The Real Estate Sector is the Second-largest Employment Generating Sector in India

Introduction

The problem of unemployment is a big problem for the Indian youth as well as the Indian economy. Due to a lack of proper industrialization the country severely faces the problem of unemployment. This leads to a slow growth rate of the country’s economy. Traditionally the agriculture sector of the country is recognized to be quite good due to its fertile soil. It plays the role of the topmost employment generating sector.

After agriculture, the real estate sector has immense importance in the country for generating employment for the Indians. Due to the high urbanization rate and booming of the real estate sector, it appears to be the second-most employment generating sector of India. In this blog, we will discuss the factors that are responsible for the real estate sector being the second-largest employment generating sector.

Reasons for the appearance of the real estate sector as the second-most employment generating sector in India

In many countries, the real estate sector is not considered to be the second-most employment generating sector. But in India, some specific reasons play an important role in the appearance of the real estate sector to be the second-largest employment generating sector in the country. They are discussed below.

Lack of industrialization: Due to the lack of industrialization the industry sector of the country has failed to create a satisfactory number of employments for the young Indians and therefore they are forced to get involved in many other economic sectors like real estate for employment.
High urbanization rate and booming real estate sector: In India the urbanization rate is satisfactory. This creates a demand for labour in the sector. The booming scenario of the real estate sector of India plays an important role in its appearance as the second-largest employment generating sector of the country.
Labour-based real estate: The real estate sector of India is heavily labour-based. The use of various heavy construction machines is witnessed to be quite low in the Indian real estate sector and this leads to high recruitment.
Bright future of real estate: The future of the Indian real estate sector seems to be very bright and therefore people feel an interest to involve themselves in this sector.
Presence of sufficient high skill labours: You will easily get skilled labour in the real estate sector of India. This promotes the growth of the Indian real estate sector. This also creates good employment in this sector.
Easy availability of construction materials: The easy availability of various construction materials also promotes the Indian real estate sector.
Development of commercial sector: The development of the commercial sector of the country also influences the development of commercial real estate in the country which promotes the overall growth of the real estate sector in the country.
Easy availability of Loan for construction and home loan: The easy availability of loan for construction as well as home loan also help develop the real estate sector of India. This, in turn, promotes employment generation.
Tax benefits: The facility of tax benefits provokes the investor to invest in the real estate sector and this leads to generating employment in this sector.
Favourable government policies: Favourable government policies for Indian real estate are also largely responsible for the growth of the sector. This, in turn, helps to generate employment in this sector.
High Infrastructural development: The Government of India highly focus on infrastructural development which promotes the growth of the real estate sector of the country and as well as helps generate employment.
Government schemes to ensure a house for every family in the country: There are government schemes like PMAY that try to ensure a ‘house for all’ and under the schemes, a lot of employment is generated in the real estate sector.
The presence of natural disasters promotes real estate: Due to various natural disaster, people are forced to build new houses. Hence, employment is generated in the real estate sector.
Investment of NRIs in Indian real estate: NRIs invest a huge amount of money in the Indian real estate sector. Thus, the sector grows. As the sector expands, the need for labours increases. Thus, new employment is generated.
Low level of education: The real estate sector in most cases does not focus on the educational attainment level of the people for recruitment. In India, the overall educational level is quite low. The unemployed people with low educational attainment levels choose the real estate sector for employment.

Conclusion

The above discussion suggests that there are several reasons behind the appearance of the Indian real estate sector to be the second-largest employment generating sector of the country. Along with that, it can be said that if a proper plan is followed then a bright future awaits the real estate sector of the country and more employment can be generated in this sector than at present. Even the sector has the potential to appear as the topmost employment generating sector of the country shortly if proper plans and initiatives are taken.

Well, I hope that the article has been helpful to you to some extent. Nevertheless, you can mail us your concerns and suggestion at info@roodland.com. We will be more than happy to solve your queries and listen to your suggestion. Stay happy and safe till we meet next. Keep reading and sharing the article on all your social media platforms!