BUILDING THE FUTURE DR. ANANTA ON WOMEN LEADING INDIA REAL ESTATE REVOLUTION

In an exclusive conversation with Homes & Buildings Magazine, DR. ANANTA SINGH RAGHUVANSHI reflects on her journey, the challenges women face in real estate, and the future she envisions for female leaders in the sector.

The real estate industry, traditionally a male-dominated sector, is undergoing a paradigm shift, with women increasingly taking on leadership roles and driving transformative change. Among the most influential figures leading this evolution is Dr. Ananta, a visionary with over three decades of experience in the sector. Having held top positions at DLF, Emaar MGF, Damac, and Experion Developers, she spearheads initiatives as Chairperson of NAREDCO Mahi, where she actively fosters gender diversity, skill development, and sustainable real estate practices.

What inspired you to pursue a career in real estate, particularly in an industry traditionally dominated by men?

When I started my professional journey in 1991, I never once considered gender dynamics. I was driven purely by my passion for marketing and building a career in an industry that excited me. Real estate fascinated me because it wasn’t just about selling properties; it was about shaping cities, creating communities, and making a tangible impact on people’s lives and work. My ambition led me to DLF’s headquarters, where I found myself in an industry where women were few and far between. But the challenge never deterred me. My expertise, dedication, and willingness to learn would pave the way for my success.

The real estate industry, traditionally a male-dominated sector, is undergoing a paradigm shift, with women increasingly taking on leadership roles and driving transformative change. Among the most influential figures leading this evolution is Dr. Ananta, a visionary with over three decades of experience in the sector. Having held top positions at DLF, Emaar MGF, Damac, and Experion Developers, she spearheads initiatives as Chairperson of NAREDCO Mahi, where she actively fosters gender diversity, skill development, and sustainable real estate practices.

The gender disparity was evident, but I always focused on my competence rather than my identity. Over the years, I have witnessed a shift in the industry, and today, more women are stepping into leadership roles, proving that real estate is no longer just a man’s world.

As Chairperson of NAREDCO Mahi, what initiatives are you leading to encourage more women in real estate?

Mahi is not just an initiative but a movement aimed at empowering women at every level of the real estate ecosystem. From labourers to senior executives, we are committed to skilling, mentoring, and fostering career growth through structured programmes.

One of our key initiatives is the NIRED RERA Training, which equips professionals with a deep understanding of real estate regulations. We also have the NIPUN Coaching Programme, designed for those looking to accelerate their careers. Additionally, we are nurturing the next generation of innovators through the Dolphin Tank Incubator, a platform for start-ups in prop-tech. This initiative ensures that women-led businesses receive the exposure and resources they need.

We are also championing sustainability through water-saving initiatives and organising international study tours, allowing women professionals to learn from global best practices. Our objective is simple: to create a real estate industry in which women are not just participants but decision-makers and changemakers.

What are women’s most significant challenges in real estate, and how can they be addressed?

Talent and ambition are not the problem—opportunity and acceptance are. Many women possess the right skills but leave the workforce due to family responsibilities, workplace biases, or lack of support systems. The industry must move beyond token inclusion and foster an environment where women feel valued and empowered.

This begins with inclusive policies—offering flexible work arrangements, leadership mentoring, and family-friendly workplace cultures. When women feel supported, respected, and appreciated, they stay, thrive, and take on more prominent roles. Real estate needs leaders who recognise women’s immense value to the industry, not just in operational roles but in strategic decision-making.

Do you see the real estate industry becoming more inclusive for women?

There has never been a better time for women to enter, excel, and lead in real estate. The industry is changing—workplaces are evolving, diversity policies are strengthening, and women’s voices are being heard.

More companies are realising that gender diversity is not just a social responsibility—it’s a business imperative. Women bring different perspectives, foster collaboration, and drive innovation. As organisations adopt more progressive hiring and leadership policies, we will see an increase in female representation at boardroom tables and decision-making roles.

You mentor women through platforms like She Connects and the Atal Tinkering Labs. How impactful has this been?

One of my greatest privileges has been mentoring women entrepreneurs and young innovators. The We Women’s community, in which I am deeply involved, has over 90,000 members, while She Connects supports over 4,000 women, helping them find direction and confidence in their entrepreneurial journeys.

However, the most rewarding experience has been working with students in Atal Tinkering Labs (ATL), where I mentor bright young minds from classes 6 to 12 under the Atal Innovation Mission. Watching these students design prototypes, explore STEM fields, and develop innovative solutions has reaffirmed my belief that India’s future is in safe hands. The next generation of female leaders will excel in business and drive groundbreaking innovation.

What is your vision for the future of women in real estate?

We must all work towards ensuring that women hold at least 33% of leadership roles in real estate. This isn’t just about numbers—it’s about fostering true equality, diversity, and progress. Women think differently, problem-solve differently, and build differently, and their contributions will reshape the real estate industry in ways we are only beginning to see.

The real estate sector must welcome, nurture, and promote female talent, ensuring equal pay, leadership opportunities, and work environments where women feel secure and respected. This is not just a vision—it is a necessity.

What advice would you give to women navigating the real estate industry?

Success in real estate or any industry is not about following the most straightforward path but making the right choices. Integrity, resilience, and unwavering self-belief will take you further than any external validation.

At every crossroad, choose the path that aligns with your principles, no matter how challenging it may seem. Trust your instincts, embrace new opportunities, and never underestimate your ability to lead and create change. The future of real estate belongs to those who dare to push boundaries, and women have never been better positioned to do just that.

IPM BATH FITTINGS BRINGING WATER EFFICIENCY TO RURAL BATHROOMS

In an exclusive interview with Homes & Buildings Magazine, ABHISHEK KAPOOR, Director of IPM Bath Fittings, shares insights into the company’s journey, the evolving needs of Indian consumers, and how innovation is shaping the future of accessible, water efficient sanitaryware in the secondary market.

In the ever-evolving world of sanitaryware, water conservation, sustainability, and technological advancements are driving industry innovation. While premium brands dominate the luxury segment, secondary manufacturers like IPM Bath Fittings are making a significant impact by offering affordable yet high-quality solutions that cater to a wider consumer base. With over five decades of expertise, IPM Bath Fittings has positioned itself as a key player in providing efficient, durable, water-saving sanitaryware for rural and urban markets.

IPM Bath Fittings has been around for 58 years. Could you share the story behind its journey?

Our story began with my great-grandfather, who was deeply invested in improving hygiene standards through bathroom accessories. My grandfather expanded on this, ensuring people had access to durable brass fittings that enhanced sanitation. Over time, my father further strengthened our legacy, and now, I am carrying it forward, focusing on expanding our footprint both within India and internationally. Today, we are committed to ensuring every household has access to high-quality and hygienic bathroom fittings, irrespective of its economic status. Our dedication to the ‘Make in India’ initiative has further strengthened our vision, allowing us to position Indian-made products globally. The sanitaryware industry is evolving, and with increased awareness around hygiene and sustainability, we see an opportunity to drive change by developing cost-effective, high-performance products that conserve water and improve hygiene.

You’ve spoken about the importance of hygiene in rural areas. How have consumer preferences changed in these regions?

The transformation in sanitaryware usage in rural areas has been remarkable. Traditionally, plastic taps dominated the market because they were inexpensive. However, a noticeable shift towards brass faucets has been driven by increased awareness about hygiene and government-led housing schemes like ‘PAKKA homes.’ Brass, being antimicrobial, reduces bacteria accumulation and improves sanitation, making it a superior alternative to plastic. Another crucial factor is water conservation. Plastic taps often lead to excessive water wastage, with an average flow rate of 26 litres per minute. In contrast, our brass faucets limit flow to as low as 4 litres per minute, significantly reducing water consumption while maintaining efficiency. This shift towards more durable and eco-friendly solutions is a testament to growing consumer awareness and the availability of cost-effective metal faucets.

How do urban markets vary from rural markets?

While our focus in rural markets is on affordability and hygiene, aesthetics and luxury play a key role in urban areas. Modern homeowners, architects, and designers are keen on creating an immersive bathroom experience, often inspired by high-end hotels. The demand for customised fittings, premium finishes, and personalised colour palettes has skyrocketed. Earlier, chrome-plated faucets were the standard, but today, there is an increasing preference for matte black, beige, grey, gold, and rose gold finishes that complement high-end interiors. Consumers also invest in coordinated bathroom aesthetics, ensuring their faucets match their tiles and fittings. The focus is no longer just on function—design has become an equally important aspect of purchasing decisions.

JAYESH RATHOD ON THE RISE AND RISE OF THE GUARDIANS

In this edition of Success Tale, the H&B Team sits down with Jayesh Rathod, Director and Co-founder of The Guardians Real Estate Advisory, for an in-depth conversation on his remarkable two-decade journey through India’s real estate landscape. From leaving the corporate comfort zone to co-founding one of the most influential advisory firms in the country, Rathod reveals how vision, conviction, and strategic thinking helped him navigate policy reforms, market disruptions, and fierce competition. This is a story of resilience, reinvention, and a relentless drive to elevate the real estate industry.

Real estate is often overshadowed by more glamorous industries, yet you’ve dedicated nearly two decades to it. What initially drew you to this profession, and what made you stay?

My entry into real estate was not a planned decision—it stemmed from a thought-provoking conversation with my mentor, Professor Mahendra Singhri. In 2002, I had just completed my MBA in marketing and was ready to embark on my professional journey. With a degree in Civil Engineering from VJTI Bombay and an MBA from Pune, I had secured a placement in Pune as a management trainee.

I shared the news with Professor Singhri, expecting a word of encouragement. Instead, he surprised me with a question that changed the course of my career: “Why don’t you consider real estate?” At the time, my understanding of the industry was limited, coloured by prevailing misconceptions that it was unorganised and fraught with uncertainty.

His response, though, was profound: “Roti, Kapda, aur Makaan—these are the fundamental human needs.” He explained how my background in civil engineering and my marketing expertise would give me a unique edge in the real estate sector. He also predicted significant growth in the industry, citing impending changes such as Foreign Direct Investments (FDIs) and regulatory advancements that would shape the future of the sector in India.

That conversation sparked a shift in my perspective. I took a leap of faith, turning down the corporate offer I had secured through campus placement and ventured into real estate. The transition wasn’t immediate or easy; it took me six months of searching before I landed an opportunity with Kalpataru as a Management Trainee in July 2002. That role became a gateway to acquire an in-depth understanding of the sector, from land to possession.

Over the next 13 years, I gained extensive experience in land acquisition, product development, marketing strategies, and customer relationship management (CRM). Kalpataru provided a well-rounded perspective on real estate, and for more than a decade, I thrived in this environment. However, I eventually realised that I had reached a comfort zone—a plateau. I felt a growing desire to explore dimensions beyond my expertise. It was this need for challenge and reinvention that propelled me to take my next big step in the industry.

What inspired you to co-found The Guardians, now one of the most formidable names in the industry?

After my tenure at Kalpataru, I joined the Wadhwa Group, where I was exposed to a different and enhanced perspective on real estate. While my previous experience had been largely technical, this role introduced me to the industry’s financial intricacies and core business dynamics. However, the more I learned, the more I realised that I wanted to build something of my own.

I took a calculated risk, resigning without another job or backup plan to thoughtfully assess my career trajectory and explore how I could create a meaningful impact in the sector.

During this period, I reconnected with Khetsi Barot, a former colleague from the industry, who suggested that we start something together. Around the same time, I reached out to Ram Naik, a colleague I had worked with in Kalpataru and for 2 years in Wadhwa. His enthusiasm mirrored mine, and soon, we were in discussions about forming an organisation that would redefine the real estate advisory.

Thus, The Guardians was born. We started small, with a modest six-member team operating out of offices in Kalina and Goregaon. Right from the early days, Mr. Kaushal Agarwal joined us as a Co-Founder and Chairman, bringing invaluable expertise in legal, land, and financial matters that perfectly complemented our team’s strengths. Each of us brought something unique to the table—Ram had extensive experience in distribution, target and team management; Khetsi excelled in retail, commercial, and business development, and I focused on marketing, product strategy, and systems.

This blend of diverse skills and a shared vision for redefining the real estate advisory space fueled our growth. What began as a two-client firm has now evolved into a powerhouse with over 1000 employees and collaborations with more than 97 developers. We built The Guardians on trust, strategy, and execution, and the exponential growth we’ve witnessed is a testament to our belief in our approach from day one.

The Guardians have disrupted traditional real estate advisory models. What differentiates your approach, and how has the company evolved from its early days?

From the outset, we recognised a fundamental gap in the market. The industry was fragmented, with advisory services operating in silos, lacking a cohesive structure that aligned with modern real estate dynamics. We set The Guardians out to change that. At The Guardians, we adopted a strategic, data-driven approach, moving beyond simple transactions to focus on market research, product development & positioning, mass distribution and developer consultation to create value beyond sales. We leveraged our deep industry knowledge to bridge the gap between developers and consumers, ensuring that the projects we worked on were not just well-marketed but also well-conceived.

One of our biggest strengths has been our ability to scale efficiently while maintaining high expertise. Growing from six members to over 1000 employees, our expansion has been rapid but never reckless. Our business development division has flourished, building a reputation for results that generate repeat business and strong referrals.

The biggest validation of our approach has been developers’ trust in us. From handling boutique projects to representing some of the country’s most prominent real estate names, our journey demonstrates that real estate advisory can be as structured, transparent, and strategic as any other industry.

Having built a company that now commands a formidable presence in real estate, what drives you forward today?

Our drive remains unchanged— it’s innovation, impact, and creating something larger than ourselves. As the real estate industry undergoes a transformation with digital integration, shifting consumer behaviour, and regulatory changes reshaping business practices, The Guardians will continue to lead this evolution. Whether leveraging technology to enhance advisory services, expanding into new markets, or fostering stronger relationships between developers and consumers, our mission is to set new benchmarks in the industry.

Our core principle remains unchanged: Real estate is not just about buildings and transactions; it’s about shaping communities and making homeownership seamless and transparent. I am excited about the future because of this. The journey has been nothing short of extraordinary, but I believe the best is yet to come.

In a decade marked by Demonetization, RERA, NCLT, GST, a global pandemic, and a flood of mandate players, how did The Guardians survive and scale from ₹360 crores to ₹10,000 crores?

The demonetisation wave impacted market sentiments, GST reshaped taxation structures, and the NBFC crisis tightened global funding—these reforms impacted both real estate and the broader economy. As a sentiment-driven market, real estate saw buyer confidence often fluctuating during

These uncertain times, however, at The Guardians, we viewed adversity as an opportunity. We understood that these disruptions, while challenging, also created openings for strategic intervention. When developers struggled to navigate these reforms, we stepped in with our expertise, offering a holistic approach that went beyond sales. We conducted due diligence that encompassed technical, legal, and financial aspects before committing to a project. This helped us to identify the right opportunities and deliver predictable and structured solutions for developers.

The COVID-19 pandemic, while devastating, reinforced the value of home ownership. We anticipated that buyers would return with renewed urgency after an initial phase of hesitation. The work-from-home (WFH) culture drove demand for larger spaces, and many buyers shifted their preferences; for instance, those initially considering Andheri were now willing to move to Malad for a more spacious home. We adapted to these evolving needs, ensuring that the marketed projects aligned with buyers’ evolving needs.

Another defining moment in our resilience was our decision to ramp up hiring while others were downsizing. We were among the first to restart recruitment post-lockdown, ensuring we remained ahead of the curve. We navigated the turbulence with agility and control by focusing on developers’ immediate needs, implementing practical solutions, and maintaining disciplined marketing.

Our core philosophy remained the same at every stage: identify challenges, provide structured solutions, and execute them efficiently. This ability to anticipate market shifts and respond strategically ensured our continued success.

Having navigated multiple market cycles and disruptions, what is your vision for the future of The Guardians, and how do you plan to shape the next growth phase?

Having navigated multiple market cycles, my vision for The Guardians is to lead the industry through its current paradigm shift. Regulatory changes digital transformation and evolving consumer preferences are redefining traditional operating methods, and we’re focused on staying ahead of these shifts. One of our primary goals is to integrate technology further into real estate advisory. AI, predictive analytics, and virtual sales platforms are changing the way properties are marketed and sold. We are actively investing in these areas to create a seamless, data-driven sales ecosystem that benefits both developers and buyers.

Another key focus is expansion—both geographically and in terms of service offerings. While we have established a stronghold in major metropolitan markets, there is immense potential in the emerging Tier-2 and Tier-3 cities, and we aim to be at the forefront of this expansion. We are keen to enhance our developer partnerships by taking a more consultative role in project ideation and shaping projects that align with market demand, thus ensuring success from the outset.

Above all, our vision is to create an organisation that outlasts us as founders. We are not just building a company, we are building a legacy that drives innovation, fosters talent, and sets new benchmarks in real estate advisory. The Guardians was founded on the belief that real estate is not just about transactions, but also about transformation. That belief will continue to guide us.

As we look towards 2030, Mumbai continues to be India’s financial epicentre, but with land scarcity and increasing infrastructure pressures, where do you see the real estate market heading? What trends or developments will define Mumbai’s real estate landscape in the coming decade?

Mumbai’s real estate market will continue to thrive, but its trajectory will be shaped by infrastructural expansion, changing buyer preferences, and an inevitable shift beyond the city’s traditional boundaries. The constraints of land availability within the core city will push the growth outward, increasing demand in Navi Mumbai, Thane, and the surrounding regions. This will be fuelled by connectivity enhancements such as the Mumbai Trans Harbour Link, Metro expansions, and the upcoming Navi Mumbai International Airport.

Historically, Mumbai’s property market was defined by the proximity premium—buyers prioritised living within city limits to reduce commute times. However, infrastructure upgrades are dismantling these barriers. For example, the upcoming Mumbai-Ahmedabad Bullet Train will fundamentally change home buyer behaviour by making locations outside Mumbai more viable for daily commuters. We are already seeing growing interest in regions like Palghar, Virar, and Panvel, where buyers can secure larger homes at affordable prices while maintaining strong connectivity to Mumbai’s business districts.

CARVING LEGACIES & CRAFTING LIVABLE SPACES THE AJMERA VISION FOR REAL ESTATE

Dhaval Ajmera, Director of Ajmera Group and Honorary Secretary of CREDAI-MCHI, represents the third generation of a family-driven enterprise that has been shaping skylines across India and beyond. With over 55 years in real estate development, the Ajmera Group has been instrumental in crafting landmark townships and pioneering new urban spaces. In this candid conversation with Homes & Buildings Network, he shares insights on the group’s evolution, its unwavering commitment to quality and comfort, and how the shifting aspirations of homebuyers are redefining the real estate landscape.

Ajmera Group has been a significant force in Mumbai real estate for over five decades. Could you take us through the journey of its evolution and the key milestones along the way?

Our journey in real estate began 55 years ago, founded by my uncle, the late Chhotulal Ajmera. What started as a proprietorship gradually evolved into a partnership as more family members joined the business, eventually transitioning into a private limited company and, today, a listed entity.

Over three generations, the Ajmera Group has remained a family-run business that has expanded its reach while maintaining its core values. We have been pioneers in township development, crafting self-sufficient communities that transform neighbourhoods. Our projects in Mumbai, Pune, Bangalore, Rajkot, Surat, Ahmedabad, London, and Bahrain are a testament to our vision. Having delivered over 45,000 homes, we have earned the reputation of “Pin Code Creators”, with our large-scale developments influencing the establishment of new postal codes.

From executing 5,000- to 10,000-unit residential townships to shaping micro-markets, our journey has been about delivering not just homes but a lifestyle that enhances the way people live and interact with their surroundings.

Consumer preferences vary across different micro-markets. How does Ajmera Group ensure that its projects align with evolving buyer demands?

Before launching any project, we conduct an in-depth market survey to understand buyer preferences in that specific locality. This involves analysing the demographics, aspirations, and affordability levels of potential homeowners.

For instance, in Juhu, one-bedroom apartments hold little demand as the market is inclined towards larger homes. Conversely, compact homes with efficient layouts are the norm in emerging suburban areas. With advancements in real estate analytics and data-driven insights, we can now access detailed buyer behaviour patterns, helping us craft homes that align with market trends and customer expectations.

Additionally, differentiation is key. If every developer in a locality builds identical apartments, there’s no unique selling proposition. Hence, we integrate balconies, terraces, smart layouts, and innovative designs that cater to varied customer segments. However, pricing remains paramount—value for money must justify the offering.

Has the demand for homes changed post-pandemic compared to pre-COVID times? If so, how has Ajmera Group adapted to this shift?

Absolutely. Pre-COVID, many young professionals, especially in Mumbai, preferred to rent homes closer to work, friends, and social life rather than invest in property. High real estate prices meant that buying a home wasn’t a priority. Instead, investments were directed towards mutual funds, stocks, and alternative assets. However, the pandemic fundamentally altered this mindset. During lockdowns, people realised that a home was their ultimate security.

It wasn’t just an asset—it was a shelter, an office, a school, and a sanctuary. This newfound appreciation for homeownership led to a surge in demand across all segments. Additionally, homeowners who previously lived in compact apartments sought more space. Families that had managed in a one-bedroom home wanted to upgrade to a two-bedroom. Those already in two-bedroom apartments wanted an additional study or home office. This shift has driven unprecedented growth in the real estate market over the last few years, not just in Mumbai and MMR, but across India. Today, owning a home isn’t just about investment—it’s about stability, security, and a future-proof lifestyle.

With changing buyer expectations and evolving market trends, where do you see the Ajmera Group heading in the next decade?

The next decade will be about innovation, sustainability, and technological integration. As buyers become more digitally savvy, developers must integrate smart home features, green building technologies, and sustainable materials into their projects. We are already witnessing shifts in demand towards integrated townships, mixed-use developments, and wellness-focused residential spaces. The post-pandemic buyer seeks holistic living environments that blend comfort, security, and convenience. As a legacy brand, Ajmera Group remains committed to creating landmark developments that stand the test of time, ensuring that we continue delivering homes that enrich lives and communities.

How do you view the evolving relationship between developers and channel partners in today’s real estate market?

Thanks to the RERA Act, the role of channel partners (CPs) has become more structured and professional. Earlier, many developers and CPs operated with fewer regulations, leading to process inconsistencies. Now, both developers and CPs are subject to RERA, ensuring transparency and accountability. This has had a profound impact. Channel partners now have a defined role, ensuring they provide accurate project information and build customer trust. The relationship between a developer and a CP is symbiotic. While a developer may have market reach, channel partners have their own networks and client base, enabling projects to be marketed across different geographies, sometimes beyond the developer’s direct outreach. Ultimately, a strong developer-CP relationship benefits both parties. Developers can scale their sales, while CPs can enhance their credibility by associating with reputed projects. This is why it is crucial for both to work with the right partners. CPs stake their reputation on a developer’s ability to deliver on promises of quality, pricing, and timelines.

Over the last decade, real estate has undergone massive policy transformations. How have key reforms like RERA, GST, and demonetisation impacted the industry?

The last decade has been transformative for real estate. RERA, GST, and demonetisation have played a crucial role in formalising the sector, increasing transparency, and instilling confidence among homebuyers and investors. Before RERA, customers often faced uncertainties regarding project delays, hidden costs, and misleading advertisements. Now, with mandatory disclosures and accountability, buyers have direct access to a project’s legal status, financial health, and delivery timelines. This has improved trust between developers and customers. While a well-intended reform, GST remains a challenge due to its structure. While developers pay 18% GST on materials and services, they cannot claim input tax credit (ITC), which increases overall project costs. This burden is ultimately passed on to the buyer. A more balanced GST policy, allowing for adjustment of ITC, would significantly improve affordability. Demonetisation had a short-term impact, causing temporary disruptions, but in the long run, it has helped curb unaccounted transactions, pushing real estate further into the formal economy. Today, home purchases are increasingly digital and transparent, creating a cleaner, more organised market.

Premiums in Mumbai significantly impact real estate costs. How is your group navigating this challenge while keeping projects accessible to homebuyers?

Mumbai’s high development premiums remain one of the most significant barriers to affordability. Unlike Bangalore, Delhi, Chennai, and Ahmedabad, where developers do not have to pay such exorbitant charges, Mumbai’s development framework requires payments linked to FSI (Floor Space Index) and ready reckoner rates. For example, if I own a 10,000 sq. ft. plot in Mumbai, I can build up to 30,000 sq. ft., but I must pay premiums on 20,000 sq. ft., drastically increasing project costs. In contrast, in cities like Bangalore, I could develop the same 30,000 sq. ft. without incurring these additional costs. This discrepancy raises housing prices in Mumbai beyond the reach of many buyers. When the Maharashtra government reduced premiums by 50% during COVID-19, we saw a surge in project launches and sales. This proved that rationalising premiums can boost supply and affordability. We have consistently urged the government to consider a permanent 50% reduction in premiums, which would positively impact demand and housing affordability.