New Delhi: Good news for all, who are associated with Real estate sector; as per the Economic survey 2017-2018, both realty and construction sector are all set to provide around 15 million jobs in next five years. This means around three million jobs annually.
According to statistics, in 2013, the sector employed over 40 million workforces and as per the new projections, it is slated to employ over 52 million workforces by 2017 and 67 million workforce by 2022. While 90% of the workforce employed in the real estate and construction sector is engaged in the construction of buildings, the rest 10% workforce is involved in building completion, finishing, electrical, plumbing, demolition and other installation services.
Apart from job creation, the Economic survey has also stated a considerable increase in real estate investments due to rise in FDI and PE flow. While the total foreign direct investment (FDI) flow in first half of 2017 doubled with that of the whole 2016, Private equity investments have also increased from $0.9 billion in 2013 to over $5.9 billion in 2016, recording more than six-fold jump during this period.
With several growth oriented schemes and reforms like RERA and GST, the real estate sector has begun to show many signs of improvement. And in the coming year, with the regulatory environment, enhanced infrastructure, and amendments to Real Estate Investment Trusts (REITs) the realty sector is expected to lead to higher transparency, accountability thereby increasing investments.