BENGALURU: India will witness a boom in jobs in the real estate sector, with the employment opportunity rising by more than 80 per cent by 2025, according to a report by Credai and CBRE. The real estate sector is expected to generate job opportunities for at least 17.2 million people, which is nearly double the 9.2 million jobs in the sector in 2016.
The report titled ‘Assessing the Economic Impact of India’s Real Estate’ looks into the impact of recent economic moves by the government such as the RERA and GST, on the long-term impact on the real estate sector in the country. The economic contribution of the real estate sector will also go up to 13 per cent by 2025, from 6.3 per cent in 2016, the report added.
According to Jaxay Shah, president, Credai, with positive demographics and a regulated environment, the realty sector is projected to spearhead the Indian economy by doubling its GDP contribution by 2025. “It will result in more job opportunities and it will also have a cascading effect on about 250 ancillary industries which are dependent on the real estate industry.”
Anshuman Magazine, chairman, CBRE India and South-East Asia, added, The sector continues from being fragmented and unorganised to become an organised one. The growing prominence of India in the global scenario has had a positive impact leading to increased expectations on this sector.”