Women play big role in decision-making in purchasing a home, says Shraddha Kedia-Agarwal, Director, Transcon Developers
MUMBAI, Sep 6 (The CONNECT) - To celebrate International Women’s Day, the state government of Maharashtra announced a 1 percent rebate in stamp duty for women homebuyers, effective from April 1, 2021.
As a result, women homebuyers constituted 6.6 percent of the new home sales in April, paying a discounted stamp duty rate of 4 percent over their purchase. The share of women homebuyers in May 2021 dropped to 1.7 percent. In June, the share increased to 4.7 percent but fell to 3 percent in July.
The percentage contribution of women buyers to the total registrations remained steady at four percent totalling 271 registrations in August.
Here is what real estate industry has to say:
Shraddha Kedia-Agarwal, Director, Transcon Developers: The consistent rise and fall in the percentage of women homebuyers in recent months signifies that the 1% rebate on stamp duty offered by the State Government on International Women’s Day is not enough to encourage the women homebuyers to purchase a property. Today, Women are independent, empowered, educated, and employed. The State Government should relook to offer some additional sops to this segment of buyers after all women have long been recognised as an important part of the decision-making when it comes to selecting a home.
Saurabh Runwal, Associate Director, Runwal Group: Soon after the State Government announced the 1% Stamp Duty rebate on Women's Day, the response was overwhelming in the following month but the impact was not long-lasting. The primary factor was the second wave of the pandemic along with intermediate lockdown and the slow pace of vaccination. As the festive season approaches, the Government needs to reinstate the confidence of the women homebuyers with some further incentivisation which will foster the growth of the real estate sector.
Himanshu Jain -VP - Sales, Marketing & CRM, Satellite Developers Pvt. Ltd., The 1% concession on stamp duty offered by the State Government for women homebuyers had come with a few restrictions. The women buyers can't sell the property upto 15 years and if they sell before that, the 1% concession would be inevitably removed. Considering the same, the women home-buyers are hesitating to avail this 1% concession and buy property in the state. If the Government withdraws the restrictions and encourages women with few more incentives, you will eventually see an increase in the women homebuyers."
Ram Naik, Executive Director, The Guardians Real Estate Advisory: There is a need to not only extend this scheme but also further the stamp duty concessions for women homebuyers. I think an additional 1% reduction or bringing down the stamp duty to 1% of the property value during the coming festive season window will open a new horizon for property sales across the state. From a wider perspective, women ownership will help to break the patriarchal stigma attached to the real estate sector. A longer concession period has the potential to revolutionize the whole sector, as larger women buyers will make the sector more inclusive and gender-neutral. If the current trend continues then I think the state of Maharashtra can become a leader or model state in terms of women property ownership.'