Over the last ten years, India’s real estate industry has experienced a substantial change, emerging as a prominent source of job opportunities and one of the fastest-growing sectors contributing to the country’s GDP.
A joint report by real estate consultancy Anarock and the National Real Estate Development Council (NAREDCO) revealed that real estate employment has surged from 4 crore (US$588,000 approximately) in 2013 to 7.1 crore (US$978,000 approximately) in 2023, marking a significant increase. The industry’s role in economic growth has become crucial due to rapid urbanisation, changing demographics, and a rise in investment prospects, leading to employment generation across multiple sectors.
With such growth being registered, the empowerment of the early-stage mortgage workforce is imperative for fostering resilience and sustaining growth. In a field where knowledge becomes outdated rapidly, proactive learning and skill development are essential for staying relevant. Continuous education empowers mortgage professionals to anticipate future trends and adapt accordingly.
Whether attending workshops on digital mortgage platforms or enrolling in risk management courses, investing in ongoing development equips individuals with the tools needed to navigate industry shifts and seize new opportunities.
Staying ahead of the curve: Up-skilling for real estate professionals
According to a SBI report, India’s housing loan market is predicted to double within the next five years. India’s housing loan market has witnessed substantial growth, propelled by increasing urbanisation, rising disposable incomes, and government initiatives promoting affordable housing.
Over the past decade, there has been an enduring need for housing, despite fluctuations. Notably, there have been substantial new housing projects introduced and successful sales recorded. Moving forward, the real estate industry is expected to experience continuous expansion, with forecasts suggesting a market worth US$1 trillion by 2030, as per the Anarock and the NAREDCO report.
With these forecasts in mind, there is an urgent necessity for up-skilling to meet the growing demands of the sector. India’s skilling landscape too has undergone significant changes, with the Central Government launching numerous specific initiatives and programs.
These initiatives have been designed to foster a nationwide culture that recognises and prioritises skill development. It is evident that achieving the Government’s objectives, such as “AtmaNirbhar Bharat” and “Skill India Mission,” requires a competent and empowered workforce capable of tackling the evolving challenges in the real estate sector, particularly in BFSI.
Also Read: Affordable housing conundrum: Navigating India’s real estate challenges with innovative financing
Each year, a considerable number of individuals join the mortgage sector. By offering them training and opportunities for skill development, we can make a meaningful contribution to the advancement of India. This includes utilising digital tools and online platforms to equip individuals with practical expertise and knowledge, thereby improving scalability and preparing them for upcoming technologies.
Role of mentorship: Inspiring the future generation of mortgage professionals
Mentorship can play a crucial role in providing guidance and assistance to young graduates who aspire to build a career in the BFSI industry. The significance of mentoring goes beyond offering just technical guidance; it creates a sense of belonging within the industry and imparts lessons in mastering the basics, networking effectively, enhancing communication skills, and embracing technology.
This can be achieved through programs that involve expert-led sessions conducted by industry leaders, where they provide valuable insights and practical advice that contribute to the development of skills and instill confidence in the industry. By combining classroom and hands-on training, mentors have the opportunity to share their knowledge and experiences, shaping the next generation of industry leaders and fostering a culture of collaboration and support.
Building a resilient future
As per the January 2024 economic review conducted by the Department of Economic Affairs (DEA), there has been a remarkable improvement in the employability of graduating and penultimate-year students. The percentage of these students deemed employable has surged from 33.9 per cent in 2014 to 51.3 per cent in 2024.
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As the mortgage industry continues to evolve, empowering early-stage professionals is paramount. By embracing adaptability, proactive learning, mentorship, and diversity, organisations can navigate challenges, seize opportunities, and drive innovation.
Through our skill development venture, we aim to up-skill early-stage professionals by offering them mentorship and collaborating with them for career advancement in the BFSI industry. Our focus will be on providing training to graduates residing in tier 2 and 3 cities, to subsequently place these aspiring individuals in our parent organisation or its affiliated banks.
To achieve sustainable development, a comprehensive approach to workforce skilling and up-skilling is essential, ensuring the availability of qualified professionals equipped with technical expertise and ethical practices.
As we strive towards a 5 trillion economy, the real estate sector’s contribution is crucial. Eventually, organisations that prioritise and facilitate continuous learning create a culture of innovation and agility, positioning themselves at the forefront of industry advancements.
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