Construction, a major growth tool, plays an important role in boosting the economic sector of India. Evidently, the Indian construction sector has wide untapped potential, rendering a competitive yet great marketplace to professionals.
In 2019-20, the worth of India’s built environment was approximately $192 billion, and it is growing at a rapid pace, generating more investments. These increased investments will unlock new economic growth by finding private and public investment solutions, optimizing technology, and better education opportunities for an exceptional career in the built environment.
It is assumed that with the upcoming infrastructure schemes, more jobs in real estate and construction projects will be created, thereby improving the quality of living in urban and rural centres. To realise this vision, an investment of about $965 billion is expected by 2040. This goal is expected to increase the demand for real estate in commercial, residential, retail and warehousing sectors.
In fact, to tackle the weaknesses advanced by the pandemic, new technologies in the construction sector helped in recovering faster. The government has also helped in faster recovery and launched Global Housing Technology Challenge to promote new R&D for the built environment. Hence, professionals in the built environment sector improved the built scale with technology innovation.
Apart from the measures mentioned above, the government is working on the ease of financing the projects to drive India’s growth. To complete stalled projects and provide relief to developers, a Special Window for Completion of Construction of Affordable and Mid-Income Housing Projects (SWAMIH) fund has been set up. Also, to regulate the important profession of valuation, a Valuers’ bill is expected to be tabled in parliament, meeting transparency and professionalism to access funds.
The built industry has a lot to offer to the professionals, such as vast employment opportunities to choose from designing and constructing houses to building and repairing bridges, airports, and roads.
Embracing change and new opportunities have always helped in effective growth. Similarly, by adopting different techniques and acquiring new skills, professionals in the built environment sector will achieve heights and dream roles.
About RICS SBE:
RICS School of Built Environment (RICS SBE), Amity University is an industry led academic institution which delivers specialized undergraduate and postgraduate programs to students ambitious to work in real estate, construction and infrastructure sector. It also aids as a hub for research and development of technical proficiency in built environment.