Why women’s participation in real estate purchases is essential to make a tangible difference?

Why women’s participation in real estate purchases is essential to make a tangible difference?

The developer community believes that a ‘one %’ reduction in stamp duty is a small step towards the goal of bringing more women into property ownership

Sheetal S PatilUpdated: Thursday, March 09, 2023, 07:06 PM IST
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Last month, a friend called me to seek advice about a home purchase. The building was clearly unauthorised, among a cluster of such constructions where all legal norms were disregarded. While I explained the perils of investing hard earned savings in such a shaky proposition, her one-line response, was that for a single woman or spouse in a nuclear family, such ‘unsafe and unreliable’ flats were priced cheaper than the market rate and therefore, under consideration.

Clearly, there is a need for greater incentives from the authorities to facilitate increased women’s participation in real estate purchases. Interestingly, the Maharashtra government had introduced a scheme offering stamp duty concessions. However, the developer community believes that a ‘one %’ reduction in stamp duty is a small step towards the goal of bringing more women into property ownership. They have been taking steps in their projects to enable the concept and sharing their suggestions as well as recommendations to the government at an association level.

Boman Irani, President, CREDAI-MCHI

We humbly urge and expect the Maharashtra government to promote gender equality in property ownership. A few of our recommendations to increase women's ownership is providing stamp duty discounts and GST concession for women owners. By reducing financial burden of owning property, more women will be encouraged to invest in real estate and gain long-term security. Moreover, offering 50 % stamp duty waivers and 100 %, GST waivers can help to break the patriarchal stigma associated with property ownership, which often favours men. However, we don't want to leave everything to the government as developers; we are also responsible for increasing women's participation in Indian real estate. CREDAI-MCHI plans to play a proactive role by encouraging fellow developers to partner with financial institutions to offer unique financing options for women buyers. These options may include lower interest rates, reduced down payment requirements, or longer loan terms to make home ownership more accessible to women.

Moreover, as a developer community, we can offer women-centric programmes that ensure a safe and secure environment in the community. This could include installing security cameras, providing 24-hour security, or partnering with local law enforcement to address security concerns. Developers can also offer on-site childcare facilities to help women buyers balance work and family responsibilities. This can be a significant incentive for women considering buying a home.

Dhaval Ajmera, Secretary, CREDAI-MCHI

It is important to note that promoting gender equality in property ownership is not just about providing concessions and discounts. It also requires addressing structural issues such as unequal pay and social norms that limit women's access to education and employment opportunities. Therefore, as a nodal agency, CREDAI-MCHI is taking a comprehensive approach towards achieving gender equality in real estate. For instance, we are promoting home-sharing models, such as co-housing and co-ownership arrangements, which can provide an alternative path to property ownership. These models allow multiple people to share the costs of owning a property, making it more affordable and accessible for women. CREDAI-MCHI was the first to launch women's ownership drive with various incentives offered for female house purchasers during our property exhibition in 2022. Many of our developers have provided special discounts for women; a few developers have come up with the idea of providing accessible, dedicated workstations. In addition, some developers have offered full GST waivers for women owners on spot registration. One of our participants has created a unique offer of skill upgrading sponsorship worth Rs. 2 lakh for women. This is something we are advocating other developers to come up with, as this will not only help encourage women to buy a home but also help them upgrade their skill sets to grow more vital in their social, career, economic and family lives.

Mona Ajmera, Chairperson, Women’s Wing, CREDAI-MCHI

As part of the women's ownership drive, we offer scholarships to deserving and needed female students. These programmes are helping women make informed decisions and build their confidence. Besides, CREDAI-MCHI has partnered with the government of Maharashtra to register both male and female construction labourers so that they can access various government welfare schemes. Overall, we are trying to create an ecosystem that recognises the contribution of women's construction labour in the real estate industry and take steps to improve their condition. According to a recent study by CREDAI-MCHI, only 36% of women surveyed considered a career in real estate, while 64% of men surveyed would consider a career in the field. Furthermore, the study found that only 23% of women hold leadership positions in real estate firms. One of the reasons for this gender gap in real estate is the perception that the industry is not female-friendly. As a result, women may feel that they do not have the same opportunities for career advancement as men or that they are not valued as much as their male colleagues.

Ayushi Ashar, Director, Ashar Group

We are building a work culture that offers right stability for women and millennials throughout their careers by providing the best flexible and translucent working ecosystem. Moreover, in consonance with our sustainability mission, we are creating an eco-friendly work-ecosystem that promotes health, gender neutrality and wellness, focuses on work-life balance, and is technology-driven. Even though we are at a very nascent stage of a broad transformation, our recent pro-gender-neutral-millennial initiatives have yielded some positive results. The current low attrition rate at Ashar is the testament to that. Moreover, 90% of our workforce is under the age of 30 years, and more than 50% of our workforce is women, which brings new energies to the workplace. Another challenge is the lack of female role models in the industry. With fewer women in leadership positions, it can be difficult for women to envision themselves in those roles. To address these challenges, a few real estate firms like Ashar Group have taken proactive steps to attract and retain women. This includes creating a more inclusive workplace culture, providing opportunities for career advancement, and offering flexible work arrangements that accommodate women's needs.

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