Looking For A Job? Real Estate May Have Plenty Of Options For You
One the fastest expanding markets globally, Indian realty is expected to create maximum employment opportunities in a wide variety of jobs in the coming years. The sector is also likely to be the third largest globally by 2030.
Smart Cities Mission, Real Estate (Regulation & Development) Act, 2016, Goods and Services Tax (GST) and Housing for All by 2022, the industry has remained in the spotlight for several reasons, rapid urbanisation being a major growth driver. MakaaniQ explores the connect between real estate and employment.
According to a report by consultancy company KPMG and National Real Estate Development Council (Naredco), the sector will create over 75 million jobs by 2022. The country's urban population will reach over 580 million by 2030, the report stated, highlighting the need for housing solutions to meet the growing demand. In addition, the focus was also on various upcoming infrastructure projects encompassing around 432 road projects (worth Rs 6.5 trillion), over 400 railway projects (worth Rs 6 trillion), 70 airport projects (worth Rs 670 billion) and 75 port projects (worth 551 billion).
Realty sector is linked to nearly 265 ancillary industries and contributes over 15 per cent to the Indian GDP. Once limited to just brokers and skilled-unskilled construction workers (technicians/foremen), the industry now offers huge scope for other functional areas like marketing professionals, supply chain distributors and logistics managers, visual merchandisers and even, investment bankers. The construction sector already generates largest seasonal employment prospects, next only to agriculture. Besides, real estate developers and property management firms, job opportunities are also provided by insurance companies, commercial banks, saving associations, consulting firms, mortgage bankers as well as residential and industrial brokerage offices, which are closely connected to the industry.
Future needs of the industry
With the sector turning more organized post the implementation of Real Estate Law, there will also be a necessity for domain specialists with expertise in business, finance and investment. The building and construction sector is presently one of the largest seasonal employment providers in India next only to agriculture, creating over 45 million jobs, directly or indirectly. However, over 80 per cent of the workforce is minimally skilled. There were other issues highlighted in the report including the huge number of unregistered workforce in the country. About 9.8 million construction workers out of total 32 million workers are registered in the country, with the majority hailing from Tripura, Manipur and Lakshadweep. Even, a significant number of female workforce form a part of unorganised construction.
Taking cognizance of untrained manpower and a shortage of talent in the industry, that has led to rise in projects costs and risks, the Government of India is planning new initiatives. This includes training for a minimum of 300 million skilled people by 2022.