Page 42 - CV- Feb-March 2023 copy

FUTUREof

CONSTRUCTION

in INDIA

India's construction industry is expected to grow at an annual

average of 6.6% between 2019 and 2028. The share of the urban
population is expected to be 50% of the total population by 2050.
Present levels of urban infrastructure are inadequate to meet the
demands of the existing urban population.

Consequently, the construction industry needs to always change and evolve. Every year new trends appear within the industry,
from technological advancements to a stronger focus on sustainability. If you run a construction company and you want to make
sure you stay ahead of the game, it can be useful to be aware of emerging trends that could prepare you for the future.

Technological trends are shaping the future of construction. Every construction company today is convinced that technology is
poised to impact the construction industry like never before. From cloud-based collaboration to robots and artificial intelligence –
an incredible array of developments are helping or poised to help and improve the way buildings and infrastructure development
happens in India.

Also, the construction industry in India suffers from major time and cost overruns. Data from government and industry reports
suggest that projects suffer from 20 to 25 percent time and cost overruns. Waste of resources has been identified as a major
source of inefficiency. Despite a substantial increase in the past few years, demand for professionals and contractors still
exceeds supply by a large margin. The traditional methods adopted in the Indian construction industry may not suffice the needs
of this dynamic environment, as they have produced large inefficiencies. Innovative ways of procurement and project
management can satisfy the needs aspired to as well as bring added value.