The Indian real estate industry is a constantly evolving market. Although the pandemic has had a significant impact on the sector. The sector was resilient on its way to recovery. This trend was highlighted by a report presented at the recent annual CII Real Estate Conference 2022. Industry leaders further shared that a range of promising projects across office, I&L, residential, and alternative real estate segments will be witnessed in the coming years.
India’s Real Estate Industry Growth Creating Job Opportunities
According to research by the India Brand Equity Foundation (IBEF), the real estate sector is currently on a growth trajectory and is expected to become a $1 trillion market by 2030. GDP. This will ultimately create a large amount of cross-role work. Thus, jobs will be created across the white-collar to blue-collar segment of the real estate industry.
Furthermore, according to IBEF research, our country is now the second highest employer in the real estate sector. This means that the industry accounts for 6-7% of the economy and directly affects around 250 odd sectors. In addition, by the end of 2022, approximately 46 million square feet are expected to be supplied by 2022. These statistics point to the fact that the sector will boost the country’s economic growth by boosting future growth.
Digital disruption of sectors leading to job creation
In this technology-driven world, the real estate sector is also becoming more digital. PropTech is growing rapidly as more and more new age technologies such as AI, ML, AR, VR and Metaverse are making their way into this segment.
Due to technological advances, India is expected to capture 40% market share in the real estate industry in the next 2-3 years. This unprecedented real estate growth is expected to lead to a surge in demand for space along with digital disruption, creating direct and indirect employment opportunities. These factors are further expanding domestic employment avenues as the need for digitally literate talent to keep up with technological advancements is greater than ever before.
Demand for Space Across Segments Providing Employment Vehicles
Physical offices are here to stay and hybrid work is on the rise. These trends are driving the office expansion segment. In addition, rental activity across all sectors has also surged and will increase further by the end of 2022. Statistics show that demand for housing is strong due to a growing young population and increasing urbanization. Additionally, the technology, IT and retail sectors will drive demand for office space. Together, these will lead to job creation in the real estate industry. The study also said the industry will employ about 70 million people by the end of he 2022. Industrialization and digital advancements are projected to actually increase this number. Job prospects such as realtors, consultancies, business development, sales and marketing will be on the radar in the upcoming era.
Government initiatives to promote job creation
The government initiative “Housing for All by 2022” is itself a major job generator in the real estate industry. Indeed, under the Pradhan Mantri Awas Yojana (urban) scheme, 1.12 billion housing units will be developed especially in urban areas by 2022, which will create about 1.2 billion jobs.
The Indian real estate sector is booming rapidly. Growing demand for residential and office space, coupled with growing digital adoption and government initiatives, are driving growth in the real estate sector. They also pave the way for hiring across the white-collar to blue-collar segment and across a variety of roles.
The above views are those of the author.
end of article