Real estate sector in India needs a reality check, says Sachin Sandhir, managing director, Royal Institution of Chartered Surveyors (RICS) South Asia, a self-regulatory professional body for land, property and construction. At a time when a lot focus is directed towards efficiency and fair play, he believes that the sector needs more professionals with high ethical standards to make this possible. Talking on the sidelines of RICS Real Estate Conference 2014 – Celebrating Indian Real Estate, Sandhir discusses the role that various stakeholders will play.
Has the real estate sector’s functioning in India become more transparent?
There are two parts to it. First is how the industry has evolved over the past decade. The quantum of change suggests a positive impact—housing finance has gone up from Rs.43,000 crore to Rs.7.47 trillion; and the total quantum of commercial leasing has gone up to 30-35 million sq. ft. The scale suggests that a lot has happened. It is important to highlight that there is a lot of professionalism that has come about as a result of the many global consulting firms that now provide services to the real estate sector. Similarly, on the construction side as well, if you look at execution, we have large contracting companies, some of them international, that have contributed to the overall quality of delivery. Also, 5-10% of the developers have changed their mindset.
There are two parts to it. First is how the industry has evolved over the past decade. The quantum of change suggests a positive impact—housing finance has gone up from Rs.43,000 crore to Rs.7.47 trillion; and the total quantum of commercial leasing has gone up to 30-35 million sq. ft. The scale suggests that a lot has happened. It is important to highlight that there is a lot of professionalism that has come about as a result of the many global consulting firms that now provide services to the real estate sector. Similarly, on the construction side as well, if you look at execution, we have large contracting companies, some of them international, that have contributed to the overall quality of delivery. Also, 5-10% of the developers have changed their mindset.
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