Real Estate Expert's

Why most of the real estate stakeholders need to go back to the classroom?

Technological advancements and disruptive business models have made ongoing learning and re-skilling almost mandatory across industries and job profiles. The advent of executive learning programs, vocational training and technical training programs for experienced executives at top institutions globally and locally is an attestation to the relevance of ongoing learning. According to Nasscom, up to 40 percent of the estimated workforce in India needs re-skilling over the next five years to keep pace with automation and the changing skill requirements across various industries. 

The real estate sector that has traditionally been less focused on training and development, is no exception. Over the last year the sector has seen a significant transformation with increased transparency and accountability measures. The implementation of the New Act RERA, the GST, amendments to the Benami Transactions Act, REITs, infrastructure status to affordable housing, the launch of the Smart Cities Mission, are just a few changes that have recently impacted the sector. All these reforms coupled with the added thrust towards urban development and accomplishing the ‘Housing for All’ agenda by the Center further enhance the need for ongoing learning.

For a number of real estate companies, these changes have required them to alter their business models almost overnight to keep pace with the evolving regulatory regime. Technologies and development processes, both on-site and off-site, needed to deliver quality at a significant scale have left even the old hands at construction a step behind. Implementing the new Act across the various departments of a real estate business, increased consumer activism and driving their business towards customer centricity has a number of Senior Managers/the C-Suite in a knot. All of this coupled with a tepid sales environment, new norms that require effective management of project cashflows and a need to attract external finance, now require even the top hands to build additional skill sets.

I say this repeatedly, it has never more challenging to be a key stakeholder or a leader in real estate.

During this transitionary phase, a number of new programs have emerged that focus not just on executive learning but on enhancing the skill-sets of owners/leaders in real estate. Owner developer programs (ODP) such as the one we have launched provide leaders in real estate with exactly this opportunity. The program has been developed in sync with Industry Bodies to address the challenges faced by the sector. These programs anticipate the journey ahead and offer participants a view of what to expect, how to respond and what to know in this domain, to capitalize on the opportunities, policies, government initiatives and much more.

Curated programs, taught by experts and thought leaders, that involve dynamic content, an evolving curriculum and adopt a Socratic method of teaching are helpful in that they encourage leaders to dialogue, network and learn from both peers and experts on key areas of their business. These programs also contribute to inculcating a sense of unity amidst significant transformation and give attendees the opportunity for shared problem-solving.

Internationally, advanced management programs have been a norm among top leaders across industries. I encourage leaders and emerging leaders, especially in real estate, to take advantage of these opportunities and assimilate the required skills to make them prominent leaders to “build” the future of Indian Real Estate.

By Ms. Shubika Bilkha, Business Head at The Real Estate Management Institute (REMI)

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