Real estate sector sees 8% drop in job postings: Report

The real estate sector in India has seen an 8% drop in the number of job postings from May 2017 to May 2018, in the wake of the implementation of the Real Estate (Regulation and Development) Act (RERA) 2016.

According to data from job site Indeed, the RERA rollout promised 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 searches in the sector has also 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 Act, it said.

The data indicates that Noida is the leading city in India for those seeking job opportunities in the real estate sector, followed by Mumbai, and Bengaluru stands third. The cities that make it to the list of top regions for jobs in the sector are incidentally cities that are also seeing burgeoning job growth in other sectors, such as technology and related fields of work, the data said.

Sashi Kumar, Managing Director, Indeed India, said, “Implementing the RERA Act is one of the most important regulatory moves by the Government of India with regard to the real estate sector. Once thought to be largely unorganised, the real estate sector has now become more transparent, better organised 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."

The data also highlights 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 sector, the real estate job opportunities are actively looked for by job seekers in the senior age bracket -51-65 year old age group.