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Real Estate, a Huge Employment Generator

The real estate sector in India has been a significant source of employment, with a notable increase observed in recent years. According to a joint report by real estate consultant Anarock and industry body NAREDCO, the sector employed 71 million people last year, compared to 40 million in 2013. This indicates substantial growth, with over 30 million new jobs created in the past decade.

The report highlights the construction of 4.35 lakh houses in seven major Indian cities in 2023, with expectations of this number rising to 5.31 lakh in 2024. Several government initiatives have played a pivotal role in this expansion, including the Real Estate (Regulation and Development) Act (RERA), the Pradhan Mantri Awas Yojana, and the Special Window Fund. Additionally, the implementation of GST has contributed to enhancing transparency within the real estate industry.

Lalit Kumar Aggarwal, Co-Founder & Vice Chairman, Signature Global said, “Within the vibrant tapestry of India’s economic landscape, the real estate sector emerges as a cornerstone of growth and prosperity. With employment surging from 4 crore in 2013 to an impressive 7.1 crore in the last calendar year, this trajectory in a decade mirrors the nation’s journey towards progress. As a vital conduit for economic activity, real estate intertwines with infrastructure, vision, and the collective aspirations of a dynamic populace.

Accounting for over 18% of the nation’s workforce, our sector not only builds homes but also constructs pathways to opportunity, contributing to the very fabric of society. These figures, resonating with promise and potential, herald a future where every brick laid signifies not just shelter but a symbol of growth, innovation, and inclusivity.

Aligned with the visionary reforms of the Indian government, these statistics underscore our shared commitment to realizing a robust, resilient economy. With a steadfast belief in our nation’s potential, we stand poised to shape a future where the real estate sector becomes a catalyst for holistic progress, forging ahead to create millions more jobs and usher in an era of unparalleled prosperity.”

Kushagra Ansal, Director of Ansal Housinghighlights the surge in housing demand across major cities like Delhi-NCR, Mumbai Metropolitan Region, Kolkata, Chennai, and Bengaluru, resulting in the creation of numerous jobs in the real estate sector. The addition of 31 million jobs in this sector signifies substantial progress in India’s developmental trajectory and a robust economy. The consistent growth in the real estate sector, driven by a strong economy, has led to a rapid expansion in employment opportunities.