There's space for realty education

 

Publication: The Times Of India Chennai;

Date: Jul 12, 2010;

Section: Education Times;

Page: 31

 

WITH THE REAL ESTATE MARKET BOOMING IN INDIA, STUDENTS NEED NOT LOOK AS FAR AS SINGAPORE AND AMERICA TO BECOME PROFESSIONAL REAL ESTATE AGENTS, AS SIMILAR COURSES ARE BEING OFFERED CLOSER HOME. SHIVANI BAIL AND ANJANA RAGHU RAM TAKE A LOOK…

    According to a study conducted by international auditing firm, PricewaterhouseCoopers, in association with the Urban Land Institute, a non-profit education and research institute, India leads the pack of top real estate investment markets in Asia for 2010. Despite all this attention, the Indian real estate industry still lacks a formal structure. This lack of structure is best illustrated by the fact that there are only a handful of real estate management courses in the country.     For starters, there is the MEASI Academy of Architecture that offers a postgraduate course in real estate development. The twoyear course is open to students with a background in either engineering or architecture. Director of the Academy, N Altaf Ahmed, says, "Real estate education is of immense significance from an economic perspective. Students are taught to make important decisions about real estate and how space is managed." He also highlighted the relevance of this course from an environmental perspective, as buildings affect and are affected by the environment.     Professor K R Thooyavan, Head of the Department of Real Estate Development at the Academy, stresses on the critical nature of this course. He points out that this course is for those who are seriously considering a career in the real estate sector. "This course has been approved by the Council of Architecture and is affiliated to Anna University. Students are also taught to accurately assess the economic viability and the space evaluation of every real estate project. In their second semester, they are also provided a detailed understanding of the legal underpinnings of real estate projects." Some of the components of the course are urban design, sewage management and development regulation." Three-D models of ideal sites are also used to help demonstrate the nature of real estate sites.     Also up for grabs are a variety of courses at the National Institute of Real Estate Management (NIREM). However, for those wishing to apply at NIREM, Director Sumit Jha says, "We do prefer people with a basic background in the real estate." The Institute offers courses in real estate management, finance and investment. The Director continues, "While other institutes in the country offer MBA courses which touch on real estate management, ours seeks to impart training exclusively in this field; it is a specialisation." NIREM also offers these courses by post; and both MEASI and NIREM offer campus placements.

    For those already in the profession, the National Association of Realtors - India, is looking to streamline the Indian real estate industry. The Chennai Real Estate Agents Association supports this and encourages its members to complete the course. "As part of the course, we invite experts to address brokers and agents. Our basic aim is to educate people already in the industry and to bring them on par with their international counterparts," says Abdur Ravoof, President, Chennai Real Estate Agents Association.     Will courses like these find any takers? "This is the first time I’m hearing about this qualification," says Abdul Halim, Human Resource Manager, ETA Star Property Developers, Chennai. "However, training new recruits is quite expensive and if we could hire someone who already had an extensive knowledge of the industry it would definitely benefit our organisation," he adds. The MEASI Academy had only six students last year. This year, they boast of 20. With companies looking for students with specialised knowledge of the various facets of property development and space management, real estate courses, it seems, are here to stay.