YOUNG LEADERSHIP MAKING A DIFFERENCE
The traditional real estate firms grappling with the issue of relevance in an even more competitive landscape, have found a new way of doing business with the second generation taking over the reign of the companies. Simultaneously, first generation young entrepreneurs are establishing realty businesses built on creative concepts and business models. Not surprisingly, the next few years will see millennial leadership shaping the Indian real estate, with technology & innovation driven initiatives. What’s common across the young tycoons of Indian realty is their strong drive to do away with the archaic systems of doing business and build organization and people culture on innovation. As is the saying, “Either be a disruptor, or be disrupted.” The leading real estate governing bodies too are forming youth wings to empower young entrepreneurs and encourage their participation in the real estate and allied fields. While, the veterans are paving the way for the young in the real estate sector to come together and harness their skills, the next-gent leaders too are enthusiastically participating in the combined efforts to draw on their resources, grow together and bring about lasting change. THE MILLENNIAL BUZZWORDS Even before Covid-19, real estate was facing disruption from the rise of digital media, maturing consumer preferences to shifting societal expectations and global influences. The young generation CXOs are navigating these changes with traditional wisdom mixed with their own convictions. Diversity: Change in people culture has been the biggest initiative of the youthful leaders, as they strive for not only gender diversity but DEI (Diversity, Equity & Inclusion) in their organizations. They understand, companies that invest in people across genders and cultures, see that reflected positively in generating new ideas, workforce retention and eventually the bottom line. As the young CEOs express, “One of the biggest paradigm shifts is that more and more, companies are now looking at additional inclusive workplace culture and employees.” ESG: In concurrence, with growing awareness across property buyers for all things eco-friendly, ESG (Environmental, Social and Governance) has become an important business consideration for current real estate, building & construction industry leaders. According to industry analysts, the new-age realty firms have realised that incorporating ESG considerations into each phase of the property lifecycle essentially helps preserve future asset value and improve brand image. Financial institutions, too, are paying increased attention to developers who have a clearer ESG structure in place. Technology: As we all know, the pandemic has been an accelerator of technology in real estate. Once considered a laggard in adopting tech tools, it is now at the forefront to using technology from design and planning to construction and sales & marketing of a project. The India’s young tech savvy population has been the main force behind this tech transformation. The young business leaders are even more enthusiastically investing in new technologies and start-ups to bring their organizations in sync with their global growth aspirations. Innovation: Indeed, prioritizing technology has become a key differentiator for real estate. The veteran leadership however, has been slow at ramping up their efforts to innovate. On the other hand, young generation is embracing innovation wholeheartedly, partnering with big and small prop-tech, con-tech, mar-tech and fin-tech companies for testing new concepts, materials and approaches. Transparency: Since the introduction of RERA in 2016, the pressure to be transparent in processes and transactions has become intense. Real estate users, owners, operators, and investors have been pushing for innovation at all levels for ease of business. The new leaders across the value chain, taking cognizance of the changing world of business are putting significant investment into catalysing innovations in their business and across their ecosystems. Experience: For developers, property managers, owners and brokerage firms alike, the user experience is shifting from ‘product push’ to ‘client first’ concepts, as per the KPMG report. Rightly so, user expectations and interactions have become important considerations for today’s leaders. From data management offering insights in user preferences to integrating the digital and the physical interaction and strict healthy, safety and environmental compliances, the new front-end user interfaces and solutions are becoming more and more customer centric. THE NEW EXPECTATIONS Being a leader in itself is challenging and being a young leader becomes even harder to navigate. One of the biggest obstacle is the gap between the older and newer generations’ approaches and mind-sets. Today’s organizations are multigenerational with various age groups of employees working together. Orienting the organization towards new objectives, processes and transformations is the first hurdle for any young leader to cross. Traditionally, business leader were supposed to have financial acumen, a strategic vision and a passion for the company to be successful. But now, they need to have more than that. From societal issues and environmental impact to embracing technological advances, they need to have answers to all - for their employees, customers, partners and investors. As the competition gets fiercer and consumer preferences continue to change, the young leaders of today are expected to empower the workforce, give their customers the choice of decision-making and promote revolutionary ideas to stay ahead of the curve. YOUTH THE FUTURE Realty+ recognizes the power of youth in driving the positive change in the society. Being a firm believer, that it is the youth of the country that will take forward the nation towards achieving newer heights of success, in 2021 we initiated the unique forum ‘Realty+ 40 Under 40’ Conclave & Awards for the young talent to be appreciated, encouraged and applauded by their peers and seniors. The real estate leaders under 40 years of age that have been part of the Realty+ initiative have not only achieved an impressive body of work but are also considered the future pioneers of the industry THE YOUNG LEADERS AT THE REALTY+ 40 UNDER 40 EVENT EMPHASIZED THE NEED FOR CHANGE IN THE INDIAN REALTY SECTOR AND THE NECESSITY OF MAKEOVER AS A TRANSPARENT AND AN ORGANIZED INDUSTRY TODAY’S ORGANIZATIONS ARE MULTI-GENERATIONAL WITH VARIOUS AGE GROUPS OF WORKFORCE AND LEADERSHIP WORKING TOGETHER.
Tags : Young Leadership Difference Generation Real Estate Inspirations Millennial Diversity ESG Technology Innovation Transparency Experience