2015 was an exciting year for us all in the real estate industry with challenges faced and achievements made. The last few years have been awash with revival and optimism – after the pessimism and down turn we saw a few years back. The change has been both in terms of demand and investor’s interest. The residential sector spear-headed the market recovery, the office and retail sector also saw unexpected revival throughout the year.
The increased activity across various industry verticals combined with the rising domestic consumption of goods and services have contributed towards enhanced demand levels in all segments. As the economy grows, the aspirations of a new-age nation also grows – rather grows even faster.
Importance of real estate
Today, there is an increased prominence for our industry being second only to agriculture. This has a positive impact, leading to increased expectations and responsibilities from each one of us. We have to move in consonance and realign our strategies. At the same time the Government should also endorse that construction and real estate sector is one of the biggest employment generators being a significant contributor to country’s GDP and extend all support and encouragement to the industry – bringing in regulatory changes ,where there is at present, a lull.
The outlook for the future
As things move now, I expect the industry to further mature and attain new heights of excellence placing on us still greater responsibility by our customers and stakeholders in order to sustain and grow further. There is increased demand – so also the expectations from the buyers backed by knowledge and awareness. Competition is also stiffening.
Let us remember ‘more opportunities’ would mean ‘more challenges’ to cope with. Customers are right in their demands and expectations in this competitive environment. It is only we, who have to further prepare ourselves to meet with the situation. Adjust, Align and Adapt.
As I see, one of the critical challenges in the coming years would be the shortage of skilled and unskilled manpower. We have to constantly strengthen and sharpen our skills. This is possible only through good HR practices. The responsibility rests in each one of us in moulding an ever winning team.