Being one of the biggest generators of employment in India, the real estate sector contributes almost 7 percent to the nation’s GDP. However, when aspiring graduates set about planning their career options, real estate is the last thing on their mind. This is due to many factors, the chief one being that the real estate sector is risky and volatile in nature. One moment it is on the upswing and suddenly the next phase causes it to show a downward trend. Looking for a stable career in what is projected as a relatively unstable field, is indeed a paradox in itself. However, things are slowly improving and there are many reasons why people are considering entering the sector. In this article, we will tell you why the Indian real estate sector is a promising career option. godrej chandivali powai
Relatively less unaffected in the pandemic
The coronavirus pandemic has significantly affected almost all business sectors and has led to major losses in jobs and income worldwide. However, those in the healthcare and food essentials sector have remained largely unaffected. In the real estate sector also, the buying, selling and renting of properties continues, though the number of transactions have come down but not entirely stopped. This shows that if the real estate sector can face the onslaught of such a devastating pandemic, then it is surely worth considering as a career option. godrej chandivali urban park
Regulation is redefining the sector
In earlier times, the real estate sector was considered a risky proposition and there are stories of numerous individuals who have lost their money with unscrupulous builders and developers in under construction projects or even property fraud through unclear land title and unauthorised construction. This used to happen because there was no government authority to monitor the proceedings in the sector. However, with the setting up of the Real Estate Regulatory Authority, or RERA, things have changed for the better in under construction projects. RERA is a real estate industry watchdog that strictly monitors all new residential and commercials projects , from the time they are announced to the time they give possession of the units to buyers. The biggest regulation introduced by RERA is that 70% of the money received from buyers is to be mandatorily transferred to an escrow account which is to be maintained with a scheduled commercial bank. Now that the real estate sector has undergone significant regulatory transformation, it is becoming a lucrative career option for individuals who have a passion for selling and believe that housing will always be a first priority for people who can afford it. Prospective employees of this sector have now become more confident about joining it.
Diversification of commercial real estate
The big boom in e-commerce has led to a massive diversification of the real estate sector into warehousing. Aggregated supply chain management has led to the creation of huge warehouses spread over thousands of square feet, for meeting the increasing storage demands of large players in the e-commerce sector. Due to this development on a national scale, a large number of jobs are being created in warehouse creation, management and leasing. With co-working spaces increasing their safety standards and implementing strict social distancing norms for their occupants, they are now transforming into preferred working hubs. These transitions are leading to creation of more jobs in specialisations such as project management, strategizing, sales and marketing.
Digital leads the way
While digital selling of real estate has always been a part of the overalls sales process even earlier, the pandemic has increased the focus on selling residential and commercial properties through the online medium, due to the restrictions on physical interactions between buyers and representatives of sellers. For example, more and more players in the segment are using Virtual Reality to provide potential buyers with a near real life experience of how the project and the amenities look like. Digital marketing institutes are now providing specific learning modules in digital real estate marketing for those who want to make a career in this field.