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.

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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).

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