Indian real estate too slow to adopt new technologies
According to an Ernst & Young and FICCI report, the industry is grappling with a 30% labour shortage, which has given rise to several problems. Moreover, this gap has been increasing and the situation is expected to worsen, as demand is expected to increase three-fold.
Brotin Banerjee, MD and CEO of Tata Housing, agrees that Indian realty is grappling with a number of challenges, including shortage of skilled manpower, escalating project costs and prolonged construction periods.
According to a recent industry report, the implementation of new construction technologies can significantly reduce a project’s completion time and thus, reduce the losses arising due to delays.
Experts contend that the real estate sector will eventually have no choice but to leverage technology, to aid faster and efficient construction. While many of the latest technologies are already available India, their adoption will depend on domestic requirements. Moreover, there is also a raging debate on whether technologies that have worked abroad, will give the desired results in the Indian market.
We are already using technology at various levels of construction, including for manual jobs like weightlifting and also to make the whole operations process-oriented, points out Nikhil Hawelia, MD of the Hawelia Group.