India’s real estate sector is poised to become a trillion-dollar market by 2030, driven by rapid urbanization, government initiatives and technological advancements, according to a report by [1]CII & Cushman & Wakefield. As the sector’s contribution to India’s GDP is projected to more than double, from 7% to 15% by 2030, achieving sustainable growth is critical to balancing economic ambitions with environmental and social responsibilities. At the heart of this effort lies effective human resource management (HRM), the bedrock that enables real estate firms to attract, retain, and develop talent while driving innovation and sustainability forward.
Winning the War for Talent in Real Estate
In every sector, talent is the secret sauce behind success. The real estate industry in India is highly competitive, with firms vying for skilled professionals in all aspects like property development, sales, leasing, engineering, construction and management. Industry reports estimate attrition rates in real estate hover around [2]35%, particularly impacting mid- and senior-level management roles. Effective HRM addresses these challenges by adopting a blend of traditional and digital recruitment strategies. Leveraging social media platforms, job portals, and industry networks allows firms to tap into diverse talent pools, ensuring access to expertise in emerging areas like property-tech and sustainable construction.
Real estate firms that prioritize flexible work schedules, wellness programs, and career development opportunities are better positioned to retain high performers. For instance, implementing human resource information systems (HRIS) streamlines processes, allowing HR teams to focus on strategic initiatives such as employee engagement. This centralized system improves HR efficiency and enables data-driven decisions that enhance employee engagement and retention.
How HRM Can Drive Green Growth
Sustainable HRM aligns organizational goals with the United Nations’ Sustainable Development Goals (SDGs), particularly SDG 8[1] (Decent Work and Economic Growth) and SDG 11[2] (Sustainable Cities and Communities). In real estate, this translates to fostering eco-responsible behaviours among employees and embedding sustainability into core HR functions. Green HRM integrates sustainability into all HR functions, minimizing environmental impact and fostering a green workplace culture. These practices, such as training programs on sustainable construction techniques and energy-efficient building management, empower employees to contribute to environmental goals.
Tech-Driven HR: Building the Future Workforce
Technology is revolutionizing India’s real estate sector, with innovations like AI-driven analytics, IoT-enabled sensors, and cloud-based building management systems enhancing efficiency. HRM must keep pace by adopting HR tech solutions. Applicant tracking systems (ATS) and data-driven recruitment tools help identify candidates with skills in smart building technologies, while AI-powered performance management systems personalize employee development plans to enhance overall performance. A 2024 KPMG[3] report underscores technology’s role in driving real estate growth, noting that tech-enabled homes with AI-driven security and sustainable energy solutions are gaining traction.
HRM also plays a critical role in upskilling employees to adapt to these advancements. Continuous learning programs, such as workshops on property-tech platforms, ensure that employees remain agile in a dynamic market.
Creating Culture Champions: DEI in Real Estate
Sustainable growth requires an inclusive workplace that fosters innovation. HRM practices that promote diversity, equity and inclusion (DEI) enhance employee morale and creativity, driving organizational success. In real estate, where customer-facing roles are pivotal, diverse teams better understand varied client needs, enhancing service delivery.
At Elan Group, we foster an inclusive environment by creating equal growth opportunities and leveraging technology to meet employee needs. Our evolving HR approach fosters a culture that fuels innovation, embraces diversity, and empowers every team member.
The journey to a trillion-dollar real estate industry by 2030 hinges on one key factor: recognizing human resource management as a strategic growth driver, not just an administrative function. Only by embedding HR at the heart of sustainability, innovation, and talent development can India’s real estate sector build the resilient workforce needed to thrive in a rapidly evolving market
References
- https://assets.cushmanwakefield.com/-/media/cw/apac/india/insights/research/gb-23915_report_rebt-cii_18_02_25.pdf?rev=c79075c2ab2946138ea8ae242c67d606&hash=2727B8C364FB1C84BD5163DF6ED79A32
- https://realty.economictimes.indiatimes.com/news/industry/realtors-see-employee-attrition-as-the-next-big-challenge/51613575#:~:text=retain%20their%20staff.-,The%20India%20real%20estate%20sector%2C%20which%20is%20known%20for%20being,attrition%20rate%20of%20around%2035%25.
- https://sdgs.un.org/goals/goal8
- https://sdgs.un.org/goals/goal11
- https://assets.kpmg.com/content/dam/kpmgsites/in/pdf/2024/02/navigating-the-dynamics-of-real-estate-in-india.pdf.coredownload.inline.pdf
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