Indian real estate sector was predicted to increase by 19.5% CAGR from 2017 to 2028, with substantial demand across varied verticals such as office, commercial spaces to modern residential units. The sector also registered tremendous growth in the co-living and affordable housing segment. However, the unprecedented pandemic entered our lives and since then it has made everyone walk on eggshells, personally and professionally. The mental state of masses was shaken to the roots. In the realty sector, the standstill of operations and large-scale migration of labours became serious concerns.
Difference between reskilling and upgrading
This led to decision-makers and business bodies rethink and revise their course of action as per the new normal. While some businesses and industries were fortunate enough to sail past the difficult time. The focus for such workplaces remained to prepare their team to withstand any such forthcomings. Seasoned real estate developers with a vast portfolio in residential or commercial realty prudently introduced the two most important values amongst their team- ‘reskilling and upgrading.’
Upgrading is learning new methods and approaches and adding on to the already laid out processes for executing an action/work. This was done to help the professionals become accustomed to the changing standards of remote working culture and virtual conferences. It was much needed for optimising and balancing between the workload and maintaining a smooth route for well-coordinated teamwork. Reskilling, on the other hand, is all about enhancing the professional skills and making every team member more capable to handle projects of a bigger scale.
Impact of reskilling and upgrading
Both these processes are an advantage for the experienced realty players due to the availability of resources, capital, and well-laid out management systems already in place. Reskilling and upgrading have not been limited to the team operating from office but are also applied to the labour force. The large scale migration of labourers made it essential for developers to train the available construction and labour personnel in such a way that there remains no room for any discrepancy and time lost due to the lockdown can be judiciously utilized.
All the working professionals and personnel present at construction sites who went on with reskilling and upgrading became an asset for the company. They are an adaptable lot that can shift and bend as per the changing market standards. While reskilling and upgrading commonly came across as challenging to the professionals who have been associated with the business for the long-run, but it became an additional opportunity for the younger generation to prepare themselves for better roles and acquire new skills. Resultantly, the processes of reskilling and upgrading adopted by few industries will lead to higher competency levels, professionals associated with these industries will believe in growing their calibre as per the situation, and not settling for mundane job profiles.
As a result of reskilling and upgrading being exercised in real estate, the sector has shown dramatic progress in the adoption of digital technology and automation in their day-to-day working. The professionals have an increased knowledge pool, and are in a better position to leverage their newly developed skills and carry the organization across murky waters. The labour-intensive sector in the post-COVID times will be more embracing for multi-tasking working personnel. It will have a direct impact on the deliveries of projects and the overall positioning of the realty sector, thus opening newer opportunities for seasoned developers and industries associated.