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Skill development in construction Skill development in construction

Human Resource and Skill requirements in the Building Estate and Real Estate sector (2013-17), (2017-22)

Minister of State launched the Human Resource and Skill Requirement reports across 24 sectors in India which will serve as the baseline for all skill development initiatives being planned across the country. The idea behind the Skill Gap Studies is to understand which sectors are likely to face the biggest gaps. He said, it is imperative for us to plan the skilling of future workforce of India on the basis of these reports.

As per the reportReal estate in India is one of the largest and fastest growing sectors at a CAGR of 10 percent in the last five years. It is expected to expand at a CAGR of 19 percent in the next five years. The sector contributed to 4.8 percent of the total GDP of the nation in 2012-13. Industry estimates valued the Indian real estate sector to be INR 4551 billion in 2012-13 and is projected to reach INR 13,250 billion by 2023. By 2025 the sector is expected to generate employment for more than 17 million individuals in the country. Projected levels of urban and rural housing shortage , expansion plans of offices within Tier-II and Tier-III cities, increasing consumerism in retail sector, growing hospitality infrastructure and tourism will drive the demand for this sector.

Infrastructure segments constitutes more than 40 percent of the construction sector and expected to be valued at over INR 4774 billion by 2017 and INR 8674 billion by 2023. With over 1000 PPP projects in the country at an estimated project cost of about US $97 billion in the pipeline, infrastructure sector in India is poised fortremendous growth momentum in the years ahead.