Pritam Chivukula, Co-Founder & Director, Tridhaatu Realty

2019 is the year for affordable and mid-segment housing as there is an inventory pile up of luxury property. Demand in the coming years will be consumption driven and not investor led. Thus, improvement in planning and quality of construction, service delivery and after sales will be the order of the day.

Pritam Chivukula
Opportunities

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 Private Partnerships (PPP) in the sector have increased and are expected to grow further. The government has initiated several projects such as Smart Cities, Housing for All, Bharatmala etc, which have opened the floodgates for large investments and opportunities for foreign investment in areas such as technologies and solutions for Affordable Housing, Smart Cities, Integrated Townships; Green building materials, construction of Air and Shipping Ports, Highways, etc. The government’s flagship scheme PMAY launched in June 2015 aims to build 20 million urban homes and 30 million rural houses by 2022. Hundreds of new cities need to be developed over the next decade. To achieve these targets, policy reforms such as the RERA, GST, REITs, etc. have been put in place to reduce approval delays and strengthen the real estate and construction sectors.

Challenges

Political willingness, lengthy administrative procedures, land acquisition, lack of skilled labor, increase in material cost, technology adoption, environment sustainability, funds for project completion are some of the major areas that need to be addressed while implementing projects.

Framing of policies that are favorable to the sector depend upon the government and help in guiding it in the right direction. Most contractors face the daunting task of finding land for construction. Skyrocketing costs of land and increase in material cost have resulted in escalating property prices.

The construction industry offers ample opportunities for employment but most of them are in the low wage category and come from rural areas, and therefore, contractors follow traditional work practices. This results in reduced efficiency and increases the risk factor. There is a definite need for skilled workforce and qualified professionals.

Aranya ElevationTridhaatu Aranya, Chembur and mention artist impression
Implementation of GST has put a burden on most of the materials used in the construction industry, especially in the high-end category, which fall under the 28% GST slab category. International investments into the sector have seen a shift in the way buildings are being constructed. Virtual Reality, AI security, and BIM are transforming the commercial and housing sector. Many developers are adapting to the latest building technology to have an edge over competitors.

Environmental sustainability is a burning issue with global implications, and especially so in India where traditional methods of manufacturing and construction are used even today. New environment friendly policies coupled with the latest building technology and skilled manpower will help in creating sustainable environments.

Software & Technology

Many projects fail due to lack of planning and ineffective project management. However, the construction industry is at the threshold of a new era with rapidly evolving technology in areas of planning, designing and execution. The real estate industry also is no longer confined to a brick-and-mortar structure. There is a positive shift with developers looking for ways to offer value to customers by way of healthier environments.

Tridhaatu Morya Elevation

At Tridhaatu, we are bringing in more efficiency and accountability, and reducing construction and operational costs using new technology and tools to enhance productivity at site, keeping track of the team’s performance in real time, and monitoring the project’s progress with respect to its schedule, quality control, and budget. We are using BIM for accurate quantity estimation, NESSO for document control and project report, and SAP for billing and contracts.

Artificial intelligence & IoT

Wifi-enabled home automation, motion sensor-based lighting, security management and app-based appliance control are becoming part of new developments, especially in metros. Customers are looking for automated solutions to make life easier. For instance, a smart HVAC system at home will sense the ambient temperature and the owner’s schedule and automatically start before he/she enters the house. Similarly, a smart security system will sense and analyze regular activities in the house and notify the user of any irregularities.

Some of the tangible applications of IoT in construction industry include preventive maintenance which reduces costs of repairs and downtime; offers forecasts, data-driven choices, reduces manual processes and paperwork, and eliminates inaccuracy. IoT solutions help deliver leaner ways of operation; alerts are sent out when resources begin to run out; trailing tags on shipments and trucks help locate the capital materials and other deliveries in case of lost or misdirected resources. An IoT based security system monitors materials and detects vandalism and thieving at building sites, or losses when materials rust or burn due to exposure or mishandling, and sends alerts in case of any smoke or water. Companies can use IoT for tracking labor hours at construction sites and in case of an emergency, track workers at site to evacuate them safely.

Order Book

India is at a stage of inflection and is poised for rapid growth over the next 15-20 years. The real estate sector has undergone a drastic structural change with the introduction of RERA and GST. 2018 was an eventful year for Mumbai’s housing sector. Due to a prolonged slowdown property prices have stabilized and come down to more realistic levels. This has set a level playing field for both genuine buyers and sellers.

2019 is the year for affordable and mid-segment housing as there is an inventory pile up of luxury property. Demand in the coming years will be consumption driven and not investor led. Thus, improvement in planning and quality of construction, service delivery and after sales will be the order of the day.

Tridhaatu is developing around 18 residential projects in Mumbai, and has plans to launch residential projects in Byculla, Matunga, Chembur etc. With MahaRERA in full force, we are optimistic about the road ahead and are confident that the momentum gained during 2018 will carry through 2019-20.

NBM&CW July 2019

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