By Laxman Jaiswal, Chairman-cum-managing Director, Ascon Infrastructure (India) Limited
Employment opportunities are numerous for newcomers looking to build a career in real estate, professionals keen on improving skills will rise in their existing careers and those aspiring for starting their own venture will also benefit.
Becoming successful and making a sustainable income as a real estate broker or sales agent is hard work – and, in most cases, requires a substantial commitment of time, effort and even money.
While graduates seem to be focused on careers in the IT sector, finance and marketing, among others, the real estate sector remains largely overlooked when determining a viable career path. The real estate sector, which is slated to be a 180 billion USD opportunity by 2022, has a current skill shortfall of 4 million core professionals. The total skill requirement of the sector is expected to be 75 million by 2022.
The government’s impetus to boost urban development and infrastructure, such as the addition of 25 million homes, 40 million dwelling units and 98 smart cities by 2022, has further enhanced the growth of the real estate and ancillary services sector. To build out Prime Minister Narendra’s Modi’s development agenda, there is an urgent requirement to have skilled resources in the real estate and infrastructure segments.
Real estate shall need approximately 66 million core specialists by 2022. Real Estate sector in India has plenty of job opportunities as per National Skill Development Council (NSDC) report. Primary reason for a spurt in opportunities is thanks to the Smart Cities, Housing for All initiative by the Government thanks to the rapid urbanization in the country.
The growth of industry, new job opportunities
The growth of industry, new job opportunities and roles have opened up thanks to the favourable factors influencing the process. Requirements for on-site engineers and architects apart from non-core and specialized professionals, interior designer, quality surveyor, facility managers, electrical engineers and many more specialized career professionals have emerged. Besides these, for technical jobs, an MBA in marketing or sales has a lucrative career option depending on the need and scale of business in the recruiting company.
Project surveyor is an important job requirement who analyses the quality of project execution and adherence to the proposed plan by the builders apart from certifying the structural and engineering fitness of the construction Survey job role can be a promising career similarly interior designers also play a key role as various specialists in the market consult and suggest these designers and home-buyers on choosing right materials for decoration. Their role during building renovation for the right choice of paint, furniture, electric fitting fitting in perfectly with ambiance and vision of the buyers is a fascinating profession in itself. These professionals need to posses knowledge of technical aspects associated with construction, latest update on the industry, laws and regulations mandated by the Government, new technological advancements applicable for real estate, market expectations and above all the various project implementations and innovations by the competitors.
Unlike any other industries, real estate offers a quicker career progression and opportunity. The rising demand and the recent implementation of RERA, the requirement for quality construction allows for exploring and utilizing the prospects in this industry. The money in this field is also quite compared to many other industries.
Despite the requirement for skilled professionals in the sector to enhance delivery capabilities, there are a limited number of programmes and institutes focused on addressing the skill gap and training people on the required global best practices. The Real Estate Management Institute (REMI) is one of the few institutes in India that caters specifically on skill enhancement in real estate by way of technical, business and entrepreneurial skills.
This is the right time for professionals to consider a job in this sector seriously and capitalize on the growing market.
With increased regulatory vigilance, real estate companies gaining scale, an increase in investments by private equity funds in real estate firms, as well as a number of large brands entering the space, there is a greater focus by companies on talent acquisition and retention. The incentive structures at these firms are now extremely attractive and with a more professionalised outlook there is a wonderful opportunity to build a lucrative career.
Categories of real estate professionals
The ‘top of the pyramid’ career opportunities in real estate can be categorised into three segments: specialised professionals, core professionals and non-core professionals.
Sustainable development experts
Architects and planners