Karnataka in recent decades has seen a very significant increase in the number of women owning residential houses and land. Changes in social attitudes, improvement in women's financial literacy, and their rising contribution to family investment decision-making are some of the main drivers behind this thing. Latest statistics reveal that women are gaining chief shareholder status by property ownership through either sole or joint ownership arrangements.
As per the National Family Health Survey-6 (NFHS-6) conducted in 2023-24, nearly 29.5% of households in Karnataka have a female owner of house or land, either solely or jointly. This is a big jump from the 16.2% figure recorded during the NFHS-5 survey conducted in the 2nd half of 2019-2021 period.
The statistics show that there has been a major change in the ownership trends in the state:
- The number of women who owned houses and lands rose to 29.5%, from 16.2% within just five years.
- Rural areas in Karnataka saw 36.9% of household members with women as joint owners or sole owners.
- Urban centers witnessed 20.2% of households having women as their homeowners.
- Ownership in couples is gradually gaining momentum, particularly in Bengaluru and other major cities.
According to industry experts, several economic, social, and policy-driven reasons have led to this trend in recent times. Economic empowerment, better understanding of finances, government incentives, and changing family structures have all contributed significantly toward the growth in property ownership among women.
Home ownership for women means a lot more than just acquiring property in many cases; it means financial security and the freedom to accumulate assets in the long term. Being a homeowner will enable a woman to be secure in the face of unpredictable events and make her feel confident in handling financial matters.
There are many reasons behind the rise of this trend:
- Increased employment opportunities for women and higher earnings.
- Tax rebates and other government schemes promoting homeownership by women.
- Ease of securing home loans due to joint applications.
- Growing awareness about inheritance and financial planning.
- Increasing acceptance of women's role in creating family wealth.
Real estate experts point out that dual-income families are one of the main reasons behind the increase in joint ownership. It is common for banks to take into account the combined incomes of the couple when deciding on home loans, This way enabling them to get larger loans and better financing options.
Apart from this, there is a rising focus on fair wealth distribution within families. Many families decide to put the property in the name of a woman so that they secure the finances well, avoid potential inheritance disputes, and establish asset ownership independently.
It is commonly known that women are playing a bigger role at every point of the home-purchasing process, starting from the selection of the property and making financing decisions to signing the ownership document, say developers from different parts of Karnataka. Women, who used to be the minority, now make up a significant share of co-applicants or primary buyers in fresh residential bookings.
A significant part of this trend is seen in Bengaluru where people's income is going up, more people are getting to understand finance, and also more women are going to work. These factors have made the demand for joint and individual ownership of properties stronger.
Since women are getting more financially independent and also getting to know the benefits that come with owning assets, homeownership by females in Karnataka will probably keep going up. This is a very positive development in that it will lead to women becoming more economically empowered, financially secure and that wealth creation will be inclusive in both urban and rural areas.
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