3 cr new jobs created in real estate: Anarock-NAREDCO
Says Indian residential real estate market has greatly benefited from several reforms by the Modi-led government
Employment in the Indian real estate surged to 7.1 crore in the last calendar year from 4 crore in 2013, driven by healthy growth in the housing segment supported by several policy reforms by the Modi government, according to a joint report by Anarock and NAREDCO.
Real estate consultant Anarock and realtors' body NAREDCO on Monday released a report 'Real Estate Unboxed: The Modi Effect', which stated that Indian residential real estate market has greatly benefited from several reforms by the Modi-led government, helping the industry to not only to emerge stronger but also to scale new heights.
The real estate sector accounts for more than 18 per cent of the total workforce in the country. India's top seven primary residential markets witnessed a combined housing supply of 29.32 lakh units and sale of 28.27 lakh units between 2014 and 2023. Unsold inventories have dropped because of higher sales velocity, while many stalled projects have been revived with the help of the government-backed stress fund SWAMIH (Special Window for Affordable and Mid-Income Housing).
"With profound initiatives such as the Real Estate Regulation and Development Act (RERA), Goods and Services Tax (GST), and various housing schemes like Pradhan Mantri Awas Yojana (PMAY), the government has aimed to reshape the landscape of the real estate sector in India in the past 10 years," NAREDCO National President G Hari Babu said in the report. Anarock Chairman Anuj Puri said housing prices have registered significant demand-led growth across the top seven markets -- Delhi-NCR, MMR (Mumbai Metrpolitan Region), Kolkata, Chennai, Bengaluru, Hyderabad and Pune.
"Over the last decade, average housing prices have appreciated in the range of 25-60 per cent across these seven cities," Puri said.
