Construction,Real Estate Sector to generate 15 million jobs in next 5 years

NewDelhi Jan 30: The Economic survey was presented to parliament by Finance minister on Monday and the survey had spoken about various sectors.The Survey has pointed out that "The real estate and construction sector will create over 15 million jobs over the next five years despite signs of stress in the segment in the last few quarters."

The Survey had also pointed out that "Real estate and construction together is the second largest employment provider in the country, next only to agriculture.The sector employed over 40 million workforce in 2013 and it is slated to employ over 52 million workforce by 2017 and 67 million workforce by 2022."

"This implies that it will generate over 15 million jobs over the next five years, which will translate to about three million jobs annually." survey added.

Currently, many statistics reveal that 90 percent of the workforce employed in the real estate and construction sector are engaged in the construction of buildings, while the rest 10 percent workforce is involved in building completion, finishing, electrical, plumbing, other installation services, demolition and site preparation.

The Economic survey has also hailed the implementation of Real Estate (Regulation & Development) Act and said that this act would bring accountability, leading to higher growth across the real estate value chain.