The real estate sector in India has undergone a remarkable transformation in recent years, evolving from a fragmented and unorganised market to a thriving, dynamic industry. This transformation has not only spurred economic growth but has also created a wealth of employment opportunities for a diverse range of professionals.
Rapid growth and expansion
India's real estate sector has experienced substantial growth over the past decade. A report by the Indian Brand Equity Foundation (IBEF) reveals that the real estate and construction industry contributed approximately 7.8 per cent to India’s GDP in 2021. Furthermore, the sector is expected to reach a market size of $1 trillion by 2030. One of the main factors propelling this growth is urbanisation. Rapid urbanisation has triggered a demand for residential, commercial, and infrastructure projects, driving the real estate industry forward.
A booming real estate sector is resulting in more employment opportunities, with these domains catering to the increased demand:
- Human Resources: The surge in demand across various domains in the real estate sector has significantly elevated the role of the HR department and is required in hiring and shaping a workforce that meets evolving industry demands. Strengthening the HR department itself becomes paramount, ensuring it possesses the expertise to navigate the intricacies of real estate hiring, compliance, and talent management.
- Finance: The real estate sector is intricately linked with the finance industry. Real estate investment analysts, mortgage brokers, and real estate appraisers play crucial roles in ensuring the sector’s financial stability. They assess property values, provide financing solutions, and offer investment insights, which, in turn, create numerous employment opportunities.
- Law: the growing complexity of real estate laws, partly due to the rapid expansion of the sector, has led to an increased demand for legal experts. The need for real estate lawyers, paralegals specializing in real estate law, compliance officers and auditors is on the rise.
- Hospitality: the real estate sector’s expansion has increased the need to hire professionals from the hospitality industry, which includes roles such as corporate housing specialists, event venue managers, communication specialists, facilities managers, and many more. A need for property management experts for efficiently operating residential and commercial complexes is also on the rise.
- Construction: the growth of the real estate sector translates into increased construction activity. Construction workers and civil engineers are in high demand to design and build residential and commercial complexes.
- Sales: the real estate sector relies heavily on sales professionals. Real estate agents, brokers, and sales executives are crucial for connecting buyers with properties. Their role in marketing and selling properties is pivotal to the sector’s growth.
- Marketing and advertising: to promote properties and attract potential buyers, marketing and advertising professionals are essential. They create marketing campaigns, design advertisements, and utilize digital platforms to showcase real estate listings.
- Architecture: architects play a pivotal role in designing aesthetically pleasing and functional structures within the real estate sector. The demand for architectural services has increased significantly with the proliferation of residential and commercial complexes.
- Client experience: ensuring a positive client experience before purchase is crucial in the real estate sector. Client experience professionals work on aspects like client interactions and the provision of vital information. There is an increased demand for such professionals owing to the real estate boom.
- After-sales experience: customer satisfaction is also influenced by how well you resolve the issues and provide maintenance services post-purchase. The need for after-sales professionals, including maintenance personnel and customer support staff is on the rise as well.
- Customer satisfaction: addressing client concerns is vital for maintaining satisfaction and trust in the real estate sector. Customer service representatives, complaint resolution specialists, and support staff are increasingly in demand to ensure that the customers’ needs and concerns are met.
Jobs in the real estate sector fuelled by technology, rising flexible spaces and sustainability
The adoption of technology in real estate, including virtual property tours and blockchain in property transactions, is creating job opportunities for tech-savvy professionals. Furthermore, with an increased number of millennials and Gen-Z desiring more flexible living and working spaces, plenty of co-living and co-working start-ups have come up, further fuelling skilled talent management. Apart from this, environmental concerns are leading to a greater emphasis on sustainable and eco-friendly construction practices, fostering the growth of careers in green building and sustainable development.
The Indian real estate sector is currently a hotbed of opportunities, offering a range of careers to job seekers from various backgrounds. With the right skills and a keen eye on market developments, one can embark on a rewarding journey in India’s booming real estate sector.
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