Women leaders are transforming the global real estate landscape: Is India lagging behind?
Although traditionally considered a male-dominated field, the Indian real estate sector is witnessing an unprecedented uptick in the participation of women professionals, with a recent Harvard Business study revealing that women comprise 25 per cent of real estate membership and land use organisations in the country. And yet, only 14 percent of leadership positions in this sector are held by women. Even as key players are making a concerted effort to be more inclusive and diverse in their hiring practices and policies, there is still a lot of work to be done to bridge the gap – what these organisations, and the wider sector by extension, are rapidly realising is that women assuming key roles in the real estate space can yield unparalleled benefits in terms of the way real estate is built, understood and consumed.
A more inclusive perspective
Women comprise nearly 35 percent of homebuyers in several major Indian cities and this number is pegged to increase exponentially, in sight of rising economic empowerment, changing societal structures and policies that favour first-time female homeownership – the latter includes lower stamp duty, subsidies under Pradhan Mantri Awas Yojana, tax benefits and lower interest rates. Even in their traditional roles as homemakers or as primary caregivers, women have always had a prominent space in the way residential spaces are designed and consumed.
More significantly, a considerable percentage of women (42 per cent) are estimated to view real estate as an investment asset class, outweighing gold purchases or even fixed deposits. The involvement of women across the value chain, especially in leadership positions in the supply-side of the ecosystem, can thus result in more favourable outcomes for both developers, realtors and home-owners.
Inclusive, innovative and balanced
Numerous studies have found that teams which prioritise diversity find it easier to arrive at innovative solutions to complex challenges. The inclusion of women can foster a more creative, out-of-the-box approach to decision-making and urban planning. Women in the real estate space have also been found to favour sustainable development and socially responsible projects, taking into account the diverse needs and wants of the communities they serve. Women leaders have also proved to be early adopters of technological innovations and embrace data-driven decision making. This mindset places them at the very forefront of digitally-led transformation, which could open new doors of opportunity for the real estate sector.
The inclusion of women leaders could also foster a more favourable workplace – many leaders draw on their own journeys of resilience and of being first-movers in shattering the glass ceiling, to create more inclusive, supportive and balanced workplaces that prioritise employee wellbeing as much as the organisation’s business objectives. In the longer term, this could result in talent retention, a more invested and supported team, and a more stable organisational structure.
The way forward
To support women seeking to pursue a fulfilling career in real estate, organisations must step forward with favourable initiatives. Key among these are mentoring programmes and networking opportunities to enable women to seek guidance from more established peers and better understanding of the industry. Skill development opportunities can prepare women to assume a wider set of roles and responsibilities, while inclusive and equitable work environments that actively seek to address wage disparities and discourage gender bias will lead to more talented women entering the real estate talent pool.
Finally, it is important for the real estate sector to treat inclusiveness as more than just lip service and be open to the reality of women leaders being game-changers in terms of the future of real estate. Supporting fresh talent with the necessary opportunities and guidance will indirectly translate into gains, not just for the organisation, but for the industry and the country in the long term.
Shared by : Srishti Mehta
Shared by: Ms. Srishti Mehta,
Co-Founder- Paradigm Realty
