After two years of recovery post the COVID-19 induced global financial selloff, central banks around the world are paring down stimulus and increasing repo rates in the fight against rising inflation. As a result, notable technology companies have been downsizing their workforce in a bid to reduce their operational expenses, signalling the end of their glorious expansion drive over the past two decades. Other industries too are trimming manpower in order to stay profitable in the current business environment, roiling the job market further and compelling employees to reconsider their career selection.

A flourishing sector that is powering the Indian economy

One sector that is booming due to strong consumer demand is real estate, with the Indian real estate sector in particular standing out due to the enormous growth potential on offer and the rapid modernization taking place within it. Increased urbanisation continues to spur demand for residential and commercial properties, with Indian real estate firms slated to raise more than $48 billion or ₹3.5 trillion in 2022 alone. Many firms in the Indian real estate sector are on a hiring spree and aim to attract talent across the entire blue and white-collared employee spectrum to cater to the ever-increasing consumer demand.

Ranked as the second-largest employment generating sector after agriculture, the Indian real estate sector is expected to reach the $1trillion mark by 2030 and positively influence around 250 ancillary sectors in the process. Supported by central government initiatives like the Smart City Project and the Pradhan Mantri Awas Yojana that is aiming to build 20 million affordable houses in urban areas, this sector is projected to contribute 13% to the country’s GDP by 2025 and add lakhs of additional jobs to the formal economy by the end of the current decade. Spread across housing, retail, hospitality and commercial real estate, the wide range of job opportunities spanning domains such as finance, marketing, construction, legal and even data research ought to sway both working professionals and freshers alike.

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Breaking out into a period of rapid growth driven by technology-led transformation

As economies around the world grapple with high inflation and slowing economic growth, India remains an outlier by being the world’s fastest growing major economy that is projected to leapfrog countries like Germany and Japan by 2030. The demand for commercial real estate is expected to grow in tandem as more multi-national companies setup base in India, especially from sectors such as Information Technology (IT/ITeS), Banking and Financial Services and Insurance (BFSI), Manufacturing and new-age startups engaged in the co-working space. With an international clientele and increasing digitalization of services, real estate firms are embracing cutting-edge technologies such as robotics, artificial intelligence (AI), machine learning (ML) and stepping up to deliver a higher standard of customer experience.

To aid in this transformation, the sector will be onboarding talent such as data scientists, influencers, design consultants, software programmers, lawyers and financial analysts in addition to construction-specific profiles such as artisans, foremen and engineers amongst many others. The sector is also promoting gender inclusivity and increasingly hiring women at key leadership, managerial and strategic positions. With foreign inflows streaming into the Indian real estate sector and private investment firms imparting their know-how in expanding beyond a domestic market, those employed in this space are expected to enjoy high wage growth and exciting career growth opportunities in the foreseeable future.

Why young Indians should be gunning for a career in the real estate sector

With India on the cusp of an infrastructure-led development revolution, the Indian real estate sector is awash with opportunities for those aspiring to build future-proof world-class Indian cities and the necessary building spaces within them. The sector is witnessing a positive change in perception amongst students from top educational institutes in the country, with many allured by the consultative and project-driven work model employed. It is also precipitating multi-fold indirect employment opportunities and creating job avenues across the vast Indian geography like never before.

In the context of a potential global recession, the Indian real estate sector is a beacon of light for those looking for an evergreen sector to be employed in. Offering lucrative pay and benefits, diverse learning opportunities and the chance to be part of the nation-building effort, the time is right for working professionals wanting to switch over from other sectors or for young minds wanting to zero in on their career choice.

(By Sumanth Reddy, Vice Chairman, NAR India)