BCD Group, Maiwir Engineering Form Joint Venture for Accelerated Construction
BCD Group and Maiwir India have joined forces to establish a joint venture aimed at leveraging advanced technologies and building infrastructure modeling to expedite real estate projects in Bengaluru, offering accelerated construction timelines to clients. The collaboration intends to boost BCD's real estate development portfolio by over 100 million square feet within the next five years, thereby bolstering its order book.
Angad Singh Bedi, Managing Director at BCD Group, emphasized the increasing demand for real estate across various segments and the necessity for faster project turnaround times. The partnership with Maiwir India aims to reduce construction durations by half, ensuring timely delivery and enhancing customer satisfaction. Both companies share a common goal of providing innovative design solutions, superior quality projects, and state-of-the-art experiences to their clientele.
BCD, backed by its extensive experience, and Maiwir Infra, known for its global expertise in turnkey projects, have united to offer enhanced construction solutions across diverse sectors including commercial, retail, hospitality, institutional, healthcare, and residential.
This collaboration assumes significance in addressing the surging demand for real estate in India by expediting project development timelines while maintaining stringent quality standards. The partnership is expected to harness the combined expertise of both entities to deliver exceptional outcomes.
Sarath C Parupalli, Managing Director of Maiwir Group, highlighted their commitment to delivering pioneering design solutions that are cost-effective, rapid, and highly adaptable, which will lay the groundwork for the rapid expansion of the Indian real estate sector over the next two decades. By amalgamating BCD's decades-long experience with Maiwir's cutting-edge technologies, the joint venture aims to significantly accelerate real estate development and contribute to the country's economic growth trajectory.
BCD boasts a track record of successfully developing over 25 million square feet of real estate, with approximately 13 million square feet of projects currently under construction. The group's interests span across multiple sectors including residential real estate, townships, steel plants, hospitality, power plants, cement plants, runways, oil refineries, and airports.
According to a report titled 'India Real Estate: Vision 2047', jointly developed by Knight Frank India and NAREDCO, India's real estate sector is poised to reach a value of $5.8 trillion by 2047, contributing 15.5% to the total economic output, up from the current 7.3% contribution. The report forecasts substantial growth in residential real estate output from $299 trillion in 2022 to $3.5 trillion in 2047, and office real estate output from $0.04 trillion to $0.47 trillion during the same period. Additionally, the warehousing real estate output is projected to witness growth, increasing from $0.029 trillion to $0.034 trillion, further underlining the sector's robust expansion prospects.
