The Real Estate industry in India is slated to be a $180 Billion opportunity by 2020. The growing population, overall economic growth of the country, rising income levels and increased foreign investment, has led to a heightened need for improved infrastructure across urban, semi-urban and rural India. The government’s impetus to boost urban development and infrastructure, such as the addition of 25 million homes, 40 million dwelling units and 100 smart cities by 2022, has further enhanced the growth of the real estate and ancillary services sector.
The future demand for real estate as a result of this growth is expected to increase from an est. 7.3 billion sq. ft. to 10.15 billion sq. ft.
This increased demand for real estate is leading to an unprecedented manpower requirement in the space. The ‘Top of the Pyramid’ manpower requirement can be categorized into 3 segments: specialized professionals, core professionals and non-core professionals.
Specialized professionals include:
- Quantity surveyors
- Facility managers
- Sustainable development experts
Core professionals include:
Non-core professionals include
- Business Administration
- Chartered Accountants
- Finance Analysts
- Electrical Engineers
The supply of core and non-core professionals remains low currently as compared to the soaring demand. The current shortfall of core professionals is estimated to be ~4 million. The total expected shortfall of skilled professionals in the Built Environment is estimated to be ~150 million by 2022.
Despite this requirement for skilled professionals in the sector, there are a limited number of programs and institutes focused on addressing the skill gap and training people on the required global best practices.
India’s growth targets will be realized once the crucial issue of skilled manpower shortages is addressed.
It is with this vision to ‘Skill India to Build India’ that we have launched The Real Estate Management Institute- REMI, in collaboration with The Institute of Real Estate Management- IREM®, USA.
REMI is a leading institute with two centers in Mumbai, that provides certification programs, executive courses and customized training workshops specially designed for the Real Estate Industry. REMI offers an international curriculum that trains students and professionals in global best practices through its collaboration with IREM®, USA.
For more details visit www.remi.edu.in