of merely 5,69,000, translating to a shortage of approximately 87 per cent professionals.
By 2015 this demand-supply gap will reduce only marginally to 85 per cent, with the demand pegged at 4.73 million and the supply accounting for 7,25,000 professionals.
NEED FOR TRANSPARENCY
The shortage of such skilled resources has been responsible for slowing down construction activity by an average of 6 months to a year and increasing the project costs.
Also, increasingly, global investors are more cautious of investing in markets that lack global standards. Transparency is therefore a necessity for real estate practice. Not only does transparency serve as an essential tool for investors seeking international diversification of real estate assets, but also helps decrease some level of volatility in realty markets. The failure of creating ‘transparency’ thus far has damaged the development prospects of the industry and needs to be introduced on several fronts to have a holistic impact on all facets of real estate business and stakeholders.
It is also imperative to build consumer and investor confidence, through the creation of a healthy, transparent, efficient and competitive real estate sector. To this end, there is a need to establish an effective regulatory mechanism which can address and curb malpractices and safeguard consumer interests in the country.
Therefore, it is widely felt that awareness and introduction of internationally recognised and locally relevant best practices can contribute towards uniform practices and lend quality assurance and credibility to the sector.
—The author is MD RICS- South Asia