Better pay prospects hold good for real estate

The Corona-hit job market is set for better pay prospects next year, in turn  brightening the prospects of real estate.

According to a recent industry survey, riding high on the recovering economy and businesses, nearly 87% of Indian firms are planning salary hikes next year. The average salary increment projected for 2021 is higher at 7.3% These salary increments are expected to be led by sectors like technology, FMCG, pharma, IT,ITeS, ecommerce.This is quite encouraging, considering that this year many companies gave out lower or no increments. The survey reveals that sectors like real estate, infrastructure and hospitality are looking at positive growth in the coming quarter.

Says Mr. Pradeep Aggarwal, Founder & Chairman and Chairman, Assocham National Council on Real Estate, Housing & Urban Development, ” After the continuous pick up in business and economy, the prospective hike in salaries is a good sign for recovering realty. With low home loan rates, the better salaries will improve home affordability. This will further help in home sales which are already seeing upsurge.

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