Mumbai: The real estate sector in India is the second-largest employer after agriculture, and its phenomenal growth, at an 18.7 percent compound annual growth rate (CAGR), positions it to become the largest job creator and a hub for young talent, industry leaders said on Saturday.
The Indian real estate industry is experiencing a surge in value and volume thanks to a well-established value chain that includes developers in residential and commercial real estate, contractors, consultants such as architects and engineers, investors, and others.
“Further, this ‘mother industry’ is boosting other ancillary sectors and also, new-age PropTech startups are also booming with over Rs 40,000 crore invested in them, the real estate sector is poised to create multiple career opportunities,” said Vikas Jain, President-Elect, NAREDCO Maharashtra Next-Gen.
Speaking at a seminar here, Rajesh Doshi, Secretary of NAREDCO Maharashtra, said this sector is no longer limited to engineers or architects.
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“Real estate is for smart, driven individuals who can turn possibilities into opportunities. With the integration of tech, big data, and 3D modelling, there is a rising demand for skilled professionals like data scientists to forecast industry trends and dynamics,” Doshi added.
A recent report said that future outlook for the real estate market remains optimistic in India.
The Knight Frank–NAREDCO report cited that the ‘Current Sentiment Index Score’ has moderated to 65 from its all-time high in Q1 2024, indicating a measured outlook among stakeholders. The future sentiment score for this period also recalibrated at 65 in Q2 2024.
The ‘Future Sentiment Index’ has adjusted from 73 in Q1 2024 to 65 in Q2 2024, reflecting a positive yet more conservative outlook for the near term.
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–IANS
