Over the past decade, the employment rate in Indian real estate has witnessed a significant rise. According to a joint report of real estate consultancy Anarock with the National Real Estate Development Council (NAREDCO) on Monday, real estate employment has surged to 7.1 crore from 4 crore in 2013.
As per the report, it is driven by the healthy growth in the housing sector supported by different policy reforms under the Modi government in the country.
The real estate consultant Anarock and realtor’s body NAREDCO’s report titled ‘Real Estate Unboxed: The Modi Effect’ has stated that the Indian residential real estate market has greatly benefited from the reforms introduced by the Modi-led government. It has not only helped the industry to become stronger but also to gain new heights.
As per the reports, the real estate sector itself in India accounts for over 18 per cent of the total workforce.
Between 2014 and 2023, India’s top seven residential markets have seen a combined housing supply of 29.32 lakh units and a sale of 28.27 lakh units.
Meanwhile, the National President of NAREDCO, G Hari Babu mentioned in the report, “With profound initiatives such as the Real Estate Regulation and Development Act (RERA), Goods and Services Tax (GST), and various housing schemes like Pradhan Mantri Awas Yojana (PMAY), the government has aimed to reshape the landscape of the real estate sector in India in the past ten years.”
Additionally, the Chairman of Anarock, Anuj Puri said that the housing prices have registered a significant demand that led to the growth across the top seven markets. It includes Delhi-NCR, MMR (Mumbai Metropolitan Region), Kolkata, Chennai, Bengaluru, Hyderabad and Pune.
The report has tracked down a decade of change in the real estate sector, led by various game-changing reforms and policies. According to the latest government data, around 1.23 lakh real estate projects have been registered, since RERA’s inception to date, and more than 1.21 lakh consumer grievances have been addressed so far.
On the other hand, the SWAMIH Fund has completed about 26,000 homes in the country till December 2023, and 80,000 more are projected to be completed over the next three years.
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