Real Estate’s Moment of Reckoning

Against the backdrop of India’s surging urbanization and economic momentum, Egon Zehnder, in partnership with HDFC Capital, hosted Leadership for a Rising India. The event brought together industry leaders, developers, financiers, and advisors to reflect on the evolving leadership landscape in Indian real estate—a sector poised to become a USD 1 trillion market by 2030. 

Archana Ram, who leads Egon Zehnder’s Services Practice in India, opened the evening by framing the scale of transformation underway. “We are at an inflection point,” she said. “Driven by macroeconomic tailwinds, a rising middle class, and government focus on infrastructure, the demand for quality housing, modern workspaces, and world-class hospitality is unprecedented.” 

But Archana was quick to highlight the leadership implications of the promising sector. “We’re not here to talk about the opportunity—we all know it’s massive. We’re here to talk about you: the leaders, the promoters, the management teams. What does it take to build sustainable, future-ready enterprises in this environment?” 

Archana’s reflection was a powerful opener that set the tone for the evening—shifting the spotlight from market potential to the people shaping it. Her remarks laid the groundwork for a series of candid, forward-looking conversations on what it truly takes to lead in a sector undergoing rapid transformation.

This panel, moderated by HDFC Capital’s MD & CEO Vipul Roongta, featured Irfan Razack, Chairman of Prestige Group, and Prashant Sarin, Senior Partner at Bain & Company. Roongta set the tone with his trademark candor: “Everyone asks me—what does leadership have to do with real estate? Isn’t this just about land, approvals, and construction? But the truth is, leadership is everything.” 

Razack, a veteran with over four decades in the industry, emphasized the importance of knowing your customer. “You can’t just chase ₹3,00,000 per square foot sales,” he said, referencing a recent luxury transaction in Mumbai. “Those are one-offs. If you want to build at scale, you need to focus on the mid-market. That’s where the real India lives.” He added, “It’s not about the rate per square foot—it’s about the ticket size. The sweet spot today is between ₹1 crore to ₹3 crore. That’s where you get volume, and that’s where you build a business.” 

What emerged was a clear call for a new kind of leadership—one that moves beyond opportunistic deal-making to long-term value creation. Razack’s remarks underscored the need for strategic clarity, customer-centric thinking, and operational discipline. In a sector often defined by volatility and fragmentation, the real differentiator is not just access to land or capital, but the ability to conceive strategically and then lead accordingly with vision and executional excellence.

The acute shortage of skilled professionals in the sector became a recurring theme of the conversation. Clearly talent needs are pressing in this industry. “Every developer I meet asks for two things,” said Roongta. “Lower cost of financing and a good CFO.” 

Razack agreed and offered the following perspective: “Good people attract good people. You have to mentor them, empower them, and most importantly, trust them. Leadership is not about ruling from 20,000 feet—it’s about being involved.” 

Sarin added that the industry has matured significantly over the past decade. “In 2015, the top 10 listed developers had bookings worth ₹17,000 crore. Last year, that number was ₹1.2 lakh crore. That’s not just growth—it’s discipline, focus, and a better understanding of professional roles.” 

He warned, however, that the next phase would be more brutal. “We’re entering a period of consolidation. Only those who choose a clear path—whether scale, niche, or cost leadership—will survive. The rest will be winnowed out.”

One of the most sobering discussions centered on the construction labor shortage. “Even the biggest contractors can’t get enough workers,” Razack said. “We need to invest in vocational training, better living conditions, and mechanization. These are human beings, not machines.” 

The conversation quickly moved beyond operational challenges to a broader leadership imperative: how organizations treat their most invisible stakeholders. The panel emphasized that leadership today must extend beyond boardrooms and balance sheets—it must include empathy, responsibility, and long-term thinking across the value chain.  

Sarin urged developers to take ownership of their ecosystem. “If your contractor has a problem, that’s your problem. The home is sold under your brand. Strategic vendor development is not optional—it’s essential.” 

Razack echoed the sentiment: “Don’t squeeze the last drop out of your contractor. Leave something on the table. Build relationships, not transactions.” 

The leadership takeaway was clear: in a sector where execution risk is high and timelines are unforgiving, sustainable growth depends on how leaders invest in the people and partnerships that power their projects. It’s not just about managing contracts—it’s about cultivating trust, capability, and shared success.

The conversation also touched on governance and the need for long-term thinking. “You can’t just be a landlord sitting on land,” said Razack. “If you’re in the business of development, you need to churn, you need to build, and you need to deliver.” 

Sarin emphasized the importance of operational excellence. “We worked with a developer to build a quality control system from scratch—slump tests, compression tests, audit protocols. It was one of the hardest projects we’ve done, but it’s paying off.” 

He added, “This is about upping your game. The next five years will define who stays and who fades.”

As the panel wrapped up, Roongta reflected on the broader implications. “This industry is 10% of India’s GDP. It’s time we stopped being the last choice for B-school grads. We need to build companies that people are proud to work for.”  

The message was clear: India’s real estate sector is no longer just about land and buildings. It’s about people, purpose, and the power of leadership to shape a trillion-dollar future.