Real Estate Sector; Offering Strong Career Foundation

“I was always sure that I would end up as a Software engineer,” exclaims Anoop Singh, TL at Adobe Pvt Ltd. Well, sometimes we just know what we want to do in life but sometimes it becomes a tad too baffling for us to even decide what colour to wear!

There are so many options available today which are enough to make anyone wondering which one’s the best. So, Mymbacolleges.com brings you the sectors which are on boom and expected grow with leaps and bounds in years to come.

Today, we will talk about Real Estate Industry, how it is growing and the kind of career opportunities it would offer to Management students.

It’s more than just being a Real Estate Agent

Real Estate Industry in India found its ground with the wave of urbanization. When the rural youth started migrating to cities in search of a job, they found work in cities and then decided to get settled in the city itself. With the need for land to build contented abodes the requirement for able professionals to accomplish the task also arose. The Real Estate sector, today, is the second largest employment generation sector standing just after Agriculture. The profession of land contributes about 6.3% to India’s gross domestic product (GDP). The real estate sector, with its growing investment opportunities, is expected to post annual revenues of US$180 billion by 2020.

With the expanding horizons and growing revenue, the sector is in a great demand of leaders who are audacious enough to take out of the box decisions and make it big!

How to manage real estate?

Yes, real estate is all about selling land! And if that’s what your perception was then you surely haven’t explored the ever booming sector. Marketing, Sales, HR, Finance are the traditional fields of what an MBA degree might offer you but today the industry is expanding and need expert professionals for specialized fields.

As a professional in real estate sector you would need to handle financial operations of the property; negotiate various contracts which might include janitorial, security, landscaping, trash removal and other services; monitor the performance of contractors, deal with property values, taxes, zoning, population growth, transportation et al. These are some of the things that you might be doing while working in the real estate sector.

What about career prospects?

Talking about present times, real estate in India is one of the most favoured destinations globally for investors, developers and NRIs. The real estate sector in India is projected to post annual revenues of US$ 180 billion by 2020 against US$66.8 billion in 2010-11. The ever growing real estate industry is not only limited to building homes but is also constructing corporate areas, shopping arenas, stadiums, and what not.

Yes, an MBA would suffice the need of the sector but with growing competition and requirement for precision it is advisable to acquire a degree which is relevant to the field. And with so much money coming in there would be no dearth of high dividends for you.

The construction development sector, including townships, housing and built-up infrastructure garnered total FDI worth US$ 22,671.95 million in the period April 2000-August 2013. Construction (infrastructure) activities during the period received FDI worth US$ 2,280.95 million, according to the Department of Industrial Policy and Promotion (DIPP).

The following are some of the major investments in the Indian real estate sector:

• Godrej Properties Ltd plans to invest Rs 9,000 crore (US$ 1.44 billion) in 15 new real estate projects in India over the next 10 years.
• Unitech Ltd has signed a Rs 800 crore (US$ 128.17 million) deal to lease an 800,000 sq ft space at one of its IT Special Economic Zones (SEZ) in Gurgaon, to multinational human resource firm, Aon Hewitt.
• NRI billionaire Mr Ravi Pillai plans to purchase stake worth about US$ 100 in a special purpose vehicle floated by Pune-based realtor, Panchshil Realty. The investment will go into the construction of Trump Towers and World Trade Centre in Pune, Maharashtra.
• Infrastructure Leasing & Financial Services (IL&FS) Ltd has claimed a project worth Rs 244.46 crore (US$ 39.17 million) from realty firm Emaar MGF for construction work at the latter's residential project at Gurgaon, Haryana.
• French luxury hotel chain Sofitel, which is managed by Accor Group, is targeting 10 properties in India, mainly in major luxury destinations, in the next few years.
• One of the world's top manufacturers of elevators, US-based Otis, is setting its sights on the Indian real estate market. The pace of construction in India makes the country an attractive proposition for such an investment. The company will be working with the Delhi and Hyderabad Metro projects. The former has placed an order for 222 escalators for its Phase III project, according to Otis.

India’s economic sector is showing substantial growth and real estate sector if one of the major contributor to it. Job searchers and those of you who are preparing to pursue a course to make it big in your life can vouch on courses specializing in the real estate sector.

Click here for the list of colleges offering courses in Real Estate

References: Ministry of Finance, Press Information Bureau (PIB), Media Report, Department of Industrial Policy and Promotion (DIPP), CREDAI, The Union Budget 2013-14