Hiring in the Real Estate Sector increases during the upcoming festive season
The real estate professionals are in great demand as the top management is working on a hiring plan ahead of the festivals. We can witness a similar scene at the Bangalore office of the real estate company Brigade Group. After the Narendra Modi-led BJP swept to power in Delhi and the business sentiment improved, this year the builders are hopeful of a revival of demand in the real estate sector during the festival season.
For a few years now, the usually peak festival season hasn’t been a time of joy for the housing business, due to the lull in the market, however this year the scene might take a 360 degree turn.
Viswa Prathap Desu the vice president of sales and marketing at Brigade Group mentioned that the company will require at least 10-15 percent more people in the sales teams by the end of September. They need to build up their sales teams for the upcoming launches.
Like Desu, executives of other housing companies around the country are gearing up to launch new apartments, while some are hoping to clear massive unsold inventory. There is a huge inventory of about 760,000 apartments in the top-10 cities alone and by the beginning of next month the realtors are hoping that the buyers will start buying them.
A builder in Noida who has struggled to sell hundreds of apartments launched during the boom time mentioned that they are hoping to light up their homes during Diwali this time. Enquiries are up, footfalls at sites are growing and the sentiment is improving by the day.
Lalit Kumar Jain, chairman of the Confederation of Real Estate Developers’ Associations of India (Credai) stated that people did not lose jobs in the last 2 years. However that is not true as google after taking over Motorola and Nokia’s cell phone units, IBM, HP and many other big companies had huge layoffs in the last 2 years. The employees did not get regular increments and hiring did not happen. The inflation increased disturbing the regular household budget.
Jain is also expecting hiring in the industry to grow by at least 10 percent next year. Improvement in business sentiment and growth in job prospects is bringing buoyancy in the real estate market. He also mentioned that the sentiments are good. Even though it might take time to trickle down to exact business resumption, the builders are preparing grounds for the revival that might take a couple of quarters from now.
K Sudarshan the regional managing partner at the executive search firm EMA Partners International mentioned that positivity in the growth hiring, which operates largely on sentiment, has returned for sure. Infrastructure has emerged as one of the hotspots for hiring and with this, real estate also tags along.
Source- The Economic Times
business sentiment, Confederation of Real Estate Developers, CREDAI, Hiring in the Real Estate Sector, Narendra Modi-led BJP, upcoming festive season
