APRIL 09, 2024, Gurgaon: In a significant development, the Indian real estate sector has witnessed a notable surge in employment opportunities over the past decade. According to a recent joint report by real estate consultancy Anarock and the National Real Estate Development Council (NAREDCO), the sector has created over 3 crore job opportunities, marking a substantial increase from 4 crore jobs in 2013.
The report attributes this growth to the robust expansion of the housing sector, supported by various policy reforms implemented under the Modi government. Titled ‘Real Estate Unboxed: The Modi Effect,’ the report underscores the positive impact of government initiatives on the industry’s trajectory, leading to enhanced resilience and unprecedented growth.
Highlighting the significance of these reforms, the report notes that the Indian residential real estate market has significantly benefited from 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). These measures have not only strengthened the sector but also propelled it to new heights of success.
According to the findings, the real estate sector accounts for over 18% of the total workforce in India, reflecting its substantial contribution to employment generation. Between 2014 and 2023, the top seven residential markets in the country witnessed a combined housing supply of 29.32 lakh units, with 28.27 lakh units sold during the same period.
Commenting on the transformative impact of government initiatives, G Hari Babu, National President of NAREDCO, emphasized the profound impact of reforms such as RERA, GST, and PMAY in reshaping the real estate landscape. Similarly, Anuj Puri, Chairman of Anarock, highlighted the surge in housing demand across key markets like Delhi-NCR, Mumbai Metropolitan Region (MMR), Kolkata, Chennai, Bengaluru, Hyderabad, and Pune, leading to significant growth in housing prices.
The report provides a comprehensive overview of the real estate sector’s evolution over the past decade, driven by game-changing reforms and policies. Notably, government data reveals that approximately 1.23 lakh real estate projects have been registered since the inception of RERA, with over 1.21 lakh consumer grievances addressed to date.
Furthermore, the report highlights the significant progress made by the SWAMIH Fund, which has completed around 26,000 homes in the country as of December 2023, with an additional 80,000 homes projected to be completed over the next three years. This underscores the continued momentum and growth potential of the Indian real estate sector, fueled by policy support and industry resilience.
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