Real estate sector jobs to increase by more than 80% by 2025: Report
Real estate jobs are set to increase by more than 80% by 2025 as the potential employment opportunities in the sector are expected at 17.2 million jobs by 2025 up from 9.2 million in 2016, showed a CREDAI-CBRE joint report.
The economic contribution of the real estate sector is projected to increase significantly during the period from 6.3% in 2016* (IBEF figures) to almost 13% in 2025. Long term prospects appear highly positive for the sector, with a potential increase in completed space from 3.6 billion sq ft in 2013 to about 8.2 billion sq ft in 2025.
Increasing urbanization demand for new housing and the expanding urbanization of tier II and tier III cities in the country are cited as prime drivers for real estate growth. However, this projected expansion in the economic footprint of the sector is subject to an effective utilization of the potential opportunities for growth and implementation of relevant policy measures to resolve bottlenecks bothering the sector.