The real estate and construction sector is ready to take the position of the most miserable job producer for the period of April-September. The overall hiring position has come down by 8 percentage points.
A reduction of 8 percentage point in hiring outlook would result in increase of jobs by only 4.83%, which will be the lowest in the survey of all other 16 sectors surveyed.
The sector witnessed its employment position coming down to 70% in the period of April-September, from 78% in the period of October 2016 and March 2017.
The sectors of Real Estate and construction are the most affected after demonetization and are facing a new low.
As per the experts, the sector is expected to again go through a troubled economic time when the Goods and Services Tax (GST) will be finally implemented from 1st July, 2017.
And as a result, jobs would also be affected and the outlook would come down for at least six months.
The move of demonetization, which was initiated to get rid of the black money from the economy and work towards cashless and digitized economy, has impacted the real estate and construction sector the most. The launches of new projects and sales of existing ones have been severely affected and the sector has become stagnant. The homebuyers and builders are still waiting to enjoy the beneficial outcomes of demonetization.
As per a report by KPMG India, 7.5 crore jobs are expected to be created by the real estate and construction sector by 2022 and it will come out to be as the biggest employer in the country.
