India’s real estate sector has significantly contributed to the nation’s economic growth. The sector is projected to be valued at USD 1 trillion by 2030 while accounting for 13% of the country’s GDP by 2025.
Residential, commercial and industrial properties are increasing rapidly, providing the much-needed infrastructure for India’s growing requirements. The sector has caught the attention of foreign investment, adding to its growth story.
The sector is one of the largest employers, providing millions of direct and indirect job opportunities. Construction workers, architects, engineers, brokers and property managers find their livelihoods within this diverse domain.
This growth has propelled developers, professionals and investors in the sector. However, to unleash this potential and ensure sustainable development, workforce skilling and upskilling are key.
The industry faces skill gaps, lack of standardisation, outdated practices and a shortage of qualified professionals. Overcoming these obstacles demands a holistic approach to skills that equips individuals with the necessary technical knowledge and instils ethical and sustainable practices.
The demand for affordable housing in India is on the rise and is expected to reach 38 million by 2030. In response to this pressing need, the Indian government has set ambitious goals, notably through the rural housing initiative, Pradhan Mantri Awas Yojana (Gramin). In this initiative, the country aims to construct 5.73 million houses to provide ‘housing for all’ by the end of FY 2023-24. This ambitious vision necessitates a skilled and empowered workforce capable of meeting the growing demands and challenges of the real estate sector.
In addition, the commercial real estate market has experienced growth owing to increased demand for office spaces and retail properties, driven by the expansion of businesses and urbanization.
Implementation of skilling initiatives is the need of the hour
As the real estate sector endeavours to meet the growing demand for affordable housing and other property developments, skilling and upskilling become critical steps towards sustainable growth. By equipping professionals with essential technical knowledge and nurturing ethical practices, the industry can implement high-quality projects that align with market needs and adhere to changing regulations.
Furthermore, skilling programs would play a pivotal role in promoting environmentally sustainable practices. By training professionals in green building techniques, energy-efficient technologies and effective waste management, the industry can contribute to reducing ecological footprint, aligning with global sustainability goals.
Significantly, the implementation of RERA aimed to bring transparency and accountability to the sector. It has enhanced buyer confidence and encouraged investment in the real estate market.
Conclusion
Skilling in the real estate sector in India is a crucial step towards sustainable growth and development. By investing in education and training, the industry can foster a skilled and ethical workforce capable of meeting market demands and driving innovation. To lead India’s real estate sector towards a brighter and more prosperous future government support, partnerships between stakeholders and private sector initiatives would be key to building a skilled real estate workforce.
(The author is Chairman – NAREDCO)
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