal norms and gender barriers while pioneering in ownership. Considering the above aspects, there is still a huge gap in the leadership and decision-making positions. It is the need of the time to diminish the gender gap and empower women to take up leadership roles. Women with innate qualities and convincing skills are cracking deals with confidence and connecting with end-users. As more women recognize the benefits of real estate investment, they will surely drive the growth of the sector in the coming time.