 "75 million jobs to be created by realty sector by 2022, says KPMG")
The real estate and construction sector is expected to generate 75 million jobs by 2022 and emerge as the largest employer in India, according to a report by KPMG India.
"Real estate and construction sector in India is expected to be the third largest globally by 2030, contributing over 15 per cent to the Indian GDP (gross domestic product) and emerge as the largest employer in India providing employment opportunities to over 75 million people," KPMG said in a statement.
The report released by KPMG India and the National Real Estate Development Council provides an overview of the key programmes launched by the central government in the recent past to address the key challenges in urbanisation and the real estate sector.
It highlights that India's urban population is forecast to increase about 40 per cent to over 580 million by 2030, from 420 million in 2015.
"Nearly 110 million houses would be required by 2022 in urban as well as rural India to provide housing to all citizens. This includes the current shortage of over 60 million houses, out of which around 20 million exist in urban areas," it adds.
The report said that the real estate and construction sector has attracted over $24 billion in foreign direct investment between 2000 and 2015.
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It also said that the 'Housing for All' initiative requires an investment of $2 trillion by 2022, which includes 432 projects worth Rs 6.5 trillion for roads, more than 400 projects worth Rs 6 trillion in railways, 70 projects worth Rs 670 billion for the development of airports and 75 projects worth Rs 551 billion for the ports.
"With every sixth person getting urbanised globally being an Indian, the real estate and construction sector holds significant opportunity for both global and domestic companies engaged across the value chain," said Partner and Head Building Construction KPMG India Neeraj Bansal.