The status of real estate management education in India

With the dynamic growth in the Indian real estate business during last few years, the sector attracted attention of fresh graduates and MBA who wanted to start their career. But in the absence of any system of real estate education in India and total absence of any facility for real estate management training, these fresh graduates had no option to get a real estate job at a good level except starting from low end jobs in real estate. This is because real estate is a bit technical and one can't survive unless he has good grasp of the general and legal aspects. Such background can be provided only in academic environment by specialised real estate management institutes or by institutes that offer real estate courses, which are not available in India.

In addition, there is no real estate education or real estate management training facility for working real estate professionals. The working property professionals do not have any facility to enhance their professional knowledge and skill except on the job learning. But we all know the importance of refresher courses such as executive and real estate management development programs for experienced professionals.

Therefore, the absence of real estate education in Indian in general and lack of facility of any type of real estate course in particular is affecting the quality of human resource available for this market.

In addition, absence of real estate education and real estate courses are also worsening the situation of manpower crisis in real estate sector in India.

Considering the above facts, IDS National Institute of Real Estate Management (IDS NIREM), www.nirem.org, has chalked out a long term strategy to develop real estate dedicated human resource. NIREM, set up by the industry development society for real estate, has also launched PG Diploma, Diploma and Certificate courses in commercial real estate, real estate management, real estate sales & agency management, real estate finance, real estate investment, real estate appraisal, facility management etc. These courses are of upto one year duration and are also delivered through distance learning mode.

However, the system of real estate education in India or the facility for real estate management training can't be established alone by one or two institutes. In order to establish this system and to encourage academic institutions to provide real estate courses, we need industry-wide and collaborative efforts of all stakeholders including real estate developers, real estate consultants and brokers, housing finance institutions, public sector organisations in real estate, non-governmental organisations, government agencies etc.