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Poised for a growth, the real estate sector in India has beautifully grown and developed itself as a vital part of the Indian economy. Occupying the second position, after agriculture, as the largest employer, the industry provides employment options to thousands of people across the nation. Backed by a growth in the residential and commercial segment owing to the soaring demand for office spaces, this sector has been growing very well.
The India real estate 2017 is a tightly managed and regulated sector. The increased consumer activism along with the various regulatory reforms and policy measures, and the companies gaining larger funds and actively participating in this sector are all responsible for this transformation.
Some of the real estate major trends that are expected to shape or redefine this industry in 2017 are being discussed here.
The real estate in India has been a major contributor to the overall employment scenario and GDP of the country and the government’s increased focus towards its “Housing for All” initiative have added fuel to the fire. Further adding to it, various regulatory reforms like GST and RERA, coupled with the emphasis on building 98 Smart Cities across the country and introduction of REIT’s for organizing funds for realty companies, are some of the major trends that have contributed significantly towards the changing realty landscape.
In order to bridge the housing gap, the government is working hard to promote its housing for all initiative and aims to build approximately 19 million homes by 2022 in the affordable housing segment. Through this initiative, the government focuses on slum rehabilitation, urban transformation, infra development, and building homes. It is making all the stakeholders very enthusiastic towards establishing the PPP model and making it a success.
In order to cater to the changing requirements, and remain actively involved in this evolving sector, the realty companies had to transform their working style at a fast pace. It is now obligatory for the developers across all segments of realty spaces to tune in their working practices in accordance with the new rules and policies. For many developers, this meant restructuring and reorganizing of their businesses, adopting a more systematic and methodical approach, and training and upgrading the skills of their teams.
However, as this unorganized sector adopts a more professional approach and successfully transforms itself, it offers a plethora of options for professionals and graduates to follow a lucrative career. This highlights the importance of planners, project managers, architects, facility managers, compliance officers, trained sales professionals, marketing & customer relationship managers, structural engineers, quantity surveyors, accountants, real estate consultants, sustainable development experts, management professionals, tax experts, brokers/agents, legal & finance experts in the property, and allied services sector. But, as these companies prepare themselves to handle the enhanced delivery capabilities at their end, there are only a few organizations that offer necessary training and skill up gradation to bridge the gap.
Hence, the real estate industry makes a viable and promising sector for graduates and professionals to adopt a sustainable and long-term career option and gives them a chance to contribute largely towards the India real estate growth.
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