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Trending the Way Forward @ the REMI Owner Developer Program Day 1

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The 2nd edition of the REMI- Owner Developer program started off on a very informative note with the session on Market Trends in Real Estate delivered by the Head of Research for JLL, Mr. Ashutosh Limaye.

The diverse mix of participants from cities like Bengaluru, Hyderabad, Gujarat and Kolkata and of course Mumbai, launched right into an overview of the market situation that set the context for the ODP.

Mr. Limaye discussed the office, retail and residential market trends to cover the 3 main real estate focus areas and in the course of the presentation clearly drew out the macro and micro factors that affected these trends.

While the 2008 Lehman Bros crash caused world economies to spiral out of control and crash in so many countries, Mr. Limaye pointed out how India has escaped this crash mainly because of the resilience of the industry. He pointed out in the office markets how post 2012 there was a correction in absorption levels. A very interesting facet of this correction was due to the right products being developed keeping in mind the actual office requirements. Another important aspect was how the current 10-15% surplus is actually good as it gives the landlords the opportunity to correct their tenant mix and change them. So that’s a very encouraging situation.

Talking of the retail space, Mr. Limaye very clearly articulated that the main reason retail has failed in India is due to the approach taken by the developers. In 1999 from 3 malls in the country to opening of 1 mall every week over the next five years in the top 7 cities, the growth has been phenomenal. The question that needs to be asked then is, “Why then did the malls fail?’

The answer was quite simply that the malls were built as shopping centres but sold like residential! To put it simply, they sold off the retails spaces in the malls to individual buyers in silos. This approach clearly did not work as there was no coherenc e of purpose.
Further the retail space by its very nature requires a developer to construct, lease and keep infusing capital every 3-4 years. It was very important to keep the tenant mix relevant.

Finally with the residential section, RERA has shaped up well especially in strengthening the buyer sentiment. However from the developers’ side as well there is a positive development.  There is now 20% increase in smaller apartments being launched as that’s really where the demand if seen.

The overview of the market trends was a perfect way to launch into more detailed topics that the ODP over the 4 day program delves into.

 


 

About REMI

The Real Estate Management Institute- REMI is a leading educational institute in India that provides programs specially designed for the real estate industry. REMI was established with a vision to ‘Skill India to Build India’ to contribute to industry development through training programs and to facilitate individual careers, as well as enhance leadership for existing real estate professionals.

REMI currently provides certification programs, executive courses and customized training workshops specially designed for the real estate industry. Our programs are run using the Socratic style of teaching, as we offer world-class best practices and a global curriculum to enable new entrants, early-stage professionals, entrepreneurs and leaders adapt to the evolving regulatory regime.

REMI is a pioneer in the field of real estate education in India having trained 2400+ People since our inception. REMI has over 320+ Corporate Association, 180+ Affiliated Visiting Experts and offers 100% Internship and Placement through a dedicated Career Development Centre (CDC). We are constantly exploring new dimensions and partnerships to help us stay ahead. Some of our partnerships include collaboration with The Institute of Real Estate Management (IREM), USA, Ganpat University in Ahmedabad, Practicing Engineers, Architects and Town Planners Association (PEATA), Habitat for Humanity, among others.

Our flagship Certifications in Business Management and Housing Finance (BMF 201), the Broker Certification Program (BCP 201),the Owner Developer Program (ODP) are just the tip of the iceberg. Our ability to curate industry-relevant programs with experts and thought leaders is our specialty. We currently offer 30+ programs for real estate.

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