Real estate sees YoY slump in job growth

A report published by a job-seeking portal has highlighted a drop in the number of job postings in the real estate sector on a year-on-year basis (YoY).

As per a report compiled by Indeed, job postings was an eight percent dip from May 2017 to May 2018, in the wake of the implementation of the Real Estate (Regulation and Development) Act (RERA) 2016.

RERA was launched to make the real estate sector more regulated and transparent, thus building confidence among job seekers to explore work opportunities in the field.

However, while the number of job searchers had increased by eight percent in the last year, job postings have seen a dip of eight percent.

This drop in job creation indicates that the sector is taking time to recover from the Act implemented by the government, the report added.

Post the implementation of the RERA Act, job seekers with experience in civil, electrical and mechanical engineering, marketing and sales, project management, architecture, management and administration, accounting, communications and legal profiles have shown significant interest in working in the real estate sector.

RERA has given developers and customers greater clarity about their future prospects and has also opened doors for people who are looking for long-term stints in the real estate sector.

The data further indicates that Noida is the leading city in India for those seeking job opportunities in the real estate sector, followed by Mumbai and Bengaluru.

"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. The industry as a whole has also taken to these measures in a positive manner and is collectively working to reinvent the sector towards encouraging job creation, in order to contribute to the Indian growth story," said Sashi Kumar, Managing Director, Indeed India.

The data also highlighted a high level of interest in jobs in the real estate sector among the job seekers belonging to the age group of 36-45. While the millennial job seekers show the least interest in the sector, those belonging to the senior age bracket (aged 51-65) were actively looking for job opportunities in the real estate sector, the results showed.