siliconindia | | November 201919India is set to become the third largest construction market in the world by 2025 with a size of USD1 tril-lion, according to KPMG research reports. What is your perspective on this market trend and how do you see the future market opportunities? We are quite positive on this market trend as the sector is expected to become largest employer in India, providing employment opportunities to over 75 million people. The urban population is expected to become 580 million which will require more housing facilities and this trend will also move towards the rural areas. There is a great push for de-veloping quality infrastructure with 432 projects worth Rs. 6.5 trillion in pipeline for development of roads, more than 400 projects worth Rs.6 trillion for railways, 70 projects worth Rs. 670 billion for airports and 75 projects worth Rs. 551 billion for ports. Government's push for Smart Cities coupled with in-creasing urbanization has ramped up activities in the construction of roads, railways, buildings and urban infrastructure. What according to you are key fac-tors driving the civil construction and real-estate market in India?Currently, urban areas house 40 percent of the Indian popu-lation and it is supposed to increase in the coming years. This demands comprehensive development of physical, social, economic, institutional infrastructure and shift gears towards Tier-II cities which have the potential to become commercial and skilled hubs. Smart city project is an innovative initiative by the Government of India towards improving the quality of life of citizens and attracting investments. It is also likely to draw private investments into core sectors like roads, rail-ways, airports, ports, buildings and others. Smart cities also offer an excellent investment op-tions with a sustainable scope for price appreciation, es-pecially for a long-term investment purview. Evolution of these smart cities will increase the demand for office spaces as well as hotels, in addition to service apartments and shopping malls. Inadequate funds and resources is one of the major challenges faced by the construction industry in India. Optimal utilization of resources and better construction management and strategies help improve productivity and efficiency. What are various other challenges hin-dering the growth of the industry?The challenges being faced by this industry are plenty which are making projects more complex both in terms of design and functionality. Firstly, the geographical location of the country which is prone to natural disasters like earth-quakes, tsunamis, floods and cyclones. Second is the cost of constructions materials, especially after implementation of GST has increased phenomenally. Finally, non-availa-bility of land within city limits has increased the overall costs for companies and stakeholders.Technology has transformed both in-house and on-site operations related to the construction. Can you please present your views on the adoption of tech-nology solutions in the construction landscape and its implications?Laser based survey equipment and laser-guided excavation and tunnelling equipment have brought in better precision. CAD enabled construction design has led to fast-track the By Garapati Radhakrishna, Chairman & Managing Director, RKEC Projects TECHNOLOGY DISRUPTIONS & OPPORTUNITIES IN THE CONSTRUCTION INDUSTRYGarapati Radhakrishna, Chairman & Managing DirectorCXO InsightsRadhakrishna currently oversees the end-to-end operations of RKEC Projects, a leading services provider in the construction industry of India.
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