Building Careers In Real Estate
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February 28 2009 , 12:35 PM
Join Date: Nov 2008
Originally Posted by
February 18, 2008
Anuj Puri, Chairman & Country Head Jones Lang Lasalle Meghraj
Compared with developed countries, India's real estate sector still lacks sophistication and transparency. However, it is now the cynosure of international investors, thanks to the gradual opening up of certain sub-sectors like townships and retail to foreign direct investment. This has naturally brought on the need for better, more capable human resources.
Though real estate is not rocket science, there is a fair degree of complexity involved in the business. As in any other business, real estate businesses operate either by respond- ing to existing market trends or opportunities, or on the basis of an indepth understanding of the market, keeping an eye on both emerging pos- sibilities and long-term integrity of the market. The first method is reactive and often opportunistic. The latter is based on information rather than gut feeling, and results in assured growth rather than short-term gains that only involve calculated risks.
India's economy is growing at an annual rate of seven to nine percent. This implies rising incomes and therefore higher aspirations among many social strata. However, real estate prices have been rising concurrent, and building wealth through real estate has become a complicated art in which the practitioner can leave nothing to chance. The scenario is changing fast and there is a lot of professionalism coming in because of the arrival of major international players. Developers are cleaning up their act and introducing best practices and higher transparency now, thanks to evolving market dynamics.
I agree as far as the big names in the field are concerned. But there are many small players who lack the needed transperency and most of them take the poor buyers for a ride and even go to the extent of overcharging or duping them.
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