The built environment industry is evolving at a rapid pace. While urbanization is hitting an all-time high, the way industry works is also changing. The sheer sizes of projects being undertaken are huge. Skyscrapers are touching record heights, inter-continental tunnels are enabling cross country travel, underwater restaurants are no longer a thing of the imagination and gigantic bridges are slashing travel times.
This requirement for better and bigger infrastructure and projects is in turn changing the way this industry works. The business is getting more professional; bigger projects mean bigger risks (and rewards), so traditional ways of working won’t cut it anymore. “Bigger, faster, better”, this is the need of the hour and the direction in which things are changing.
Shortage of skilled professionals
As the industry evolves, it needs talent that has knowledge of these changes and can steer the evolution into making the industry better and ensuring that companies don’t lose out in the long run. Over the next decade, the Indian construction sector will require about 4 million civil engineers, 396,000 architects and close to 119,000 planners. However, the corresponding average supply available is expected to be only about 642,000 civil engineers, 65,000 architects and 18,000 planners.
“We always talk about the shortage of residential housing units in this country, but we don’t talk about shortage of qualified talent. There is currently a shortage of qualified talent and I feel this shortage will only increase unless we have professionals focusing on real estate industry,” said Pawan Swamy MRICS, Managing Partner, Brookfield Financial. He added that the new generation also needs to realize that it is not just real estate, it is a holistic industry that includes finance, marketing, legal, compliance and much more. “My view is that there is a lot more sophistication needed in the talent that is going to come to the Indian real estate industry going forward,” he added.
Right kind of training for an evolving industry
Real estate and built environment is an old industry and yet there isn’t much awareness about its vastness and there aren’t many institutes imparting specialized education for this sector. Till now there have been civil engineers who doubled up as surveyors, architects and planners. There has been no awareness about roles such as a facility manager or a construction manager. But things are changing rapidly. Today, organizations want people who are professionally trained with specialized knowledge of their domain and who know how the industry works.
“This industry also needs people who have specialized and have that training and education which is specific for this field. That is what even the industry and the business owners are also looking for - people who know how this industry works. It is a complex business and so we need professionals to handle it,” said Amit Oberoi, National Director, Valuations & Advisory Services & Research, Colliers International.
A skilled resource can have a far reaching impact on the organization. The industry is going through a transformation and will be elevated once this phase of change is over. The kind of professionals who come to industry now and sit through this transition will reap the benefits of a better, more structured and more profitable industry. “In my opinion, getting the right kind of professionals will elevate the standards of this industry,” summed up Sanjay Dutt FRICS, CEO Ascendas – Singbridge.
An evolving industry, dearth of skilled professionals and work that is only going to grow spells a perfect scenario for students to consider careers in the built environment. The age-old industry is now going through a transition and is on a lookout for professionals who have the required qualifications and skill to sustain and grow the businesses further.
Do you think you have got it in you to make a career in real estate and built environment? Check out the various careers in real estate.