Real estate enters class room

For a real estate broker, the chances are for him to also be a car salesman or an insurance dealer.
But now the real estate industry has found a solution to deal with the lack of professionalism. It is tying with Delhi University to offer the country's first Management in Business Administration (MBA) in Real Estate.
The course will begin next year and here is why students might want to take note. A recent survey showed that the real estate sector pays more than most other industries. So it could pay to know the highs and lows of property.
''There has been a lot of growth in the real estate industry and for someone like me, who is planning to do an MBA, after a few years of work experience, it is a great career,'' said Pranav Kumar, MBA aspirant.
''I have heard that a MBA in real estate is being planned and I am very excited,'' he added.
Currently, there is no MBA that allows students to specialize in real estate. But the new course makes great business sense. The real estate industry has helped design the MBA and will also offer students jobs, when they graduate.
The hope is that with trained graduates entering the field, the real estate sector will become more transparent. Currently, brokers in India operate without any license or training.
''Developers have realized that there is a need to develop more trust, faith and transparency, that is why they are searching for more professionals,'' said Dr Kuldeep Chander, School of Planning and Architecture.
Property developers say that they want to ensure that their talent pool keeps expanding.
''If you look at any Industry which has gone into an exponential growth phase, like IT seven years back and BPO four years back. Lots of people are required into the Industry, which leads to a talent crunch. This answers the question of abnormal rise in salary in real estate,'' said Rohit Raj Modi, Director, Ashiana homes.
Developers are not delivering on time and poor construction quality has meant that the business of property has been looked down upon as a profession.
That seems to have launched the real estate industry into a talent hunt, which will begin in the classroom.

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