Realtors, developers, surveyors, architects and designers who gathered at the RICS Conference in Bengaluru on May 28 figured out the major challenges that the sector faces in the wake of changes seen. Joanna DeSouza, President, Bennett Property Holdings, feels that in the wake of online retailing catching up, sizes of the shopping malls would shrink, need for warehouses would rise and with stabilisation of the dollar, India may attract more back-office jobs in the next two quarters. With residential launches having gone down by 22% during the last one year, the sector may have to look for opportunities elsewhere. Overall, she anticipates, the situation may get a little worse before it starts getting better.
RICS Report
The RICS Report, titled Our Changing World: Let’s be Ready, released at the conference calls upon the professionals to develop talent pool; comply with global ethical standards {RICS is in the process of formulating an International Ethical Standards (IES)}; ensure that living in future cities is sustainable and affordable; stay attuned to new technological innovation; groom professional for fields such as infrastructure, workplace, finance and technology (Asia to be the region with the strongest demand for them); and, create strong leadership by working in tandem with the government and influencing policies.
The Report has been written by Daniel Cook, Director Strategy and Planning, RICS, and Pratichi Chatterjee, research officer, Global Research and Policy, RICS.
Also read: >New expectations — RICS reports places ethics at the core of professional values and figures out challenges for the future in real estate.
