“The Transforming Catalyst”

NAREDCO MAHI, the women’s wing of NAREDCO, hosts inaugural convention in New Delhi.

The first convention of the National Real Estate Development Council (NAREDCO) MAHI was held on February 25 at Hotel Le Meridien, Windsor Place, Connaught Place, New Delhi. Themed “Realty Women — The Transforming Catalyst to Real Estate,” the convention highlighted the contributions and scope of women in real estate. It prompted meaningful discourse on important issues facing the real estate industry, such as sustainability, climate-consciousness and the need for both good policies and innovative technology in development. The event brought together leaders from the government and corporate sectors, along with NAREDCO and NAREDCO MAHI leadership.

“Qualified and educated women are bringing to the table the necessary synergies required to take the business baton forward.” — NAREDCO President Rajan Bandelkar

Manoj Joshi, secretary for the Union Ministry of Housing and Urban Affairs (MoHUA), said women stakeholders in India’s real estate sector, including developers and urban planners, can play a major role nationwide in facilitating urban planning. He noted there is limited capacity for urban planning for both big and small cities in the country, stating:

“We need more and more urban planning capacity. This is an area where women have got more scope. Although there is a major focus on roads, hospitals and other physical infrastructure, the human aspect in planning is lacking.”

Observing that women can provide that human aspect, he asked the industry to also focus on environment, water and transportation in urban planning. Referring to current developments, he said stamp duties have come down, and stressed the need for further decline in duties. Observing that the decline in levies — including stamp duties — helps level the playing field, he said, “from the government side, our effort is to frame policies in such a way that there is less and less chance of doing wrong in business.”

Addressing the convention in a video message, Hardeep Singh Puri, minister for Housing and Urban Development, welcomed greater participation of women in the real estate sector. He said he feels the sector has demonstrated resilience through the pandemic. By empowering women in this space, he said, the sector will continue to thrive and get stronger.

Gautam Chatterjee, founder and chairman, Maharashtra Real Estate Regulatory Authority, observed that, although there is less representation of women in real estate management roles, the sector is not dominated by men. “There are several surveys that suggest that companies with a higher percentage of women in leadership roles perform better,” he said. He also stressed the need for faster adoption of technology in the real estate industry.

Speaking at the convention, Tara Subramaniam, founder and president of NAREDCO MAHI, said:

“Over the years, we have seen women take up key leadership positions in several industries. Real estate, however, has largely been a men-driven sector. With MAHI, we are trying to bridge this gender divide. We can make a vast change through strengthening skills and imparting sector-specific knowledge to women across the country.”

She said that initiatives to achieve gender parity and increase participation of women in the sector will provide a major boost to the economy, continuing:

“We have moved into the era of an inclusive workplace culture, one in which both men and women have the environment to succeed. Even the real estate sector, which has so far been male-dominated, is now embracing and valuing diversity and high ethical standards, thus providing opportunities for women to take on broader roles. The sector now seeks to attract more female talent and, eventually, have a larger talent base from which to draw. In fact, this is the core idea behind NAREDCO introducing MAHI.”

Founder/President Elect of NAREDCO MAHI Dr. Ananta S. Raghuvanshi said she felt the push toward strengthening women’s professional skills could not have come at a better time — a time when COVID-19 has impacted the overall employment scenario. She said:

“As the saying goes, ‘If you educate a man, you educate an individual, but if you educate a woman, you educate a nation.’ A similar impact would be witnessed in the trickledown effect of skilling and empowering women, since, in turn, it would support the evolving real estate sector and boost economic growth.”

Speaking about issues faced by developers due to litigation taking place in multiple authorities and courts, NAREDCO President Rajan Bandelkar said that real estate regulatory authorities (RERAs) should be given more power to step in if irregularities take place. He also provided assurance that NAREDCO would coordinate with state RERAs to address and resolve issues. Bandelkar said:

“Women, by nature, are multitaskers, as they are good at balancing work and family. This is a critical aspect in real estate, owing to the nature of the business. Women, in various segments of the sector, are able to weave in a unique mix of compassion, assertiveness, focus and determination. Qualified and educated women are bringing to the table the necessary synergies required to take the business baton forward. Also, with the sector becoming more organized and marching toward maturity, we need to see more women taking on leadership roles in all segments of real estate development, as well as consultancy.”  

Earlier in the day, sector stakeholders stressed that women realtors and corporations in the Indian infrastructure and real estate sectors can lead the sectors’ transition as they become more technology-oriented and sustainable.