Real estate and construction sector is expected to emerge as the largest employer in India providing 75 million jobs by 2022, according to a report by KPMG India. The sector in India is expected to be the third largest globally by 2030 contributing over 15 per cent to the Indian GDP. The size of the construction market is expected to be more than $1 trillion by 2030. Urban population in India is forecast to increase about 40 per cent to over 580 million by 2030 from 420 million in 2015. The government has launched several large programmes (such as Smart Cities, Housing for All, AMRUT, HRIDAY) etc. along with policy support (Real Estate Act, REITs, GST etc.) to accommodate such a vast population base. According to the report, 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. With every sixth person getting urbanized globally being an Indian, the real estate and construction sector holds significant opportunity for both global and domestic companies engaged across the value chain (design, development, construction, finance etc.), said KPMG.
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