Indian Real Estate Industry has embarked upon a journey to transform the face of Indian Realty with the adoption of advanced technology in the construction process. The impact of these modern techniques can be seen in design procedures, structural analysis, construction planning, building quality and safety, and project management services. Government’s initiatives on ‘Housing for All’, ‘Smart City Mission’, and rapid urbanization has generated the need for advanced and smart construction technology. Moreover, with the implementation of the Real Estate Regulation and Development Act, 2016, developers are liable to deliver quality projects on time to avoid any penalties.
MIVAN Technology is rapidly changing the shape of Indian Realty with its easy concrete casting methods. Developed by a European construction company, this technology is becoming popular among developers as it is suitable for constructing many houses in short span of time. This technology is an outstanding replacement to the conventional technology in terms of cost, quality, time & requirement of resources, structural stability, the effect of wind forces and seismic forces on high-rise buildings.
Developers in Tier I cities have already adopted these changes due to the availability of capital, trained personnel, and organizational capability. However, adoption of site-based construction technology has been limited to real estate sector in Tier II and Tier III cities. Plus, there is resistance to accept new-age construction technology due to lack of awareness as well as an unwillingness to experiment with new processes.
These innovative construction methods and technological advancements aid in enabling eco-friendly construction. And, it could also help a business to gain a competitive edge over its peers. The report says steady demand generated through rapid urbanization, rising household income, regulatory reforms, the emergence of affordable and nuclear housing will project India’s real estate sector to reach USD 180 Billion by 2020.
Already few developers are giving the required momentum to these new technologies to take their business to a different level altogether. These technologies not only boost the business of developers, but it will also help the Indian Realty sector to evolve and grow with advancement in construction technology.