India's Real Estate Sector Generates Over 3 Crore Job Opportunities in the Last Decade: Report
A recent joint report by real estate consultancy Anarock and the National Real Estate Development Council (NAREDCO) reveals a significant surge in employment within India's real estate sector over the past decade. Titled "Real Estate Unboxed: The Modi Effect," the report highlights the transformative impact of various policy reforms introduced under the Modi government, leading to a robust growth trajectory in the housing sector.
According to the report, the employment rate in Indian real estate has skyrocketed from 4 crore in 2013 to 7.1 crore, attributing this remarkable rise to the healthy expansion of the housing market supported by government initiatives.
The Indian residential real estate market, in particular, has thrived under the reforms spearheaded by the Modi-led government. These reforms have not only strengthened the industry but also propelled it to unprecedented heights.
Key highlights from the report include:
- The real estate sector accounts for over 18% of the total workforce in India.
- Between 2014 and 2023, the top seven residential markets in India witnessed a combined housing supply of 29.32 lakh units and a sale of 28.27 lakh units.
- Initiatives such as the Real Estate Regulation and Development Act (RERA), Goods and Services Tax (GST), and housing schemes like Pradhan Mantri Awas Yojana (PMAY) have played a pivotal role in reshaping the real estate landscape.
- Housing prices across the top seven markets, including Delhi-NCR, Mumbai Metropolitan Region (MMR), Kolkata, Chennai, Bengaluru, Hyderabad, and Pune, have registered significant demand-driven growth.
Furthermore, the report underscores the decade-long transformation in the real estate sector fueled by game-changing reforms and policies. Notably, since the inception of RERA, approximately 1.23 lakh real estate projects have been registered, addressing over 1.21 lakh consumer grievances.
Additionally, the SWAMIH Fund has made significant strides in addressing housing challenges, completing about 26,000 homes in the country by December 2023, with an estimated 80,000 more homes slated for completion in the next three years.
The report sheds light on the remarkable evolution of India's real estate sector over the past decade, driven by visionary reforms and sustained growth momentum. As the sector continues to expand, it remains a key contributor to economic prosperity and employment generation in the country.
Image source- timesproperty.com
