A career in real estate was till now limited to brokers, masons and labourers. Not anymore as the industry opens up limitless scope for investment bankers, marketing managers, visual merchandisers and supply chain distributors. Many are even coming armed with foreign degrees.
India's total retail market is estimated at Rs 9,300 billion, of which organised retail is at Rs 300 billion and expected to grow at a compounded rate of 30 per cent over the next five years. Currently employing nearly 15 per cent educated Indians, the industry has the potential to employ over two billion people in the next five years, says Sanyam Dudeja of TDI.
The real estate industry segment today requires real estate specialists who have knowledge in business, finance and investment & communication skills. There are aspirants who want to make a career in this emerging opportunity, and they need a formal orientation into this conventional segment which is now metamorphosing into a new industry altogether, says Dr Hari Gautam of the School of Business & Communication Studies.
Riding the real-estate boom, the real estate developers are hiring big time to scale-up their national operations. The reason for demand has been due to major expansions by developers across the country due to which there is a sudden spurt in the number of commercial and residential projects, says Dudeja.
The real estate market in the country is now opening up and a lot of FDI is coming into the business. With this, every group now needs people at all levels, he says.
The boom has created a whole host of new employment and career opportunities in this sector, he says noting as of now those with an MBA enter into the field. Many industry associations are also conducting regular seminars and conferences to update those in the industry on the emerging trends, says Rameet Trehan, a real estate expert.
It was earlier believed that real estate can, at the most, generate jobs in construction and civil engineering. But with an organised housing industry coming up, urban development has opened the floodgate for the constant flow of real estate job openings, says Sunil Anand of Anand Properties and Infrastructure.
Fears expressed in certain quarters that FDI in the retail sector will short-change the local kirana stores and smaller players are exaggerated. On the contrary, it will to lead new economic opportunities and generate more employment. The opening up of the sector to FDI will lead new economic opportunities and there will be more employment generation, says Anand.
The Indian retail business employs nearly 21 million people, which is around 7 per cent of total employment. Although the country has more than 12 million retail outlets, which is the largest in the world, the share of organised retailing is merely two per cent. Thus, there is a huge scope for the growth of the organised sector in India, says Dudeja.
The majority of jobs are at the shop floor level or in sales. These account for approximately 60 - 75 per cent of the total jobs in the sector. Other job opportunities are in Merchandising, Visual Merchandising, Customer Relationship Management and in Marketing and Supply Chain segment, he says.