Construction Industry - Riding the Technology Wave

Construction Industry Riding The Technology Wave

Contractors and real estate developers engaged in infrastructure development discuss the emerging opportunities in the India's construction sector with the government's renewed focus towards fast-tracking projects for timely completion. However, a majority of the companies heads interviewed by the NBM&CW stated that they often have to contend with several challenges during project execution. Challenges include funding issues, clearances and approvals by the authorities, lack of project managerial skills, dearth of skilled workers, lack of access to innovative software and technologies, and, sometimes, lack of project-specific equipment.

They suggest various measures to clear roadblocks for smoother and faster implementation of projects, and digitization of processes to bring greater efficiency and accountability at every stage of a project's construction. Measures include upskilling the workforce with regular training, better coordination between the government agencies, mechanism for dispute resolution, and so on.

They are also unanimous in their opinion that wider adoption of advanced technologies such as Artificial intelligence (AI) and Internet of Things (IoT) can help bring down construction time and operational costs. According to them, these futuristic technologies have immense scope in India and their implementation in construction will bring huge benefits to infra development, especially with projects becoming bigger and more complex.

In fact, the construction industry is undergoing a new phase of modernisation with AI, machine control and IoT making inroads (quicker than expected) around the globe, including India. It is heartening that many companies in India are already accessing a host of technologies, which is bringing about a visible change in their businesses with higher productivity and better performance.

Both the contractors and real estate developers speak optimistically of better managed projects, greater ability to meet challenges that hold up work, better product quality, scheduled completions, and overall satisfaction, with the use of advanced technologies in construction equipment and project management.

Click on the below links to read the viewpoints of the major infrastructure and real estate companies.

NBM&CW July 2019

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Sachin Bhandari, CEO, VTP Realty

The Infrastructure sector is the backbone of the Indian economy as it is responsible for propelling the country’s overall development. The sector, therefore, requires dedicated focus from the government, which must formulate Read More ...

Jatin Goel, Executive Director, Omaxe Ltd

Infrastructure construction is expected to intensify in the next few years. The sector has seen dips and stagnancy, and now, with a stable government at the Centre, the sector should see a steady growth with the huge spend on Read More ...

Arun. G. Rao, Head of Engineering, - Assetz Property Group

Over the last few years, the growth graph of the Indian Infrastructure construction sector has been at a constant rise owing to the increase in housing demand. The development of highways, roads, metros, etc. has created a feasible Read More ...

Rajagopalan T S, Vice President – Projects, Adarsh Developers

The Infrastructure sector is responsible for propelling India's overall development with world-class infrastructure that includes bridges, dams, roads, urban development, power, ports etc. India requires investment worth ₹50 Read More ...

Madhusudhan G., Chairman & MD, Sumadhura Group

According to a report, the Indian construction industry is poised to become the third largest in the world by the year 2025 and expected to reach a market size of $1 trillion by 2030. Factors such as rapid urbanisation, emergence Read More ...

José Braganza, Joint Managing Director, B&F Ventures

The trio of GST, DE-MO and RERA was introduced with an objective to curb the black money dumping in the infrastructure and construction sector. This move has brought an enormous change in the way the sector was conducting business Read More ...

Pritam Chivukula, Co-Founder & Director, Tridhaatu Realty

The Infrastructure sector is expected to contribute 15% to the Indian economy by 2030. It enjoys intense focus from the government, with policies to ensure time-bound creation of world class development across the country. Public Read More ...

Avneesh Sood, Director, Eros Group

The Indian Infrastructure sector is a key driver for development and enhancement of the Indian economy. It is exceedingly in charge of impelling India's overall development and progress and enjoys extraordinary concentration from Read More ...

Mayur R Shah, Managing Director, - Marathon Group

India's GDP is growing at the rate of 7% which is the highest in the world. The size of the Indian construction market is going to be the third largest globally by 2030, and its contribution to GDP is expected to increase to 15%. Read More ...

Rakesh Reddy, Director, Aparna Constructions and Estates

The real estate sector made a strong comeback in 2018 especially in metros and tier 1 cities. We would describe it as a year of consolidation and revival. The complete implementation of RERA has been a positive step towards Read More ...

Deepak A Suvarna, Chief Projects Officer, Mahindra Lifespaces Developers

The Indian real estate sector has witnessed multiple shifts and turns in the past few years. With the implementation of RERA and GST, there is better regulated markets, more transparency, greater accountability, and a stronger Read More ...

Dr. Niranjan Hiranandani, CMD, Hiranandani Communities

The Indian economic growth story is powered by a slew of mega infrastructure, so opportunities have grown multifold over the past few years. As any growth brings along multiple challenges, the same is with these mega-infrastructure Read More ...
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