Indian real estate is at the threshold of an accelerated growth with the recent reforms like RERA by the govt. of India.
No doubt, these reforms aim to bring and promote transparency and accountability in the real estate market of India. So, if you are someone who is looking forward to having a career in real estate industry, this is the right time to step in as this sector promises a huge prospect.
Real estate industry in India is the second largest employer with approx 52 million people and approx USD 25 billion foreign investment (in different forms). Only the construction sector of Indian Real Estate contributes approx 8-9 percent of the GDP of the Indian Economy.
With the current rate of growth in population in India, it has been estimated that Indian urban population will increase by 40 percent by 2030. No doubt there would be a huge need for housing for all these people. However, if we consider the findings of another study then, by 2022, there would be a need of approx 2.5 to 3 million real estate professionals to meet the needs.
Well, this is an alarming number. No doubt, there would be a need for the skilled and trained workforce, who are flexible to accept new challenges and adapt to the modern construction technologies like BIM, lean project management etc.
Alos, with RERE in action, real estate companies will not only look forward to delivering the quality projects on time but need to optimize their costs too, in addition to other things like, complying with regulatory norms and driving customer centricity to gain trust.
No wonder, Human Resource Departments will be playing a very crucial role in terms of Talent acquisition, Employer Branding, Training and Talent Management.
So, why there is a good career in Indian Real Estate industry?
If you still thinking about the question, ‘why should I join real estate industry’ then here is the answer.
Let us understand the structure of real estate talent requisition first:
Any Real Estate market talent pool consists of 2 cohorts
– Core Construction Departments, which includes Engineering and Construction, MEP, Planning, Design, and Interiors.
– Non-Construction Department, (also known as Partner functions) – Marketing and Sales, Operations, CRM, HR, IT, Finance, Legal and other support functions.
Indian consumers are more experienced than ever now, and have developed a discernible taste and prefer an uber experience and lifestyle. Considering the change in consumer preference, most of the real estate projects are being built to be in line with global standards in terms of Technology, Amenities, Structure, Quality, Safety, and Lifestyle.
Alos, with an introduction of new technologies like 3D Printing, Virtual Reality, IOT, Robotics and Cognitive Automation,3D, 5D Macro BIM (Building information modelling), there has been a shift in the way technology is used in real estate industry to improve efficiencies, meet budgets, timelines and deliver world-class projects.
The Indian real estate sector has also seen several expats moving base, which in turn has moved the needle upwards in meeting global standards. All these present endless career opportunities, for Engineers, Architects and Design professionals and an opportunity to work with the latest technologies, on world-class projects and global experts in the industry.
About non-core functions, there is a promising future too. For eg., Virtual Reality as a tool provides a near real life experience of the way the project looks, to customers. The marketers can take advantage of it to get more customers.
Experiential marketing and innovative usage of digital marketing helps one understand all the marketing nuances and here comes the new age, digital media marketing professionals in play.
In sales, understanding the customer psyche and helping them make one of the most important, if not the largest, investment decision, helps employees master the art of sales.
With new regulatory policies, it is always good to be staying abreast of the complex and changing regulatory laws and this makes the role of the legal team more challenging and exciting.
Not to say that to manage and meet the needs of such a huge talent pool, HR team will be playing a crucial role in attracting and retaining the right kind of talent. It will be an important toprovide key talent with the right development opportunities and a well-mapped careerpath that would help in retaining them. One would need to provide the right tools for a workforce to be successful, by training them on modern technologies and keeping them up-to-date with the changing regulatory norms.