Congratulations! You are hired!! These are the magic words that any young Indian today would love to hear, particularly in the current environment where reports are showing that the youth (between 20-24 years), who constitute around 40 per cent of India’s labour force, have an unemployment rate of 32 per cent.
Employment opportunities are getting depleted for both the graduates and the undergraduates of different programs. In the Construction and Real Estate domain close to 80 per cent of civil engineers are unable to get campus placements because of the scarcity of jobs. Not that the construction activity has come to a standstill in India, the country is building big time and a lot of ‘specialists’ are required everywhere but it is the changing expectations from the young civil engineers and architects or even the undergraduates that are behind the scarcity of jobs for these youngsters.
The industry is changing very fast and accordingly the expectations from the fresh graduates. The industry is looking at hiring industry -ready professionals. This is only possible through some specialised programmes.
Built Environment is a multi-faceted field that comprises design, construction, management, and use of advanced technologies over conventional ones in the field of construction for sustainable living and commerce.
It is predicted that the Indian built environment will be the third-largest industry in the world by 2030. Dependent on a number of metrics like skilled manpower, flexibility and technological advancement, the built environment is transforming the country as India’s real estate sector is expected to contribute 13 per cent to the country’s gross domestic product (GDP) by 2025 and the market size is expected to be $1 trillion by 2030.With an estimated yearly growth of 7-8 per cent, it is poised to create ample employment opportunities for future generations.
Specialisations and scope
Till a few years back, an individual newly entering into the real estate sector had to spend several years on the job and on the field to understand the nuances of the industry and business. There was no specialised academic training in real estate and people who made it big did so only through experience gained on the job.
But today, with the introduction of specialised courses, students can seek fast growth career opportunities in the built environment sector with courses like BBA in Real Estate & Urban Infrastructure (with a minimum of 60 per cent marks in their intermediate) or at the post-graduate level, courses like MBA in Real Estate & Urban Infrastructure or MBA in Construction Project Management or MBA in Construction Economics & Quantity Surveying or MBA in Infrastructure Management.
These courses are designed to impart principles of general management along with principles and practices relating to various components of the built environment, the general practices/functions in this sector, and the market dynamics. They also give an all-round perspective, technical overview of concepts such as real estate development and corporate real estate management, project management, laws and regulations, land acquisition/permissions, property analysis and land evaluation, economics/components of built environment, investment, accounting and finance, urban design and planning, sustainability etc.
Course duration is three years for BBA and two years for the MBA. Applicants for postgraduate courses should have scored 50 per cent in their graduation with a minimum score of 500 in MAT/GMAT, CMAT-150.
Students interested in starting their careers sooner than two years can opt for a one-year PG Diploma in Facilities Management. It is a uniquely designed programme that prepares students for the position of Facilities Manager — a crucial subset of built environment professionals.
One of the basic requirements for this course is that students must score a minimum of 50 per cent marks in their graduation (in any stream) to take up roles that require skilled managerial, executive and technical manpower for facilities management.
The real estate sector is the second largest employer and is poised to grow around 20 per cent over the next decade. The growth opportunities in the real estate sector are not limited to the home ground.
An open field
The advantage of built environment courses is that these are not restricted to students from science and commerce backgrounds, those with humanities or arts backgrounds are also eligible to pursue these courses.
Where to work
Graduates with a degree in built environment can work for multinational companies, international property consultants, developers and builders, IT/ITES units, facilities management companies/ agencies/consultants, and condominium/owners welfare associations. Through these specialised programmes, students receive an unparalleled immersion into the world of built environment — right from procuring land, obtaining approvals and arranging finance, to construction and marketing of the project, managing assets and facilities management. This gives them a broader perspective of the entire project and helps them function across different levels.
The writer is Associate Dean and Director of School of Real Estate, RICS School of Built Environment
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