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Course Details (Tier I Courses)

Introduction to Real Estate

This course provides the overview and introduction of real estate by covering topics such as historical overview of real estate, fundamentals of real estate management, current status of real estate as an industry and industry trend. The course delves into details of the history of real property, property types, owner’s goals & objectives, primary responsibilities of building management including maintenance, human resources, financial management, marketing and leasing, and legal and risk management. You will learn the essential skills, which are required to succeed in real estate sector.                        

Accounting Principles and Practices

In this course, you gain an understanding of the uses of financial and managerial accounting in the real estate and construction industries. The course reviews accounting concepts, principles, rules, regulations, and reporting requirements and the accounting and tax procedures you need to understand financial statements related to management, operations, and investments, including income tax analysis. 

Legal Principles and Practices

This course teaches you the principles and instruments of real property and construction law, as well as when and how to utilize the legal system. It reviews the contracts and issues that arise in the course of construction, development, ownership, and operations and examines the roles, rights, obligations, and liabilities of the major parties involved in transactions, including the owner, architect, engineer, contractor, and allied professionals. 

Real Estate Economics

This course examines the connections between the national economy and real estate markets from both a theoretical and empirical perspective and introduces appropriate data sources and techniques useful in their analysis. The syllabus also pays special attention to the economic history and structure of the major metropolitan areas in India and examines under which conditions certain regions thrive while others decline. You also learn about the performance of specific property types during different business and growth cycles and changing monetary conditions. 

Communication & Managerial Skills

 (Including English Communication & Soft Skills)

The objective of Business English and Communication course is to develop English communication skills in the students so that they can express themselves clearly in spoken, reading and written English in any environment. The Management Skill Course gives hands-on experience to the students in Communication skills (inter-personal, listening, talking and social skills), Business Relations skills, skills in managing differences, Skills in dealing with selected work groups such as consultants, government officers, customers, etc. and skills in understanding the socio-political environment of projects and groups. 

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Tier II Courses 

Real Estate Valuation and Analysis

This course provides an introduction to the income, market, and cost approaches to value with extensive treatment of the highest and best use concept and applications of discounted cash flow, income capitalization, and residual techniques. It emphasizes investment, risk, and lease valuation models and looks at their role in providing essential income and cash-flow measurements used in arriving at sound value-based decisions. 

Market and Feasibility Analysis

Building on the concepts and tools of economic analysis, you learn modeling techniques for forecasting real estate supply and demand in specific markets and how to estimate market supply and demand for particular property types at specific locations. Extensive analysis of the cost versus value creation equation is featured. The syllabus requires completion of a market and feasibility study and includes exercises, lectures, case studies, and analytical assignments. 

Real Estate Finance

In this course, you learn about the debt and equity financing of real estate with particular emphasis on income-producing property. You learn to identify and explain the legal instruments involved in mortgage underwriting and lending; the role of government in the financing of commercial and residential real estate; sources of both private and public debt and equity capital; and the financing of real estate construction and development activity. The course analyzes income property cash flows, the valuation of property, the measurement of investment returns, and the impact of debt leverage and income taxes. 

The Development Process

This course provides a step-by-step analysis of the phases of the real estate development process, including conceptualization, demand analysis, site acquisition, zoning and permits, planning and design, construction process, financing, marketing, and financial reporting and evaluation. The key components of construction contracts and subcontracts are covered, including lump sum, unit price, and cost-plus delivery methods.  

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The Concentrations: Optional (Choose one)

Development

In this concentration, you study all phases of development from land use and zoning to design and environmental issues. You learn how to examine project feasibility; form project teams; secure financing; and work with design, engineering, and construction professionals. Leadership, management, and control of the development team are featured issues. From residential developments to mixed-use commercial properties, you master the challenges of, and explore opportunities for, developing real estate projects.

Marketing and Leasing of Properties

Building on the concepts of market assessment, marketing planning & strategies and essentials of leasing, you learn the marketing & leasing strategies to elevate property’s positioning, maximize curb appeal, and increase profitability. The objective of this concentration is to develop skills in brand development & management, market assessment, marketing & leasing planning & strategies, retention techniques etc. for residential, commercial and retail property projects.  

Finance and Investment

With our proximity to the leading players in the global capital markets, you have an unequaled opportunity for exposure to breaking developments affecting real estate capital investment strategies. Many of our faculty is on the leading edge of structuring the deals, both in the investment banking and private-side lending and ownership communities. You will be prepared as few others are for real world financial and investment analysis at the highest level. Course includes Real Estate Finance and Investment Analysis, Portfolio and Risk Management in Real Estate etc. 

Valuation and Analysis

Through this concentration, you acquire a professional specialist level commercial appraisal education of the highest caliber. This course provides an introduction to the income, market, and cost approaches to value with extensive treatment of the highest and best use concept and applications of discounted cash flow, income capitalization and residual techniques. Investment, risk, and lease valuation models are emphasized, looking at their role in providing essential income and cash-flow measurements used in arriving at sound value-based decisions.

The course introduces methodologies for appraising income-producing properties. Decision-making from the perspective of institutional, as well as individual investors, is examined. Estimation of risk and return is explored in an individual property and portfolio context. Developed in conjunction with the domestic and international real estate investment community, the curriculum fulfills all the education requirements needed for today’s primary and secondary market operations.   

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Project Work

The research thesis is an independent qualifying requirement and also carries significant weightage in the total Program.  A student selects a topic for his/her research thesis and gets it approved by the Institute. It should involve scientific design of a study, collection and analysis of data and preparing a research thesis in an acceptable academic style. A research thesis is normally of 25000 words plus appendices etc. This work is conducted with the help of a Research Guide nominated by the Institute. External examiners evaluate these research works wherever possible.

Concentration: Development Key Learning
Property development process; Development appraisal and valuation Nature and influence of property markets and real-estate cycles Development finance and marketing Retail and office development Industrial and residential development	Land use planning systems Town planning law Planning appeals Sustainable development Urban regeneration Sectoral development
Concentration: Marketing Key Learning
Marketing & Property Brand Management: –   Evaluation of market and property conditions –   Use of demographics, site attributes vs. competition –   Regional and neighborhood psychographic analysis, trade area mapping –   Market share analysis –   Comparison grids for establishing average market minimum rent –   Marketing strategies, measurement of marketing effectiveness –   Time management –   Psychology of marketing, listing procedures & advertising, –   Negotiating, closing & financing a property deal		Property Sales & Leasing: –   Development and implementation of a marketing, sales and leasing plans –   Lease components, common lease clauses, lease negotiation techniques –   Retention techniques –  Essentials of the lease –  Leasing strategies –  Tenant mix and placement, broker listings and commission agreements –  Property Sales Management –  Developing and Managing Property Sales Agency network –  Planning & Execution of Direct Marketing
Housing Finance: –   Concept of Housing Finance –   Housing Finance Eligibility & Procedure –   Appraisal, Documentation & Processing of Loan application –   Valuation & Appraisal of property –   Role of Housing Finance in Real Estate Business Cycle		Professionalism & Ethics in Real Estate: –   Characteristics of successful salesperson –   Deceptive Trade Practices –   Consumer Protection Act –   Business & Commerce Codes

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Concentration: Finance & Investment Key Learning

Financial instruments and funding techniques used by real estate developers. Analyze the specific and implied costs of raising finance. Apply methods based on investment and finance theory to the issuing and valuation of financial securities and innovative vehicles, which have been used to fund real estate. Implications of the direct and indirect property investment. Pricing of different financial vehicles. Financial operations of property development companies. Interest rates and cost of capital, Advantages and costs of debt, Relationship between the real estate market and the capital market, Bank lending for investment in real estate, Property developers and property investment companies, new ownership vehicles, debt and hybrid securities, Property securitisation - pricing and cost issues.

Investment characteristics of assets Modern portfolio theory Portfolio review Strategic investments Appraisal and performance measurement The development decision-making process   Concepts of investment strategy Financial, technical and market context of the appraisal of investments in real estate. Benchmarking and measurement of real estate market Portfolio selection and Structuring the property portfolio through sector and geographical mix; Performance measurement and attribution & performance analysis Difference between investment decision and consumption/saving decisions in market economies. Evaluation of different techniques for pricing and appraisal of investments Risk and return and investors' investment preferences; Information needs of major real estate investment appraisals, Risk measurement and adjustment Measures to the outcome of appraisals, Financial appraisals and its role in decision-making.

 

PGD in Real Estate: Course Curriculum
Tier I	Tier II
Introduction to Real Estate	Real Estate Valuation and Analysis
Accounting Principles and Practices	Market and Feasibility Analysis
Legal Principles and Practices	Real Estate Finance
Real Estate Economics	The Development Process
Communication & Managerial Skills (Including English Communication & Soft Skills)
The Concentrations Optional (Choose one)	Research Dissertation
Development ·          Planning and Design Issues in Development ·          Land Use and Environmental Regulation Marketing and Leasing ·          Marketing & Brand  Management ·          Sales, Leasing & Agency Management Finance and Investment           ·          Real Estate Finance and Investment Analysis ·          Portfolio and Risk Management Valuation and Analysis ·          Advanced Valuation—Theory, Practice, Methods ·          Seminar in Advanced Appraisal & Valuation Practice ·          Statistical Analysis

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Advanced Project Work:

The Project Work is the final bridge between the classroom and the demands of the real world. It integrates and applies all of the prior course work taken, engaging you in the production of a professional quality project. This project is the principal assessment device used to evaluate your understanding of your chosen concentration. You work in a group to research and employ actual market data and industry resources in the creation of an investment related product specific to each concentration. 

In the development concentration, beginning with a pro forma, you work up and submit a feasibility study for an actual site. Similarly, in the marketing concentration, you develop a proposal to market and position an upcoming project or reposition an existing property. 

The following detailed example of a project course for the finance and investment concentration shows the depth and extent to which you are involved in attaining and proving your professional expertise. In this course, you assume the role of a purchaser, seller, buyer, or lender for income-producing property. (After the sale, sellers become equity investors.) Since the properties that you work with are real, you may actually make field trips to the sites. The course is supplemented with case studies. 

Purchasers seek acquisition financing from investment officers (debt and equity students). You research a particular market and work as an analyst with a real life seller of that property to prepare a property sales brochure. Then, with another student, you negotiate the purchase and/or sale of the property, interact with debt and/or equity investors to determine current criteria for different types of property investments, produce an investment brochure, and negotiate the requisite acquisition financing. You may also prepare and make a written and oral investment officer’s presentation to investment and loan committees. 

Sellers prepare an estimate of costs, including current development costs, and research local construction costs. They meet with actual sellers, visit properties, and gain an understanding of the present and future marketability of spaces within buildings. You review leases, taxes, insurance, and operating statements for actual properties. You meet with local experts and do environmental impact studies that consider issues such as hazardous substances, infrastructure and design issues, and school and safety issues. You also produce a sales brochure, including photographs and maps. 

Buyers prepare in-depth market analyses by visiting properties, consulting local brokers, managers, and owners in the area. Buyers analyze the quality of the property as compared to other properties in the same market, ascertain the current state of the rental and occupancy market for the subject and similar properties, and forecast when and why their particular market segment will reach “equilibrium.” You determine the type of capital improvements required to bring the property to market, the cost, future annual capital costs, and the current “replacement cost” and “residual value” of the property. 

Lenders are assigned to a surrogate institution, such as an insurance company lender, MBS lender, commercial bank/finance company lender, or mezzanine lender. Lenders research properties and synthesize the information obtained to perform a real estate loan underwriting that includes initial contract and underwriting, application, prefunding requirements, due diligence, and loan closing. Lenders prepare comprehensive reports about their surrogate lending institution detailing critical information that ranges from debt service coverage ratios to geographic and property type exclusions to lender fees and costs.

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