RICS suggests 6 actions for sustainable development in India
~~RICS
report calls for action to prepare for the future of the real estate profession~~
~~Critical
action areas include attracting talent and embracing technology~~
May 28, 2015 Bangalore: Professionals
in the built environment sector must take concerted action to prepare for the
unprecedented global change the sector will face up to 2030.
This emerged from a new RICS report, entitled “Our Changing World: Let’s be ready”.
The report examines how global social and economic changes will require new
skills, business models and responses to developing technologies over the next
15 years.
The report was unveiled amidst 300 top real estate
professionals who gathered at RICS conference on ”Indian Real Estate: Fit for Future?” in Bangalore.
RICS report calls for action in six areas support
the profession and the sector in preparing for the challenges and opportunities. The report examines how global social and
economic changes will require new skills, business models and responses to
developing technologies over the next 15 years.
Dr. Louise
Brooke-Smith, Global President Global, RICS said while releasing the report “India is on a cusp of change with several
initiatives announced by the Indian government. Indian real estate sector has
been growing at a rapid pace and smart cities, technology and right talent can
really help India to tide over its housing shortage. The Futures Research urges key stakeholders to focus their energies on preparing
for important challenges as they move towards developing the sector at par with
other developed nations.”
Significant shifts in demographics, levels of
urbanisation and economic power will impact on how and where we live. While the
full impact of these changes is impossible to predict, RICS as a global
professional body must lead the sector in being responsive and agile in how it
prepares the profession to meet these changes.
“Real
estate and construction sector in India is continuously evolving at a rapid
pace, right skilled talent will play a key role in achieving our objectives
from this sector in the long term. This 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,” Ms. Devina
Ghildial as ‘Managing Director’ for South Asia region.
This report draws on
the views and perspectives of stakeholders from diverse specialisms and geographies
across the surveying profession, globally. It captures the insights and
expectations of what they project the most pertinent issues on the horizon will
be leading to 2030. Through workshops, public forums and one-on-one interviews,
more than 400 people from Asia, North America, South America, Europe and Africa
shared their outlook of what the future may look like.
The report identifies
6 areas of action geared to the short to medium term that will support the
profession and the sector in preparing for the challenges and opportunities
these changes will generate. These actions include:
·
Action Area #1: Helping our sector win the war for talent
Employers
globally are faced with the need to maintain, and retain, a talent pool that is
more diverse, inclusive and has the skills required to benefit the sector. A
key endeavor is to attract talent that will meet the sector’s needs.
·
Action Area #2: Having ethics at the heart of everything we
do
Ethics is
central to professional behavior within the built environment and related
professions. RICS is currently working with a coalition of organisations to
agree on a global set of International Ethics Standards (IES) that seeks to
create high-level principles for global ethics. We are also working with the
United Nations Global Compact (UNGC) to formulate best practices for business
within the sector to meet global sustainability targets.
·
Action Area #3: Creating successful and sustainable future
cities
At present 54%
of the world’s population lives in cities. This is expected to rise to 66% by
2050, according to projections by the United Nations. The profession has an
important contribution to make in helping cities ensure that they become more
resilient, sustainable and affordable for future generations.
·
Action Area #4: Embracing technology and big data
Changing
technologies and the ability to stay attuned to new innovations that impact on
the sector, are some of the important trends identified by professionals
interviewed for this report. Development in digital technologies will impact on
the creation of new business streams, the need for different skills and
competencies and bring new risks with it.
·
Action Area #5: Helping the surveying profession take new
opportunities
The major social
and economic changes we expect over the next few years will mean that
surveyors, globally, will be required to adapt and hone their skills. The goal
is to create a more dynamic profession with the ability to respond to market
changes and the wider society in which it operates. We expect fields such as
infrastructure, workplace, finance and technology to require more
professionals, and for Asia to be the region with the strongest demand.
·
Action Area #6: Developing strong leadership
Leadership is
another issue professionals have themselves chosen as one that is central to an
evolving profession. Many highlighted the need for the sector to work closer
with governments to give the built environment a greater voice in influencing
policy.
This 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.
While this research report has been undertaken by RICS, Chief Executive
Officer, Sean Tompkins says the insights gathered apply to other sectors as
well.
Download: v Read
the Report: Our Changing World:
Let’s be ready v Watch the video
(04:36) |
Notes for
editors:
·
“As a body that represents many of
the professional disciplines so integral to the built environment, RICS can
play an important role as a catalyst to bring people and organisations
together, support businesses and ensure professionals in the built environment
develop and further build on the skills needed to remain relevant in the
future. We recognise that we cannot not achieve this alone, it’s about
collaboration – this report is an open invitation for firms, organisations and
individuals who want to help ensure our sector is fit for future generations.” RICS, Chief
Executive Officer, Sean Tompkins said.
·
“The thing that has struck me during this
work is the fast pace of change that we are seeing. Our sector will need to
invest more in its people and new skills. Boosting leadership, innovation,
ethics, sustainability and commercial acumen will help our sector be able to
adapt and succeed as business models, technology and societal expectations
change. With the rise in use of tools such as Building Information Modelling
increasing our capacity to collect and share data, new technology emerging in
both our built and natural environments such as the Internet of Things and 3D
printing, standing still is not an option. Professions like ours, educators and
firms will need to change to embrace roles and skills that have not even been
imagined today in the period to 2030.” [RICS
Director of Strategy, Dan Cook]
About RICS:
RICS promotes and enforces the highest
professional qualifications and standards in the development and management of
land, real estate, construction and infrastructure. Our name promises the
consistent delivery of standards – bringing confidence to the markets we serve.
We accredit 118,000 professionals and any individual or firm registered with
RICS is subject to our quality assurance. With offices covering the major
political and financial centres of the world, our market presence means we are
ideally placed to influence policy and embed professional standards. We work at
a cross-governmental level, delivering international standards that will
support a safe and vibrant marketplace in land, real estate, construction and
infrastructure, for the benefit of all.