As developers are anticipated to launch more projects on the back of strong sales, industry experts predicted that hiring in the real estate sector will rise by 55–60% year over year this calendar year.
A spike in hiring has been reported by developers, including Godrej Properties, K Raheja Group, DLF, Tatas, and Mahindra. Before the holiday season, many other companies are also reportedly expanding their teams.
“We are focusing on talent development by building in-house capabilities as well as through campus recruitment, reaching out to diverse talent groups, partnerships with hiring consultants, and enhancing focus on flexible work models like work from home and hybrid work,” said Megha Goel, chief human resources officer (CHRO) at Godrej Properties.
According to a survey by the state-owned India Brand Equity Foundation (IBEF), the real estate industry currently contributes 6-7% of the country’s gross domestic product (GDP). Moreover, it creates the second-highest number of jobs in India. Due to the par perks and benefits it claims, students and talent from many backgrounds and professions are drawn to this industry.
“We see a lot of talent from architecture and design to consultation and finance making the shift to real estate,” said Urvi Aradhya, CHRO at K Raheja Corp. “Hiring post Covid has increased, given business recovery and growth,” she said. While construction and planning may be core functional requirements, the sector seeks diverse talent.
“In our endeavour to get the best talent which may not necessarily be found amongst talent with core industry experience, we undertake cross industry hiring which works well for the organisation as well as those who choose a reputed and dynamic work culture,” Aradhya said.
According to Yeshab Giri, chief commercial officer, staffing and Randstad Technologies, at Randstad India, the real estate industry is moving towards a very high growth trajectory. It is expected to reach $1 trillion by 2030.
“As the sector’s contribution to GDP moves to 11-13%, we anticipate hiring to increase by 55-60% YoY in comparison to 2021,” he said. “Moreover, job opportunities for professionals skilled in metaverse, AI (artificial intelligence), ML (machine learning) and AR/VR (augmented/virtual reality) will increase manifold in the next three years due to various government initiatives and surge in demand for property ownerships.”
Randstad expects that real estate firms will provide 10-12% salary hikes and other non-monetary incentives by the end of 2022 as technological developments speed up the hiring of the digitally-literate talent pool.