Management school for realtors

Charting a different course

Mumbai-based Akruthi Developers is planning to set up the Akruthi Institute of Real Estate Management. The institute will commence its first academic year in 2006-07 with three programmes. The first programme is a two-year Post Graduate Diploma Real Estate Development and Management for graduates in engineering, architecture and other social sciences.

The second programme, Builders Business Management (BBA), is for sons and daughters of builders as a part of institute's "Family Managed Business Dealers Development Programme". And the thrid one is a one-year programme on property management. This programme will focus on creation of databases in real estate, construction and infrastructure projects in India.

The total fee for a course ranges between Rs 1.8-2.0 lakh. The estimated gross expenses for a course is estimated at Rs 2.9 lakh. "As the data in this sector in India is scanty, Akruti Institute is planning to create a latest repository of information base for researchers, consultants, designers and industry practioners," notes a company executive.

The institute which already runs the National Institute of Construction Management and Research (NICMR) will soon get a 'Deemed University' status. The institute will be set up under the ageis of the 20-year-old NICMR. Says Prof K N Vaid, director general of the institute, "With FDI coming in the real estate sector and the sector getting corporatised, there is a dearth of talent in the sector. We will try to meet the same." The college will have a capacity of 200 students and all major real estate companies such as Hiranandani, DLF et al will participate in campus placements.

Incidentally, there are no courses in India catering to the real estate industry. Many players in the market pursue their studies in real estate from institutes abroad. It is estimated that there are not more than 20 institutes conducting courses in real estate, worldwide. "The industry is facing a severe shortage of professionals in the real estate sector. Creating an academic infrastructure is a step in right direction as this industry is highly unorganised. Any measures for standardisation is welcome," Rajesh Prajapati, MD, Prajapati Constructions says. Real estate is emerging the third largest industry in India.