The real estate sector in India is metamorphosing into a fully regulated, tightly controlled industry. Real estate companies irrespective of size have had to almost overnight alter their business practices to keep pace with the changing regulatory environment. It is imperative that the leaders, especially the Gen Next anticipate, prepare and lead from the front.
Here are the top 10 guidelines for leaders to achieve success in an evolving real estate market:
Hone Leadership Skill Set:
Hone your leadership skill set with the ability to lead and manage change effectively.
Know Impact of Regulatory Regime:
Understand the impact of the new regulatory regime and look at options to structure your business towards compliance.
Know Impact of Accounting Regime:
Spend time with experts to understand the impact of the changing accounting regime IND AS and the GST on your business.
Be Customer Centric:
Make ‘customer centricity everyone’s responsibility within your organization. With increased access to information, the world of marketing and sales has evolved from ‘product and brand centricity’ to ‘customer centricity.
Be Locally Aware:
Be well equipped to implement the changes in line with the development plan and development control regulations in your region.
Enhance Delivery Capabilities:
Build enhanced delivery capabilities across your organization with people, processes and technologies.
Focus on professionalizing your organization with talent acquisition and retention through a robust employee development, rewards, recognition and succession program.
Be a responsible developer by building ‘smart’ and ‘sustainable’ establishments. Also, take advantage of the Smart City Mission by building the requisite skill set within your organization that enables you to bid for projects.
Re-structure and re-align your organization to do away with outmoded practices and focus on building strong values and an ethical standard within your organization. This will make your business more attractive to prospective investors and allow you to access larger pools of capital.
Lastly, anticipate the journey ahead to garner that competitive edge to become the leader your peers will look up to by ‘Building the Next Generation Real Estate Enterprise.