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Anil Kashyap and Jim Berry

Real Estate Education in India. Anil Kashyap and Jim Berry. The 3 rd ERES Education Seminar, Paris 7-8 th December, 2007. Real Estate Sector in India. Second fastest growing economy - GDP growth rate of 9.4% (FY 2006–2007)

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Anil Kashyap and Jim Berry

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  1. Real Estate Education in India Anil Kashyap and Jim Berry The 3rd ERES Education Seminar, Paris 7-8th December, 2007

  2. Real Estate Sector in India • Second fastest growing economy - GDP growth rate of 9.4% (FY 2006–2007) • Volume of India’s real estate market is expected to triple to $90 billion by 2015 • Demand for 200 million square feet over the next 5 years • Existing shortage of 20 million residential units • Over 500 shopping malls are under construction and will be operational by 2008 • (TCM now JLLM, 2007)

  3. Real Estate Boom Policy changes introduced by the Government in February 2005 allowed 100 per cent foreign investments in construction projects with fast-track approvals.

  4. Real Estate Services and Education • Changing business environment is attracting investments in real estate sector in India • Growing demand for the new skills and knowledge • Multiply over next decade • Increasing need and demand for real estate specialist education • Need for research

  5. Research Design • Examination of the websites and several graduate programmes in India • No formal Real Estate degree courses in the education system • Real Estate principles are taught in Business School environment • Mailing list was developed from the international real estate & investment consultants, and property developers • to assess the need and • demand of real estate education

  6. Research Approach • Online survey sent to 45 International Real Estate Consultants, Developers and Investment Consultants in Nov 2007. • 32% response rate • Stage I – Assessment of need and demand using the questionnaire (Dec 2007) • Presentation of results and feedback • Stage II – Structured discussion with key stakeholders in India (Jan-Feb 2008) • Stage III -Findings dissemination stage

  7. Which of the following best describes the role of your organisation?

  8. Please indicate the real estate sectors within which your company operates?

  9. How many of employees undertaking specialist real estate functions High Potential demand Large gap between - number employed & number having real estate education

  10. Other professional qualifications employees in real estate functions • High proportion of employee with Business Administration • Next higher proportion with Planning/Architecture/Urban Design

  11. Perception on skills gap in professional undertaking real estate related functions? • 91% perceive skills gap

  12. In your opinion, is there a need for professionals with Real Estate qualifications in India? High level of need for professional with real estate qualifications

  13. In your opinion, do you think there is a demand for Real Estate degree courses in India? High level of demand for real estate courses

  14. Which level of Real Estate degree programme do you think would be most appropriate in meeting the immediate demands of real estate sectors in India

  15. Demand for short executive and postgraduate course • Research (PhD) will follow after PG courses are established • 82% ranked Business Administration degree best to fill in demand in absence of real estate courses • 55% and 36% ranked degree in Finance and Economics

  16. State which courses would best meet the need of your company in undertaking real estate functions? • 91% considers that specialist real estate education should be offered in India • 63% considers that real estate stream should be attached to MBA programmes

  17. Given the growth in real estate industry, do you consider that specialist Real Estate Degree courses should be offered in India? 91% considers that specialist real estate education should be offered in India

  18. Role of private sector in development and delivery of Real Estate education in India? • 100% respondents considers their role in development & delivery of real estate education • 90% willing to participate in development & delivery of real estate education • 82% willing to sponsor their employees for real estate education

  19. Does your company encourage real estate employees to obtain membership of professional bodies? • 55% encourages real estate employees to obtain membership of professional bodies

  20. Key messages • Growing need for real estate professional education in India to support a growing economy base • High demand and need factors for real esate education • Low supply of specialist professionals • Business Schools have capacity and infrastructure to deliver on short term basis. • Key role for private sector • Need for policy makers/key stakeholders to address this issue

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