An engineering education opens doors to success- wouldn’t be an understatement. Software engineering may have taken the spotlight for the time being, but there’s no denying the fact that other streams, most certainly have their rightful bountiful place in the sun. A profession after completing B.Tech in Civil Engineering is regarded as an important cog in the wheel for any nation’s progress. Amongst the various streams of engineering, Civil Engineering, since time immemorial, is one such profession that has stood the test of time and has not only adapted but has evolved to meet the changing cultural and economic dynamics, without diminishing its value and has been instrumental in bettering the living standards of the masses, and the country as a whole.
Background and Outlook – Real Estate Sector
The continual growth of civil engineering as a career choice is attributed to several contributing factors; the extensive continuing infrastructure requirement for all industry expansions activities being a key driver.
A steadfast Real Estate sector is a major indicator of the incessant demand for civil engineers. All categories defining the real estate sector continue to peak including office spaces, retail, residential, hospitality and healthcare wherein demand for spaces is only on the rise.
India Specific Outlook
In India, largely due to the need to cater to the millennial workforce, currently, at 46 percent, construction and development of tech-smart offices, co-working spaces and so also large residential townships are kindling a boom in the real estate sector. With the upward mobility and lifestyle trends, coupled with the higher employment and rising income levels, the real estate sector continues to witness exponential growth across the length and breadth of the country as urbanization spreads into the hinterland. Stemming from these crucial factors, the market size estimates of the erstwhile Real Estate sector in India is expected to surpass the market size of US$ 1 trillion by the year 2030 and contribute upward of 13 per cent of the country’s GDP by 2025, providing an undeniable growth potential and stimuli for greater employment opportunities in the sector.
Government’s initiatives and sectoral focus
The government’s intent in boosting Real Estate and strengthening consumer demand is evident through the adoption of game-changing tax reforms, RERA, land acquisition bill and revamping accounting systems, all in a bid, to build concrete structural reforms for creating a strong base for the sector to flourish unabated. Construction is the fourth largest sector with respect to garnering a share of Foreign Direct Investment inflows and the 100% FDI permitted in real estate projects within the Special Economic Zone along with the Federal Government’s ‘Housing for All’ initiative intended at plowing US$ 1.3 trillion investments into the housing sector by 2025 and so also the Smart City development projects will ensure an enormous blaze in construction and related activities accompanied by significant emphasis on concurrent job creations and recruitments. Infrastructure is a sector that continues to abound favor from any government of the day as well-oiled infrastructure machinery supports the government’s inherent economic development agenda triggered by consumer investment and spending.
There was a conclave organized in the best private university in Rajasthan were in the speakers from the real estate industry shared their opinions about the growth in this sector. According to them, it’s a booming industry with a sea of opportunities for budding engineers.