The Real Estate Unboxed: The Modi Effect report, written by real estate consultant Anarock and realtor association  NAREDCO, was made public on Monday.  

The employment rate in Indian real estate has increased significantly over the last ten years. A joint report released on Monday by the National Real Estate Development Council (NAREDCO) and real estate consultancy Anarock states that the number of people employed in the real estate industry has increased from 4 crore in 2013 to 7.1 crore. 

According to the report, it is fueled by the nation’s housing sector’s robust growth, which is encouraged by various policies implemented by the Modi administration. 

According to a report titled “Real Estate Unboxed: The Modi Effect” by realtor association NAREDCO and real estate consultant Anarock, the Modi-led government’s reforms have made a major difference in the Indian residential real estate market. It has not only made the industry stronger, but it has also enabled it to reach new heights. 

According to reports, more than 18% of India’s workforce is employed in the real estate industry. 

From 2014 to 2023, 29.32 lakh residential units were supplied and 28.27 lakh units were sold in the seven largest Indian residential markets.

In the meantime, G Hari Babu, National President of NAREDCO, stated in the report that “the government has aimed to reshape the landscape of the real estate sector in India in the past ten years with profound initiatives like the Real Estate Regulation and Development Act (RERA), Goods and Services Tax (GST), and various housing schemes like Pradhan Mantri Awas Yojna (PMAY).”

In addition, Anuj Puri, Chairman of Anarock, stated that the top seven markets have seen growth in housing prices due to a notable demand for housing. It includes  Delhi-NCR, MMR (Mumbai Metropolitan Region), Kolkata, Chennai, Bengaluru, Hyderabad and Pune. 

The study documents a decade of transformation in the real estate sector, driven by several innovative laws and regulations. As per the most recent government data, over 1.21 lakh consumer grievances have been resolved, and approximately 1.23 lakh real estate projects have been registered since the start of RERA. 

But as of December 2023, the SWAMIH Fund had finished building roughly 26,000 homes across the country, and an additional 80,000 were scheduled to be completed in the next three years.