Mumbai, Oct 5 : The real estate sector in India is the second-largest employer after the agriculture sector and the phenomenal growth with an 18.7 per cent compound annual growth rate (CAGR) makes the sector ripe to become the largest employment generating sector and a hub for young talent, industry leaders said on Saturday.

The Indian real estate industry is witnessing a boom in terms of value and volume with a well-established value chain of developers in residential and commercial real estate, contractors, consultants such as architects and engineers, investors and so on.

'Further, this 'mother industry' is boosting other ancillary sectors and also, new-age PropTech startups are also booming with over Rs 40,000 crore invested in them, the real estate sector is poised to create multiple career opportunities,' said Vikas Jain, President-Elect, NAREDCO Maharashtra Next-Gen.

Speaking at a seminar here, Rajesh Doshi, Secretary, NAREDCO Maharashtra, said this sector is not limited to engineers or architects anymore.

'Real estate is for smart, driven individuals who can turn possibilities into opportunities. With the integration of tech, big data, and 3D modelling, there is a rising demand for skilled professionals like data scientists to forecast industry trends and dynamics,' Doshi added.

A recent report said that future outlook for the real estate market remains in the optimistic territory in India.

The Knight Frank'NAREDCO report cited that the 'Current Sentiment Index Score' has moderated to 65 from its all-time high in Q1 2024, indicating a measured outlook among stakeholders. Future sentiment score for this period also recorded a recalibration in Q2 2024 and was recorded at 65.

The 'Future Sentiment Index' has adjusted from 73 in Q1 2024 to 65 in Q2 2024, reflecting a positive yet more conservative outlook for the near term.

/IANS