Indian real estate sector witnessed dynamic growth since the beginning of the millennium. Developers started launching projects after projects, which used to be supported by innovative financial tools offered by private equity & venture capital funds in addition to traditional financial institutions. Government equally supported the growth with its growth oriented policies. Housing Finance Institutions contributed its share in the development by offering loans liberally to prospective home buyers. On the other hand, developers started formulating innovative marketing, sales and customer service strategies. They suddenly moved from direct and local level marketing to national and international level marketing. World Wide Web became one of the most common medium of promotion.
These developments resulted in massive requirements of trained, competent and specialist human resources for the property sector. Unfortunately, since the time realty business started growing, neither the players of this sector nor the Government ever thought of any long term strategy to develop manpower for this important economic sector, except occasional airing of concern. The result is the acute manpower crisis in the Indian property sector.
However, it is worth to mention here that there have been few initiatives to offer real estate education in India, most noticeable NICMAR and NIREM.
NICMAR, National Institute of Construction Management & Research, offers full-time programs in various areas of realty and construction management through its different campuses. The courses are of two-year, one-year and six-month duration. The institute also offers courses through distance learning mode. But there is no realty related courses offered through distance mode. Moreover, almost all of the courses of NICMAR are focussed towards construction and development.
IDS NIREM, National Institute of Real Estate Management, on the other hand, offers one year PG Diploma and six months Diploma programs in various areas of property business through distance education mode. These areas include real estate management, property marketing, sales & brokerage, realty finance, property investment, appraisal, facilities management etc. A key feature of NIREM is its affordable tuition fee which is less compared to most of the other professional institutes.
To conclude, I must say that the above initiatives towards real estate education are definitely praiseworthy but are insufficient compared to the human resource needs of the Indian real estate sector. Unless there is an integrated planning towards introduction of the system of real estate education in India, this sector will continue to face manpower crisis.