India’s real estate sector, which currently ranks second after agriculture in providing employment, is moving ahead to become the biggest job provider, accounting for an impressive compound annual growth rate (CAGR) of 18.7%. Industry experts met at the forum on Saturday to discuss how this sector has the potential to onboard younger talent and give a fillip to the jobs market in a whole new dimension.
Both value and volume are showing tremendous growth in India’s real estate industry, which is supported by a solid value chain of residential and commercial developers, along with associated contractors, architects, engineers, and others. According to Vikas Jain, President-Elect of NAREDCO Maharashtra Next-Gen, this foundational industry is not only thriving but also providing growth opportunities to ancillary sectors. He referred to the rise of new-age PropTech startups, which have seen investments to the tune of more than Rs 40,000 crore, further underscoring the potential of the sector to offer diverse career opportunities.
Speaking at a seminar, Rajesh Doshi, Secretary of NAREDCO Maharashtra, emphasized that there are careers in real estate beyond the traditional roles of engineers and architects. “This sector is open to smart, motivated people who can transform challenges into opportunities. The integration of technology, big data, and 3D modeling has resulted in an overwhelming demand for professionals who can analyze trends and dynamics within the industry,” he added.
Recent findings have indicated a cautiously hopeful approach toward the Indian real estate market. The ‘Current Sentiment Index Score’ steadied at 65, down from an earlier peak earlier in the year, showing more measured views from stakeholders. Similarly, the ‘Future Sentiment Index’ adjusted from 73 to 65 between Q1 and Q2 of 2024, suggesting a positive but cautious view about immediate prospects. This recalibration highlights the fact that the industry can recover and even reposition itself in the face of ever-changing market trends.
