For decades, the real estate sector in India has been predominantly male-dominated, with men typically assuming the role of primary decision-makers in property transactions. Societal norms and cultural expectations often relegated women to secondary positions in matters related to home buying, reinforcing traditional gender roles and limiting their agency in real estate matters.

However, the scenario has changed drastically in the past decade. With women now constituting 33% of the workforce in India, their influence and participation in the real estate sector, both as promoters and homebuyers, are on a notable upward trajectory.

Strong home-owning sentiment

Owning a home stands as a significant cornerstone in any individual’s financial portfolio. In the pivotal decision-making process of purchasing a home, women have long been acknowledged as vital influencers and key decision-makers. However, they are now transitioning into primary ownership especially against the backdrop of the current market dynamics. Today, real estate has emerged as a secure financial asset, surpassing traditional investments like gold and stocks. With financial independence taking precedence, home-buying represents the most prudent choice for women. On the Magicbricks platform, we’ve observed a notable 16% increase in women buyers between 2020 and 2023, further supporting this trend. Aligned to the employment trends, their involvement is growing in the metropolitan areas.

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In cities like Chennai, Thane, and Bengaluru, nearly 35% of Magicbricks’ customers are women, showcasing their increasing interest in property ownership. There has also been a significant uptick in their interest in peripheral areas such as Navi Mumbai since 2020.

Ecosystem is responding to the changing demographics

Several factors have contributed to the rise of women homebuyers in India. Economic empowerment, educational exposure and changing societal attitudes towards gender equality have empowered women to take control of their financial future and make independent decisions regarding property ownership. Additionally, government initiatives such as lower stamp duty, tax benefits, and lower home loan rates have promoted women’s homeownership.

Developers are also responding to the changing demographics by prioritizing the specific needs of women buyers. In addition to emphasizing safety and social infrastructure, developers are also taking into account women’s preferences regarding the layout and design of the house. Further, many developers offer attractive discounts and incentives for women home-buyers.

Technology is an enabler

As priorities have evolved, modern women are increasingly prioritizing financial equality and literacy as essential components of their lives. Technology has been an enabler in this process, providing them with relevant information and expert advice on online platforms that facilitate property search, comparison, and decision-making. These tools further empower women to conduct research, explore options, and make informed choices, regardless of their prior experience in real estate.

In essence, as women assert their presence in property ownership, it not only reflects their evolving financial independence but also underscores the importance of creating a more equitable and inclusive ecosystem within the real estate industry. The future holds promising opportunities for women to continue shaping the real estate landscape and achieving their homeownership aspirations.

(By Devarshy Ganguly, Head of Marketing, Magicbricks. Views are personal)