The Indian Real Estate Sector- A Promising Career
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. And the rising number of options for residential and commercial offices for sale in Mumbai and other prominent region testifies this fact.
Importance of Trained Workforce in Real Estate Sector
The real estate and constructions sectors in India contribute nearly 8-9% of the GDP. It is considered as the second-largest employer with 52mn people. India’s urban population is estimated to increase by 40% 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 are critical in the design and development of world-class projects. They should be able to adapt to modern construction technologies like BIM, lean project management etc. Furthermore, 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 HR to play an active role in several areas. These include Talent Acquisition, Employer Branding, Training and Talent Management.
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)
- Partner functions (Marketing and Sales, CRM, HR, IT, Finance, Legal and other support functions).
While the Partner Functions don’t need 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 projects to be in line with global standards in terms of Technology, Quality, Safety and Lifestyle. Furthermore, the inundation of new technological trends has offered numerous benefits as well. For example, the way technology is used to improve efficiencies, meet budgets, timelines and deliver world-class projects has changed now. Some of the latest technologies that have been introduced recently are:
- 3D Printing
- Virtual Reality
- Robotics and Cognitive Automation
- 3D, 5D Macro BIM (Building information modelling)
The Indian real estate sector has also seen several expats moving base. This 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. Furthermore, they will have to work on world-class projects alongside global experts in the industry.
Jobs for Everyone
The sector promises exciting career options for non-core functions too. For instance, in marketing, the use of Virtual Reality as a tool provides a 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 generating leads. As for the legal team, staying abreast of the complex and changing regulatory laws makes it a challenging yet exciting role.
To summarize, The Indian real estate sector is set to witness tremendous growth in the coming years. However, a potential dearth of the skilled workforce can become a roadblock for it. This is where the HR function can come into play. It should play a major role in attracting and retaining the right kind of talent.
It will be important to provide key talent with the right development opportunities and a well-mapped career path 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.