When we plan to pour money into the real estate sector, we are going in for lifetime asset investment, maybe even more than that. Generally, this is a win-win deal for investors, developers, corporate occupiers and end-users of properties; i.e., all stakeholders, considering the lucrativeness of the real estate sector. However, there are a few basics that stakeholders often are careless to ignore. Let us look at the nitty-gritty of this.
Refinements in technology and off-base business models have rendered it imperative for every individual from every industry and background to follow a consistent learning and reorientation curve. This has been endorsed by the rise of executive learning programs, vocational training and technical training programs for working professionals. NASSCOM study claims that as far as 40% of the working professionals in India should upgrade their skills in the coming 5 years so as to remain at par with the trends and fluctuations over a range of industries.
Just like other sectors, the exigency of training and development is equally important in the real estate sector, which has not been paying that much attention to this aspect. Year 2017 has taken this sector through consistent changes to make it more transparent and accountable to all its stake-holders. The task force combo of RERA, GST, amendments to Benami Transactions Act, REITs, bringing affordable housing under the infrastructure status and the Smart City Mission have changed the flavor of the sector. These reforms have been supported by the increased drive for urban development flanked by the ‘Housing for All’ scheme sponsored by the Government of India that added fuel to the grinding neediness of ceaseless learning.
To keep pace with the contrasts of the governing legalities, quite a few real estate companies have had to transform their business models. Technologies and disciplines of development are intended to deliver quality output at every platform of result oriented transfers. RERA has been absorbed by every domain of the real estate business. It has made the customer the center of focus and businesses and their policies hover around the commitments made to him. This, along with a lukewarm sales atmosphere, new standards that call for frugality of cash management and demand for seeking international investment emphasizes on the need for even the topmost management to be capable and additionally skilled. This an era where it is one of the biggest challenge to be a lead stakeholder or hold expertise in real estate.
This is a period wherein various new programs have come up to cover not just executive learning but improve the already existent capabilities of owners/leaders in real estate. Owner developer programs (ODP) present this opportunity to the leaders of Real Estate.
Such programs are tailored according to futuristic developments and give the participants a flavor of what lies ahead, how they should be prepared for it with their responses and the things they should know to deal with opportunities, policies, government launches and a lot more.
Hand-picked programs designed by specialists and gurus, containing material full of futuristic content based on progressive parameters uses an analytic approach. This helps a lot in terms of motivating leaders to discourse, connect and capitalize on the knowledge of colleagues as well as connoisseurs in this line of trade. Another positivity of such programs is that they build a feeling of oneness and provide participants with the scope of collective problem-solving.
Global futuristic management programs have been a yard-stick amidst apex leaders through a latitude of different industries. Both, established leaders and leaders-in-the-making, more importantly in the real estate sector should take cues from these opportunities and absorb the requisite skills to turn them into distinguished leaders who can sculpt the tomorrow of Indian Real Estate.