Indian Real Estate Boom Spurs Talent Demand, Driving a Hiring Surge in Construction and Sales

India's Booming property Market Drives Talent Demand

In the wake of unprecedented record sales over the past two years, India's real estate sector is experiencing a significant uptick in the demand for talent, particularly in construction and sales roles. Consultancy firms and developers are now facing a talent scarcity due to the limited availability of skilled personnel, prompting many to recruit fresh graduates from business schools.

Workforce Projections Signal Growth

As of 2023, the real estate and construction sector in India employed approximately 71 million people. Forecasts suggest this number could surge to 100 million by 2024, marking a 40% increase in workforce demand.

The sector is actively seeking well-educated and skilled professionals who are adept at meeting the sophisticated needs of Ultra High Net Worth Individuals (UHNIs) and High Net Worth Individuals (HNIs). These affluent clients, who often own multiple luxury properties both in India and abroad, expect a level of professional service akin to that offered in more developed markets.

To meet these expectations, firms are increasingly recruiting candidates with strategic insight from prestigious institutions such as the Indian Institutes of Management (IIMs) and the Indian School of Business (ISB).

Sector Transformation Enhances Professional Standards

Significant transformations in the Indian real estate sector, including heightened sales volumes and the implementation of regulatory reforms like the Real Estate (Regulation and Development) Act (RERA), have elevated the demand for professionalism, transparency, and expertise. This is particularly noticeable not only in the primary market but also in the secondary luxury segments.

Challenges of an Ageing Workforce

One of the main challenges currently facing the industry is an ageing workforce, with many experienced workers retiring and not enough young talent entering the field to fill the gap. Furthermore, the construction sector struggles to attract younger generations, exacerbating the talent shortage.

High Demand Roles in Construction and Infrastructure

Roles such as construction workers, civil engineers, electrical engineers, and geotechnical engineers are particularly in high demand within the infrastructure and construction sector. Given this war for talent, employers are pressured to offer higher salaries for new positions to attract and retain top-tier professionals.

Prioritizing Hiring to Sustain Growth

Developers are prioritizing hiring as a key strategy to capitalize on the current growth trajectory. They are focused on acquiring, training, and retaining the right talent to ensure they have the necessary professionals to manage and extend their growth.
Luxury Real Estate Demands Sophisticated ConsultantsIn the luxury real estate segment, which is outpacing other market segments, home buyers increasingly prefer dealing with sophisticated and knowledgeable consultants. These buyers value advisors who provide sound advice and enhance the overall property-buying experience, whether for personal use or investment purposes.

Tackling the Talent Shortage Head-On

According to ManpowerGroup India's recent talent shortage survey, 79% of the real estate sector reported difficulties in hiring, with 37% of respondents finding it particularly challenging to source IT/data skills, and 34% facing hurdles in filling sales and marketing roles.

Proactive Recruitment Strategies Essential

In today's booming market, securing top talent has become more critical than ever. With sales on the rise, firms are actively managing recruitment challenges by forging partnerships with premier talent agencies, offering attractive incentives, and emphasizing cultural alignment.