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Construction Industry To Create 32 Million New Jobs By 2022
India's real estate and construction sector, which is the second largest employer after agriculture, would add another 32 million jobs to the existing 45 million in the next five years
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India's real estate and construction sector, which is the second largest employer after agriculture, would add another 32 million jobs to the existing 45 million in the next five years. As the affordable housing sees a significant push by the government as well as the industry, it would alone require some 38 million workers by 2030, claims the Confederation of real Estate Developers Association of India (CREDAI).
The real estate development industry, which currently contributes at least 9 per cent to India’s gross domestic product (GDP), is already one of the largest seasonal employment providers in the country.
"In the coming years, real estate and construction sector is set to become the prime employment generator in India, registering the maximum rise in human resource requirement from 2013-2022, as there is an estimated need of around 76.5 million workers in the building, construction and real estate sector by 2022," said the construction industry lobby, siting the estimates of National Skill Development Corporation (NSDC).
"Affordable housing alone is expected to need 38 million workforce by 2030 from 29 million at present, predictably becoming the key job creator in the industry," it added.
Inspired by the central government's housing-for-all initiative, the lobby group said that it is launching 250 new affordable housing projects across India through CREDAI members under its various State or City Chapters.
Through this initiative, CREDAI aims to create a considerable inventory of affordable housing so as to enable consumers and its member developers to take benefit of various government incentives announced for the segment as well as tackle the shortage of housing in the country.
Also, realising the true potential of the sector, CREDAI is now mobilizing its member developers to join the ‘Housing for All’ mission and undertake affordable housing projects to achieve the government’s vision."
At the same time, CREDAI also understands the value of robust processes and new policy reforms such as awarding infrastructure status to affordable housing, RERA and GST for unlocking the full potential of the sector, as an industry as well as an investment option. In this regard, Credai team under the leadership of the newly elected president Jaxay Shah, will be working collectively on their four key pillars of affordability, accountability, employment and revenue generation to create a holistic growth environment of the industry.
This programme takes into account all stakeholders and consumer needs to ensure that the sector and the economy are on the path of sustainable growth, which is spearheaded by transparent, professional and financially viable businesses, it said.
“The real estate sector has seen its share of ups and downs in the past two years. With RERA, GST and Demonetisation, 2017 is marked as one of the most crucial years for the sector. CREDAI welcomes the transition and believes that the president's team is fully prepared to take ahead what has begun and consolidate the sector into a transparent, accountable, professional and financially viable industry,” said Getamber Anand, Credai's outgoing president.
“It is truly a Naya Daur for the sector as finally we will be able to realise the full potential of the sector," added the president elect Jaxay Shah.
"Going forward, our Team will strive on our core pillars of affordability, accountability, employment and revenue to ensure that the contribution made by the sector towards the economy and ‘Housing for All’ will not only match, but exceed expectations he said, speaking on behalf of the new team at CREDAI.
According to shah, the industry has set out to establish a model and accelerate the affordable housing segment, especially in the post budget scenario where the demand for the same has been highlighted and incentivised.