It is the right time for you to become a female home owner as the Government of Maharashtra has taken multiple steps to increase women’s home ownership – like reduced loan rates and tax exemptions, as well as discounts and cheaper stamp duty charges. However, the government had previously set a condition when giving the concession, stating that a woman who received the benefit could not sell a residential unit to a male buyer for the next 15 years. Recently though, the Maharashtra government has taken a practical step to encourage women’s participation in the real estate market by relaxing this imposed restriction. This move is definitely a step in the right direction as it not only elevates gender equality but also enables more and more women to look at real estate as a viable and long term asset class.
The 15-year-old gap provision was limiting women’s capacity to buy property in the state. After lifting the clause, This forward-thinking step will likely revolutionize women’s real estate ownership, allowing them to exercise greater financial freedom and fully engage in the property market.
To elevate gender equivalency and empower women in property ownership, the government established a 1% stamp duty discount for female property buyers. This exemption initially only applied to residential properties. However, a recent change has increased the incentive for women who purchase immovable property alone or with a female co-owner. The ramifications of this decision and their impact on women’s real estate ownership will be seen over time. However, recognizing the importance of gender equality and women’s empowerment, the Maharashtra government courageously repealed this antiquated provision. The government has created a level playing field, guaranteeing that women have equal access to and ownership of property as men. This action will instill confidence in women and encourage them to take advantage of the growing real estate industry, which has shown significant growth potential in recent years.
These programmes seek to empower women and contribute to the growth of the Indian economy. It can be difficult for the average woman to find the time to learn about various kinds of investments, especially when managing a family and a home. While we must continue to engage in financial literacy, which is critical for establishing female independence. Due to the incorporation of time-consuming regulatory compliances and due diligence, technologically advanced real estate platforms facilitate investment decision-making faster.
This move would increase the number of women homeowners which is a great sign for Maharashtra’s real estate sector. Not only that, developers are also actively looking at increasing their women workforces, which was an anomaly in the real estate sector till about a decade ago. There are numerous options for women to advance their careers in the sector, including marketing, property management, design, finance, administration, sales, project management and development, auditing, and so on.
To summarize, it is clear that both the Maharashtra government and the real estate industry recognize the importance of encouraging women to engage in property. They have implemented several benefits that make it easier for women to buy a home and take control of their financial future. As a result, women may more easily get property ownership thereby leading to financial independence. This trend is projected to continue, and we will see more women investing in real estate and contributing to the sector’s & economic growth.
Article Credits: Times of India