According to the data revealed by the job site Indeed, the real estate sector in India has seen a drip in the number of job postings by 8% from May 2017 to May 2018. This drop is observed just after the implementation of the Real Estate (Regulation and Development) Act (RERA) 2016.
The objective behind RERA was to make the real estate sector more regulated and transparent and hence building confidence among job seekers to explore work opportunities. However, while the number of job searches in the industry has increased by 8% in the last year, job postings have seen a dip of 8%.
This slowdown in job creation is indicative of the sector taking time to recover from the RERA Act implemented by the Government.
Sashi Kumar, Managing Director, Indeed India, shares with People Matters, “Implementing the RERA Act is one of the most important regulatory moves by the Government of India about the real estate sector. Once thought to be largely unorganized, the real estate sector has now become more transparent, better organized and far more accountable after the introduction of RERA. While the sector is still recovering from the aftermath of RERA, the Act’s stipulated compliances and regulations are expected to unlock potential job opportunities in various capacities. These measures have been taken by the Government to facilitate a healthy restoration of the people’s confidence in the realty sector. The industry as a whole has also positively taken to these measures and is collectively working to reinvent the sector towards encouraging job creation, to contribute to the Indian growth story.”
The data also highlights that a high level of interest in jobs in the real estate sector among the 36-45-year-old age group of job seekers. While millennial job seekers show the least interest in the industry, an interesting observation is that real estate job opportunities are actively looked for by job seekers in the senior age bracket, i.e., in the 51-65-year-old age group. Additionally, the data showed that Noida is the leading region regarding maximum jobs in the real estate sector.