Report: India’s Real Estate Sector Created Over 3 Crore Jobs In The Last Decade

According to a joint report released by real estate consultancy Anarock and National Real Estate Development council (NAREDCO) employment in the real estate sector has surged to 7.1 crore from 4 crore in 2013. The Indian residential market has greatly benefited from the reforms bought by Modi Government. The healthy growth in the housing sector has been supported by different reforms that were enforced in the recent times. The real estate sector accounts for 18 per cent of total workforce in India, according to the reports.

Between the years 2014 and 2023, the top seven cities in India saw a combined housing supply of 29.33 lakh units and sales of 28.27 lakh units in the residential markets. The report mentioned that with initiatives like Real Estate Regulation and Defvelopment Act (RERA), Goods and Service Tax (GST), and vaarious housing schemes like Praadhan Mantri Awas Yojan (PMAY) the government has reshaped the landscape of the real estate sector in India. Also, housing prices have registered a significant demand that led to growth across the top seven markets namely Delhi-NCR, MMR, Kolkata, Chennai, Bengaluru, Hyderabad and Pune.