In the past few years, there has been a significant increase in the number of women purchasing homes in the South Indian real estate market. This trend not only reflects shifting social dynamics but also showcases the growing financial autonomy of women in India.
An increasing number of women are seeking to invest in homes that are not only affordable and secure but also environmentally sustainable. To meet this demand, developers are designing sustainable living spaces with features like rainwater harvesting, solar panels, and green spaces. In response, the real estate industry has introduced several benefits and initiatives to cater to women homebuyers
Here are some key benefits of investing in real estate that make it easier for women to purchase the properties they want:
Monetary advantages: The country provides various tax benefits to encourage women homebuyers to invest in real estate and promote gender equality in the housing sector.
*Stamp duty exemption: In India, stamp duty is a tax levied on property purchases, and an exemption or reduction in this tax can significantly reduce the overall cost of buying a home. Several states offer stamp duty reductions of 1% to 2% for women homebuyers, while a smaller number of states provide complete stamp duty exemptions for women.
*Shared ownership: Partnership Women who co-own a property in India are eligible for tax benefits under Section 80C of the Income Tax Act. This section allows for a deduction of up to Rs. 1.5 lakh on the principal amount of the home loan, providing valuable tax savings for women who are investing in real estate.
*Housing loan interest: Home loan interest Banks and financial institutions in India often offer home loans with lower interest rates for women, which can make it easier for them to purchase a home. Women can also claim a tax deduction of up to Rs. 2 lakhs on the interest paid on their home loans under Section 24B of the Income Tax Act, providing additional financial benefits for women investing in real estate.
*Investment returns: Under Section 54 of the Income Tax Act in India, women who sell a property and earn a capital gain can claim tax exemption. This section allows for a tax exemption on the capital gains earned from the sale of a property if the proceeds are invested in another residential property within two years. It's worth noting that this exemption is available to all taxpayers, regardless of gender, but it can provide valuable financial benefits for women looking to invest in real estate.
Government policies: Women homebuyers in India can access subsidies and loans provided by the government. For instance, under the Pradhan Mantri Awas Yojana (PMAY) scheme, women from economically weaker sections (EWS) and low-income groups (LIG) can receive a subsidy of up to Rs. 2.67 lakhs towards purchasing a house.
Location: Site South India offers several affordable residential properties for women homebuyers. Cities like Chennai, Bangalore, Hyderabad, Coimbatore, and Kochi are popular locations for women looking to invest in their desired homes. These cities offer a range of residential properties, including apartments, villas, and independent houses, making it easier for women to find a home that meets their specific needs and budget.
To sum up, the real estate market in South India presents numerous advantages and prospects for women homebuyers, including reduced interest rates, tax benefits, and subsidies.
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