The Indian real
estate & construction sector employs 5 crore, of which only 20 lacs are
professionally qualified, according to a study by Royal Institution of
Chartered Surveyors.
The India's premier
management schools are addressing the builder / promoter community's need for
employees who understand the nuts & bolts of their projects.
 |
| S. Nayana Tara, Teacher, Centre for Public Policy, IIM - Bangalore |
IIM - Bangalore, ISB, IIM - Indore and IIM - Ahmedabad are introducing
specialised courses on real estate & infrastructure management, and in
return, are attracting a dedicated stream of real estate companies during
placement time.
Ms. S. Nayana Tara,
Teacher, Centre for Public Policy, IIM - Bangalore said, ''The demand for these
courses is high. "Infrastructure management was introduced last month for
the 2014 batch and to our surprise, 75 students, the maximum a class can take,
registered for it"
The idea for the
course took shape this year after IIM -
Bangalore worked on a couple of projects with the Karnataka government.
"We realised
they lacked talent that could work in large-scale projects, prompting us to
start the elective," says Ms. Nayana Tara.
Industry experts who
come for practical sessions during the 20 class course include members of World
Bank, ADP, state governments and companies such as GMR. The institute plans to
make it into a permanent course.
The Indian real
estate & construction sector employs 5 crore, of which only 20 lacs are
professionally qualified, according to a study by Royal Institution of
Chartered Surveyors.
Mr. Mahesh Prabhu,
Director - Finance, Century Real Estate said, "Managing cash flow has
become tough and projects need more planning and research," which the
sector is currently ill-prepared "
Firms that need
experts to hit the ground running have even started their own management
schools with faculty from the IIMs.
IIM - Bangalore is
currently working on a research paper to help Century Real Estate bring down
its costs.
"There is a huge
shortage of labour and we can not solely depend on manual labour anymore,"
says Mr. Mahesh Prabhu. The developer has even sponsored a chair last year at
the institute.
Since global colleges
have been running courses on real estate & infrastructure for a while,
institutes in India have entered into alliances with them.
In 2012, ISB along
with MIT Sloan, started a research institute on real estate &
infrastructure. The institute also runs a Real Estate Club formed along with
infrastructure company SREI.
Students who are part
of the club go on field trips and shadow CEOs of infrastructure companies. ISB
is helping SREI to foray into newer geographies such as Africa, says Mr. Dhruv Bhalla, VP corporate strategy & planning, SREI Infrastructure. When it
started in 2006, the club had 12 students. Today, there are 45.
At the other end,
real estate courses are an incentive to industry players to participate in
summer internships and final placements at IIMs.
Every year, Reliance
Infra., Brigade Group, Supertech, Lodha Group & Puravankara Projects hire
students across management institutes and salaries start from Rs. 18 lakh on an
average. Puravankara has 3 IIM - Bangalore graduates who are undergoing a
year's training to take over as business heads in the firm.
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