'Real estate sector to face manpower crunch shortly'

Written by Economy Bureau | Kolkata | Updated: Mar 8 2009, 05:42am hrs
Real estate sector, the domain that has been hit the worst during the global downturn, has just started showing positive signs. But it is speculated that the sector would face a manpower crunch in the next six months. During the last two quarters, human resource shortage, both skilled and unskilled, was not realised as the business was down. But now when it is taking off, the industry would need more professionals.

"We have just crossed the worst and the business has just taken off, so in the next six months we are going to face a manpower shortage in this sector,"said Pradip Chopra, vice president of Credai (Confederation of Real Estate Developer's Associations of India) Bengal. In this scenario of layoffs by big shot corporate houses, "in the real estate sector 2-3% of the employees have been relocated, who are absorbed by other real estate or non real estate companies," Chopra said.

"Actually, during the real estate boom before the meltdown some developers hired more people than required and so the extras were asked to leave during the slowdown and were either absorbed by other real estate companies or taken in in other sectors," he added.

While talking about employment opportunities in the real estate sector at present, Chopra said: "It is the second largest employer after agriculture. We provide employment to all, from illiterate to highly qualified people." About 30% of the country's working population is employed in this sector. In West Bengal, the count would be approximately around two to three million people.

In the last two to three years, real estate has given a 30-40% hike in salary which is more than that in the IT sector, Chopra said. On employment generation capacity of this sector in future he feels: "Five to six million more jobs would be created in this industry in India in the next three to four years." In case of West Bengal, it would be approximately five to six lakh jobs.