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The Indian Real Estate Sector- A Promising Career
India’s urban population is estimated to increase by 40 percent in 2030, fuelling demand for residential and commercial spaces alike
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With the recent government reforms that aim to promote transparency and accountability, the Indian real estate industry is at the threshold of accelerated growth. The sector promises huge prospects making it the perfect time to be a part of the growth story.
Considered as the second largest employer with 52 million people and a cumulative FDI inflow of USD 24.3 billion in 2000 -16, the real estate and construction sectors contribute nearly 8-9 percent of the GDP to the Indian economy. India’s urban population is estimated to increase by 40 percent in 2030, fuelling demand for residential and commercial spaces alike. However, a study also reveals that by 2022, there would be a shortfall of 2.5-3 million professionals in this sector.
This is an alarming number as quality and trained workforce, who can adapt to modern construction technologies like BIM, lean project management etc. are critical in the design and development of world-class projects One not only needs to optimise costs but also comply with regulatory norms, and drive customer centricity to regain customer trust, while delivering projects as per agreed timelines.
All this warrants the HR to play an active role in several areas, including Talent acquisition, Employer Branding, Training and Talent Management.
Let us look at some of the areas in greater depth:
Why should you join the Real Estate Industry?
The Real Estate talent pool consists of 2 cohorts –Core departments (Engineering and Construction, Design and Development, Interiors, Commercial) and Partner functions (Marketing and Sales, CRM, HR, IT,Finance, Legal and other support functions). While it is not mandatory for the Partner Functions to have proficiency in the sector, it is necessary to hire skilled resources with sector specific expertise in the core departments.
Globetrotting Indian consumers have developed a discernible taste and prefer an uber experience and lifestyle. This has led many of the projects built in India to be in line with global standards in terms of Technology, Quality, Safety and Lifestyle. With the inundation 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 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. An Architect/Civil engineer who joins a leading Real Estate Developer gets the opportunity to work with the latest technologies, on world-class projects and global experts in the industry.
The sector promises exciting career options for non-core functions too. For instance, in marketing the usage of Virtual Reality as a tool providesa near real life experience of the way the project looks, to customers.Experiential marketing and innovative usage of digital marketing, helps one understand all the marketing nuances. 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. As for the legal team, staying abreast of the complex and changing regulatory laws makes it a challenging yet an exciting role.
To summarize, the Indian Real Estate Sector set to witness tremendous growth in the coming years and with a potential dearth of skilled work force, the HR function too plays a major role in attracting and retaining the right kind of talent. It will be 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.
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.