Real Estate Sector jobs are set to increase by more than 80% by 2025 according to the CREDAI – CBRE report titled “Assessing the Economic Impact of India’s Real Estate”. As per the report, the potential employment opportunities in the Real Estate Sector are expected at 17.2 Million jobs by 2025 up from 9.2 million in 2016. 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 sqft in 2013 to about 8.2 billion sqft in 2025.
In order to understand the positioning of the sector in the coming decade and the likely impact that it will have on the economy and employment, the report arrived at certain broad-based projections for growth and spread of the sector till the year 2025.
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.
Commenting on the report, Anshuman Magazine, Chairman, CBRE India and South-East Asia said, “The sector continues its metamorphosis from being largely fragmented and unorganized to become as structured and organized as its peers in developed economies across the globe. The growing prominence of India in the global scenario has had a positive impact leading to increased expectations and responsibilities on this sector.”
“India has emerged as the ‘most preferred outsourcing destination’ as per the findings of the 2017 Asia Pacific Occupier Survey Report of CBRE owing to India’s formidable IT business process outsourcing (IT-BPO). Among Asia Pacific-based companies, 82% of Indian respondents plan to increase their headcount in the next three years, reflecting the country’s buoyant economy, steady progress in enacting regulatory reforms and booming outsourcing and ITeS sector”, he added.