India’s Real Estate Sector Generated More Than 30 Million Job Opportunities in the Past Decade

Over the last ten years, the Indian real estate sector has experienced a notable surge in employment opportunities. A joint report by real estate consultancy Anarock and the National Real Estate Development Council (NAREDCO) revealed that employment in the real estate industry has risen from 4 crore in 2013 to 7.1 crore. This growth has been attributed 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 highlights the significant benefits the Indian residential real estate market has reaped from the reforms initiated by the Modi-led administration. These reforms have not only strengthened the industry but have also propelled it to new heights. The real estate sector now 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, with 28.27 lakh units sold during the same period.

G Hari Babu, the National President of NAREDCO, noted the transformative impact of initiatives like the Real Estate Regulation and Development Act (RERA), Goods and Services Tax (GST), and housing schemes such as Pradhan Mantri Awas Yojana (PMAY) on the real estate landscape. 

Anuj Puri, Chairman of Anarock, emphasised the significant demand that has driven housing prices and spurred growth across the top seven markets, including Delhi-NCR, Mumbai Metropolitan Region (MMR), Kolkata, Chennai, Bengaluru, Hyderabad, and Pune. The report tracks a decade of change in the real estate sector, highlighting game-changing reforms and policies. Government data reveals that since the inception of RERA, approximately 1.23 lakh real estate projects have been registered, addressing over 1.21 lakh consumer grievances to date. Moreover, the SWAMIH Fund has completed around 26,000 homes in India as of December 2023, with an estimated 80,000 more homes projected to be completed over the next three years.

Yogesh Bosamia, Director of Rashmi Housing at Ghar ho to Aisa, emphasised, “Real estate plays a crucial role in the economy, as it not only generates direct and indirect employment but also forms the foundation for any developed or developing nation.” He further stressed that “In order for India to achieve its goal of a 5 trillion economy, the current contribution of real estate, which stands at 7.4 percent, must increase to double digits. Fortunately, our nation is moving steadily in that direction.”

Keval Valambhia , COO MCHI-CREDAI said, “Real estate is the second largest employment generator sector after agriculture. Today , employment creation is the fundamental challenge for our economy. One would invest 100 billion rupees and generate employment for 1000 to 10000 people. Real estate creates far more employment compared to the investment involved. This sector is the highest to offer livelihood to migrant workers. It has provided survival and allowed a better lifestyle and more aspiration even to the economically challenged segment of the population. A real estate developer works with more than 260 ancillary industries and with more than 5 crore labours across India to deliver realty.”

Bhavik Mehata, Founder Partner at Namo Realty, aptly highlighted, “The Indian real estate sector contributes approximately 7 percent to the GDP, thus significantly bolstering the economy.” He underscored the substantial employment opportunities generated by the sector, stating, “Every real estate project creates a minimum of 50 direct jobs, spanning from office assistants to sales managers and beyond.” Additionally, Mehata emphasised the indirect employment opportunities extended to construction workers and various other individuals associated with the industry.

Manaswi Abhay Kele, Managing Director of MyHostelRoom and a member of NAREDCO, expressed, “The vision of ‘Naya Bharat’ envisioned by the Modi Government is gradually materializing, presenting a myriad of opportunities for growth and progress. To realize our aspiration of emerging as a developed nation, it’s imperative that we prioritize the comprehensive rejuvenation of India across all its states.” Kele’s statement reflects a broader sentiment of optimism and determination towards nation-building, underscoring the need for concerted efforts to foster development and prosperity throughout the country.