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Moumita Bakshi Chatterjee

New Delhi, Oct. 14 The demand pick-up in housing, improved cash position, and new project launches have put real-estate companies back into the hiring mode.

Builders including Unitech Ltd, Ansal API and BPTP have launched recruitment drives for civil engineers and sales and marketing professionals for new and existing projects, as the market limps back into business after a prolonged slowdown.

Unitech has taken 300 people on board in various locations over the last three months, while Parsvnath Developers intends hiring up to 100 professionals in the coming months.

“We have put on the fast track execution of about 42 million sq ft of space, and will be looking for technical staff for delivery of these projects,” said Mr Pradeep Jain, Chairman of Parsvnath Developers. The Delhi-based real estate company raised over Rs 168 crore through a QIP (qualified institutional placement) issue this month. Mr Jain said that the 50-100 positions in the next 3-6 months will primarily be on the construction side.

Unitech, on the other hand, has recruited more for sales and marketing functions, a spokesperson said. The second largest realtor has raised nearly Rs 4,320 crore in two tranches of QIP this year, to tide over the liquidity crunch. It recently also flagged off plans for low-cost affordable housing in the price range of Rs 10-30 lakh under the ‘Uni Homes’ brand in seven cities.

Others such as BPTP, Ansal Properties and Infrastructure Ltd (Ansal API), CHD Developers and Mahagun too have started advertising for positions across categories such as residential and commercial, facility management and in certain cases even for hospitality projects.

Experts say that a significant chunk of recruitments are being necessitated by new affordable housing projects announced by builders in response to consumer interest in lower-ticket products. According to a study by FICCI, over a third of the current residential demand is in the price bracket of Rs 5-15 lakh, with 26 per cent and 22 per cent demand dedicated to Rs 15-25 lakh and Rs 25-40 lakh units, respectively.

The easing of the liquidity conditions too have helped. “Many projects that had come to a grinding halt during the slowdown for lack of finances, have now been re-started. The cash situation has clearly improved after QIP issues and project-level dilutions,” an industry observer, said.

The real estate sector is estimated to have witnessed equity investment deals totalling about Rs 20,300 crore between August 2008 and August 2009, with QIPs accounting for 60 per cent of the overall pie, according to a Cushman and Wakefield analysis.

But even though jobs are slowly returning to the market, many believe that real estate employers will be selective in hiring. .

More Stories on : Real Estate & Construction | Employment

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