According to a report 'Real Estate and Construction Professionals in India by 2020' by realty consultant Jones Lang LaSalle, investment in infrastructure during 2007-12 is USD 500 billion.
"The expected level of infrastructure investment predicted in the 11th Plan is 2.36 times that of the 10th Plan. Furthermore, this is expected to almost double for the 12th Five Year Plan," the report said.
The report, which was prepared for Royal Institution of Chartered Surveyors (RICS), also pointed out that about 97 million jobs are likely to be created over the next 10 years across different sectors in the country.
"In 2020, the workforce participation rate will increase to 42 per cent with 585 million working population, implying net increase of 97 million people," it added.
Due to this huge increase in jobs, India may need to potentially build an average of 8.7 billion sq ft of real estate space every year, adding up to a whopping 95 billion sq ft between 2010 and 2020, RICS said.
The study, however, said there is a huge shortfall of skilled manpower in the infrastructure sector that needs to be addressed with urgency.
"The country is currently facing massive shortages of skilled workforce in the construction sector. If we do not address this issue, it will be a big deterrent for us," RICS South Asia Board Chairman Anshuman Magazine said.
As per estimates, only 27,000 civil engineers are added every year against an annual demand of 4.27 million for the next decade. India's total strength of civil engineers is about 5,33,000.
"A sustained period of shortfall in annual supply, coupled with an increasing year-on-year demand, could result in a cumulative demand of nearly 40.2 million civil engineers over 2010-20, with a shortfall of 39.4 million civil engineers over the same period," the report highlighted.
Similarly, the country is likely to witness a total shortfall of 3.64 million architects and 1.1 million planners during 2010-20 period.
The survey, however, said the estimated supply of non-core professionals in the built environment sector is nearly three times the supply of core professionals, but they fall short of desired skills.
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