The Royal Institution of Chartered Surveyors (RICS) on Thursday said the real estate industry in India will have to be "ethical at the heart of doing everything" to help the country prepare for unprecedented global changes.
At a conference here on Thursday, experts from the RICS said there were six action areas which hold the key for the industry.
The areas were winning the war of talent, being ethical at the heart of doing everything, creating successful and sustainable future cities, embracing technology and big data, helping the surveying profession take new opportunities and developing strong leadership.
The RICS recommended these six key areas in a report titled "Our changing world: Let's be ready" released at the conference "Indian Real Estate: For Future", which was attended by over 300 real estate professionals from Asia, North America, South America, Europe and Africa.
The report said social and economic changes unfolding in the world demand new skills, business models and responses from India to meet the challenges of the real estate industry in the next 15 years.
"India is on a cusp of change with several initiatives announced by the government. The Indian real estate sector has been growing at a rapid pace and smart cities, technology and right talent can really help India tide over its housing shortage," said RICS global president Louise Brooke-Smith.
Devina Ghildial, South Asia managing director for RICS, said the report "calls for a collaborative effort by individuals, governments and companies to come together and achieve our country-specific goals especially in providing housing for all".
RICS CEO Sean Tompkins said the report aims to identify the implications of rapid change for the built environment sector and aims to stimulate debate among practitioners in this sector and beyond.
RICS promotes standards and qualifications in the development and management of land, real estate, construction and infrastructure.
Source: Business Standard
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