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.
- Ashoka Buildcon
- KNRCL
- Patel Infrastructure Limited
- SPML Infra Limited
- Welspun Enterprises
- Louis Berger
- DGC Infrastructure
- Hiranandani Communities
- Mahindra Lifespaces Developers
- Aparna Constructions and Estates
- Marathon Group
- Eros Group
- Tridhaatu Realty
- B&F Ventures
- Sumadhura Group
- Adarsh Developers
- Assetz Property Group
- Omaxe Ltd
- VTP Realty
