Built environment is the study of the design, construction, and management of man-made surroundings. In India, according to McKinsey’s report India’s Turning Pont, the Built Environment is expected to create over 24 million jobs in the construction of hospitality, residential units, commercial spaces, and more. A report by Mordor Intelligence says that the demand for commercial and industrial areas is expected to grow at a CAGR of approximately 13% between 2022 and 2027. The current shortage of housing in urban areas is estimated to be ~10 million units.
Thus specialised courses relating to Built Environment such as Construction, Real Estate and Infrastructure will help students gain in-depth, immersive knowledge in the field and increase employment opportunities. Built environment professionals need to upskill themselves to adapt to the changing world of real estate and construction. Knowledge of new technology and software such as Building Information Modelling (BIM), Lean Construction and project management software like Primavera, MS Project and Candy will be necessary.
Areas for excellence
Listed below are some areas that Built Environment students can excel in:
Transactions and Leasing: This requires a knowledge of construction, market trends, pricing, and valuation to facilitate high-value deals for retail or commercial spaces. Built Environment graduates can apply their knowledge to specialise in a particular property type and facilitate their leasing and sub-leasing.
Asset Management: Real estate asset managers are responsible for asset allocation, risk management and transactions, and dealing directly with the land and structures. They must understand market dynamics and companies in specific industries based on expertise in real estate property fundamentals.
Quantity Surveying: This science provides specialised financial and contractual services and advice to clients. Quantity surveyors are responsible for estimating costs and maintaining the budget. They are involved at each stage of a construction project to ensure that the budget is not exceeded.
Strategic Consulting: This involves performing due diligence, conducting market studies, and offering strategic advisory on leasing and portfolio services. Consultants also facilitate real estate portfolio positioning, strategy, financial analytics, and modelling.
Real Estate Valuations: The valuation of a property is crucial for investment decisions. The primary purpose is to determine the value of new real estate opportunities and the company’s current real estate assets.
Project Management: This means executing a project within a set time frame and budget and involves project documentation, tracking, planning and communication.
Facilities Management: This ensures that the company’s amenities are in harmony with those who use them. Facilities Managers oversee people and organisations, as well as space and infrastructure.
Investment Banking: Real estate divisions at investment banks devise investment avenues by formulating specialised investment products such as repackaging mortgages into residential mortgage-backed securities (MBS), collateralised mortgage obligations (CMOs) and commercial mortgage-backed securities (CMBS).
Contract Management: Contract management or Contract Lifecycle Management involves the management of contracts from vendors, customers, partners, or employees.
Sales and Marketing: Marketing is a crucial instrument for a construction company to realise its full potential. The marketing department is usually in charge of increasing product awareness and creating high-quality leads.
The writer is a Retired Principal and Educational Columnist.
