The Indian real estate market is reaping the benefits of the increasingly important role performed by women. Historically, the industry has been a male-dominated sector. However, women are now playing a crucial role in shaping how we think about real estate. The sector is a critical part of the Indian economy, contributing 6-7% to the country’s GDP and being the second largest employer in the country, with women comprising 18% of the workforce.
Through the years, the real estate market has experienced significant changes that have led to greater professionalism and corporatization. The regulatory reforms, like the Real Estate (Regulation and Development) Act (RERA), have been significant in improving accountability and transparency across the sector. Additionally, advances in technology, adoption of global best practices, and emphasis on the development of skills and training have also boosted the efficiency of operations and credibility.
An important initiative to promote gender diversity in the real estate industry is the establishment of CREDAI’s women’s wing across different states. The platform has played a significant role in advocating for women’s leadership and participation in other aspects of real estate, such as marketing, project development sales, and project development. Through networking opportunities, mentoring programs and various initiatives for enhancing skills, CREDAI has empowered women to be successful in this traditionally male-dominated field.
In addition, the fact that women are being viewed as major buyers in the real estate industry as a whole is an important aspect. Research suggests that women accounted for 30-35% of homebuyers in India in 2019. Research has also found that the majority of women prefer real estate investments rather than traditional assets such as gold or stocks, which highlights their financial acumen in wealth management.
The increase of women in the leadership ranks of the Indian corporate sector is indicative of larger social changes towards gender equality. Regulations, like the Companies Act, 2013, which required that women be included as in corporate board positions, have pushed culture evolution towards more gender equality and a more equitable representation. From a meagre 6% representation on boards in 2013, women are now holding 18% of board positions in India, which is a significant step towards creating an inclusive and diverse decision-making process.
As India is working towards sustainable growth and hopes to achieve $7 trillion GDP by 2030, increasing female participation in the workforce and prioritizing the development of skills is essential. The most recent Periodic Labour Force Survey Report for 2022-23 shows a striking rise in the female labour population participation rate, which has increased to 37%.
The growing role played by women in India’s real estate market stands for their tenacity, innovation, and capability to succeed in a highly competitive environment. Women continue to break down barriers and rise to leadership positions. They are not just revolutionizing the real estate market but also influencing future generations of leadership. Promoting diversity and inclusion is not just about morality; it is crucial to driving innovations, encouraging sustainable development, and ensuring sustained economic growth.
Investing in the development of skills and encouraging a culture of lifelong learning are vital strategies to unlock Indian workers’ fullest potential, in empowering women with the required skills and establishing opportunities for career advancement. As an industry stakeholder, we have the responsibility to promote gender equality, build an environment that supports women’s leadership and encourage policies that allow women to fully participation in the workplace. By harnessing the strengths and talents of women, we can ensure a prosperous and sustainable tomorrow for India.
The author is the Director at Manglam Group and Founder President, CREDAI Rajasthan Women’s Wing.