Skills deficit in Indian real estate
Development activity in India is at an all time high and is only expected to increase further, given the rate of urbanisation and expansion of satellite cities.
With over 600 million people expected to inhabit Indian cities by 2030, the shift to cities and urban agglomerations implies potential demand for quality real estate and extensive supporting infrastructure services in urban areas.
Despite this huge demand, with real estate being the second largest employer in the country, the sector continues to be characterised by lack of regulation, transparency and a high degree of fragmentation. The scarcity of standardisation of real estate practices has resulted in diverse approaches and processes to exist.
As a result, the sector continues to grapple with numerous other challenges such as financial and liquidity constraints, loopholes in contract procurement and processing mechanisms, cost overruns, antiquated laws and policies, lack of enforcement and implementation of reforms etc.
SKILLS DEFICIT
These aspects have collectively affected the ability of the sector to keep up with the evolving quality and complexity of real estate and infrastructure which has been advancing at a fairly rapid rate.
Therefore, the beginning of an image makeover lies in increased professionalism. There is a pressing need to adapt and learn new ways to do business, which in turn will aide all practitioners involved throughout the development process to stay abreast of the knowledge curve and strengthen their ability to survive the paradigm shift taking place in global realty markets.
However, the sector has been lacking quality talent, which stems
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