“The survey also revealed that real estate and construction sector will trigger 75 million jobs by 2022, becoming the biggest job propellers in India”
A survey conducted jointly by the NAREDCO (National Real Estate Development Council) and KPMG revealed that the Indian real estate and construction sector is expected to become the 3rd biggest of the globe by 2030. The survey also revealed that both the sectors will be triggering 75 million jobs by 2022, becoming the largest job generator in the nation and contributing 15% of the GDP. Agriculture sector is presently the biggest job generating sector in India.
The survey conductors, NAREDCO is a real estate body falling under the ministry of housing and poverty alleviation. Their report also added that the urban population of India is set to expand by 40% to reach 580 million by 2030. It also untied a whooping statistics that India needs nearly 110 million homes to achieve the landmark of Housing for All by the year 2022. Centre is progressing with a comprehensive mission of “Pradhan Mantri Awas Yojana” (PMAY) which aims at delivering 2 Crore houses by 2022.
Pradhan Mantri Awas Yojana
Also known as Housing for all”, PMAY seeks to address the housing requirement of the urban poor citizens. The mission was launched in 2016 and aims to build affordable homes across the breadth and length of the nation. The target group is the Lower Income Group (LIG) and the Economically Weaker Section (EWS) people in the urban areas. Central Government will provide a subsidy of Rs 1 Lakh and Rs 2.3 Lakh, besides allowing subsidy of 6.5% for interest rate for bank loan. Female members will be given special consideration in allotment of homes in PMAY. Centre has also opted eco-friendly technology for construction of the homes under the Yojna.