In the last 10 years, more than 3 crore people were employed in the real estate sector.
Revealed in the Naredco, Anarock report
The employment rate in real estate, which is the sector that provides employment to most people after agriculture, has increased significantly in our country. In 2013, the number of people employed in the real estate sector was 4 crore. Since the last ten years, it has increased to 7.1 crore, which means the sector has provided employment to another Rs 3 crore population. This has been stated in a report jointly released by the National Real Estate Development Council (NAREDCO) and Real Estate Consultancy Anarock. The report was released under the title Real Estate Unboxed: The Modi Effect. It stated that the real estate sector of the country has greatly benefited from the reforms introduced by the central government.
The real estate sector accounts for over 18 percent of the country’s total workforce. Between 2014 and 2023, 29.32 lakh units of houses were supplied in the seven major cities of the country. In the same period, 28.27 lakh units were sold. Naredco National President G. Haribabu stated that the real estate sector of the country has gained a lot of momentum with various schemes like RERA, GST, and PMEY. Anarock Chairman Anuj Puri said that real estate growth has taken place in seven major cities of the country as housing prices have registered significant demand. Meanwhile, the report revealed that 1.23 lakh projects have been registered since the inception of RERA. So far, more than 1.21 million consumer complaints have been resolved.
Criticisms are being heard that some organizations have prepared a report on how the Telangana realty sector has grown due to KCR in the recent Telangana elections. However, experts agree that it is common for such reports to be released during elections. If Prime Minister Modi has indeed given a new direction to the construction sector in the last 10 years, the report does not explain much why foreign investment in the construction sector has declined after 2020.
