Skilling Indian Real-estate
Real Estate Management Institute (REMI) launched first of its kind – Owner Development Program (ODP) in November in Mumbai to educate developers on the recent industry policies, affordable housing and fund-raising among others.
As the real-estate sector progresses towards becoming an organized industry, the key to success lies in engaging the skilled core and non-core professionals. Today, with increased regulatory vigilance, introduction of RERA and GST and opening of FDI and REIT in real-estate, the scale of operations are set to increase. Thus, the well-organized domestic and international realty firms need real estate professionals and ancillary service providers who are trained in their specific fields. The specialised professionals include valuers, quantity surveyors, facility managers and sustainable development experts. The core professionals include engineers, architects and planners and the non-core professionals include management/business administration/ chartered accountants/finance analysts, lawyers and electrical engineers However, the skilled manpower shortage in the real-estate space results in time inefficiencies, delayed project deliveries, sub-standard quality of construction, lower production levels and decreased profitability of operations. The untrained sales or property agents lack the requisite understanding of the processes, documentation and regulations, thereby creating customer dissatisfaction. The rising complexities in the building & construction segment as well as in real-estate management demand skilled professionals. There is a new crop of real-estate institutes coming up that are addressing the manpower need of the sector. There are now colleges and business schools offering MBA and specialized degrees in realestate. National Institute of Construction Management and Research (NICMAR) provides post graduate programs in construction management and Executive Education and Training in Construction, Real Estate, Infrastructure and Projects (CRIP). IREF (Institute of Real Estate and Finance) offers integrated management courses in construction for engineers and in business management for architects. Likewise, and NMIMS offers Real Estate Construction & Management [RECM] Real Estate Management Institute (REMI) modules for ODP cover relevant topics such as Cash flow Management under RERA, Structuring your JDS/JVAS, Quality Control and Management, Legal due diligence, Enhanced Delivery Capabilities under RERA, New Developments in Construction Technologies, Fundraising and REITS, Customer Centricity, Affordable Housing, Smart Developments and Alternative Business Models. “The 32-hour ODP course will delve into Real Estate Regulation and Development Act (RERA), Real Estate Investment Trusts (REIT), structuring joint development and joint ventures and quality control among others.the ODP-II has been designed to enhance the skills of Indian real estate leaders as they scale their organisations. The programme equips current and nextgeneration leaders with the ability to identify and exploit opportunities, and transform their real estate companies in a competitive landscape,” elaborated REMI’S Business Head Shubikabilkha Apart from the new specialised real-estate institutes, advanced courses offered by the business schools and even private developers foraying into skill building programs, real-estate bodies like CREDAI and NAREDCO too are doing their bit. CREDAI training program ‘’Kushal’’ is in collaboration with National Skills Development Council (NSDC). Similarly, the certificate course by NAREDCO is a collaborative initiative of, Human Settlement Management Institute (HSMI) of Housing and Urban Development Corporation (HUDCO) and Guru Gobind Singh Indraprastha University (GGSIPU)
The total expected shortfall of skilled professionals in the Built Environment is estimated to be around 150 million by 2022 (IMACS, Aon Hewitt and NSDC).