With job losses looming large for those employed in the IT industry, demand for residential realty across the Indian IT hubs of Bengaluru, Hyderabad, Pune, as also Navi Mumbai in Mumbai and Noida in NCR could be impacted.
Among the cities, Bengaluru and Pune both rely heavily on IT companies not only for job creation but also to drive office and residential real estate demand, said Shubhranshu Pani, Managing Director — Strategic Consulting, JLL India.“As a result, these real estate markets face the maximum risk from an IT meltdown,” he added.
According to industry body estimates, the Indian IT and BPO sectors employ close to four million people in over 16,000 companies and the middle management is at maximum risk of job loss in these times of disruption, increased automation and artificial intelligence.
“Professionals aged 30-40 years and above, typically earn anywhere between ₹20-60 lakh per annum, and form an average of 17 per cent of the population across the leading economic centres of Bengaluru, Mumbai, Delhi, Hyderabad, Pune and Chennai,” explained Shubhranshu Pani.