"The sector is currently hiring for front-office, back-office and operational roles. The levels are comparable to the first wave of aggressive hiring witnessed in the late nineties. We have seen over 1,500 cumulative openings being tendered in the first quarter of 2008," said Monisha Advani, managing director, Randstad Holdings India (former Emmay HR), a hiring consultancy.

Though regulatory clarifications are still awaited, fund houses are already on the hunt for key personnel, who have the caliber to look after investments in real estate.
Milind Barve, managing director of HDFC Mutual Fund, says his firm has already hired 5 to 6 people in the past 6 months for realty funds.

"Two of these would come from within the group i.e. Housing Development and Finance Corporation, while another one has a finance background," Barve said.
A fourth has been inducted to look after the tax issues on the deal structuring side, while the fifth one will take care of legal issues linked to due diligence of a property before investing in it. Rival Birla Sun Life is on the lookout too.

"Not aggressively, but we are seeking people who have worked with property consultants and investment banking firms," said an official who did not wish to be named.

With talent in short supply, speed is of essence. Property consultant Knight Frank has seen two seniors --- one from India and another from Australia --- move to UK-based firm Rutley EuropeanProperty's Indian asset management operations.

Manish Charatkar, head of human resources for western location at Jones Lang LaSalle Meghraj, says recruiting takes a long time, though people are found in the end.

Poaching from competitors is rampant. "At any given point in time, good people have 2 to 3 offers in hand. There is a premium on readymade talent," says a consultant.
Not surprisingly, salaries are flying.