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.

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]

• Twitter: #RICSFutures

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.

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