The directive aims to regulate the employment of foreign nationals in construction projects and reinforce security measures. The state government has emphasized strict adherence to this order.

Bhatkhalkar stated that the move is part of the government’s broader efforts to address illegal immigration concerns. Builders and contractors have been urged to take note of this directive and ensure compliance to avoid legal consequences.

Also Read: FIR against 5 developers for….

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Several large / complex construction projects globally today adopt BIM (Building Information Modeling) methodology integrating various stakeholders (Owners, Architects, Engineers, Contractors) with a single source of truth across the entire project lifecycle through a Common Data Environment (CDE). While BIM has found significantly higher adoption at the Design Phase of projects, construction quality & variation from as-designed BIM models during the construction phase remains a challenge. ConstructMonitor has been developed to ensure better quality & progress monitoring and identify variations from the as-designed BIM model.

Quality defects at construction site, such as design deviations, incorrect element sizes, and missing structural elements, have cascading repercussions on the construction sequence. These also lead to the need for rework, as well as safety hazards, material wastage, cost overruns, and delays. ConstructMonitor enables General Contractors / EPC firms / Architects / Project & Construction Management firms / Owners to remotely monitor design deviations at construction site (vis-à-vis Design BIM models) with LiDAR-enabled iPhones (on a daily or weekly basis) and/or terrestrial 3D laser scanners (once a month). Construction-site reality captured using point cloud data is relayed via our cloud platform to a processing server where specialized algorithms make object-level comparison with the BIM design data and identify deviations.

Speaking at the launch, Mr. Raghuram NM, President of Neilsoft India Solutions Business, said, “Neilsoft’s BIM journey started around 2007 and we have been fortunate to get to support leading Architects / Engineering firms / Contractors globally on several BIM projects. BIM as a methodology has seen increasing acceptance over the last 15+ years and the Construction industry today is very actively embracing technology to improve efficiencies across the project life-cycle. At Neilsoft, we are constantly investing in developing multi-disciplinary engineering & technology capabilities to add higher value to our customers in their Digital Transformation initiatives. We are developing our own IP-led Solutions to address real-world customer challenges across the Design-Construct-Operate phases and ConstructMonitor is our first IP-led solution for addressing Quality issues during the Construction phase.”

ConstructMonitor is offered as a SaaS solution for each Client/Project and is deployable either on public or private cloud. The solution offers customizable visualization capabilities and intuitive dashboards providing a comprehensive view of the construction project and empowers remote users to determine the ‘as-built’ accuracy of the under-construction building. This early identification of costly variations & errors in the construction project lifecycle helps control construction quality, keeps projects on schedule and enables timely remote monitoring of quality & progress without frequent site visits.

Also Read: Cost of construction in India is expected to go up by 6% in 2024 

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Among the cities, Mumbai continues to be the most expensive city with costs higher while Chennai offers a more cost-effective option. The higher costs in Mumbai can be attributed to the increased prices of essential construction materials like cement, reinforcement steel, structural steel, and stones. The guidebook provides valuable insights into market trends and construction costs of real estate assets in major Indian markets. It includes a cost matrix that represents different styles and quality levels, along with an analysis of market trends for major building materials.

Jipu Jose James, Managing Director, Project Development Services (PDS), JLL India said “Businesses today are reassessing their real estate choices to optimize spending. While the exact impact of the pandemic on construction cost is still a topic of discussion, the general trend is evident – construction cost is on the rise. As a result, customer expenditure is expected to prioritize aspects that enhance the end-user experience. Understanding and effectively managing cost are crucial in maintaining budget control and delivering economically viable, high-quality projects.”

Confidently looking ahead, he expressed strong belief in the growth of construction activity in India. 

Labour cost to go up

While various factors influence the cost of construction in India, labour emerges as a critical driver of economic growth too. Hence, as construction expands into non-metropolitan and rural areas, the supply-demand gap is narrowing, resulting in a more stable labour market and reduced wage disparities. Presently, labour rates are experiencing an average annual increase of 6% over the past three years, impacting construction cost by roughly 2%. The industry heavily relies on its workforce as evidenced by its expansion to approximately 71 million employees in FY2023, up from 63.98 million the previous year, owing to urbanization and growing infrastructure demands. However, this growth is primarily observed in unskilled labor, exacerbating the shortage of skilled workers. The deficiency of vocational training institutions further impedes skill development.

Looking ahead

Evidently, construction cost is anticipated to experience a global increase in the coming year. Even in the face of uncertainties, opportunities for industry transformation persist. The construction and real estate sectors remain focused on sustainability, digitization, and adaptability, shaping their future. By investing in enhanced agility and efficiency, lasting value can be created beyond 2024.

Anticipating increased government investment in infrastructure, urbanization, and real estate, as well as the expansion of data centers and the semiconductor industry. However, caution is warranted as investors navigate the upcoming countrywide elections in 2024. On a positive note, the potential of digital technologies to reduce project cost and generate added value shines bright.

Also Read: Prices of under-construction projects increase 30.6% YoY across top 13 cities

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Spread across 400,000 sq.ft., Colliers has won a cost-plus contract to complete the ambitious project. The AI and technology hub will have a symbiotic framework that will facilitate higher synergy within the ecosystem. Tech companies will be able to access a comprehensive system that enables collaboration and innovation.

“Winning the Infibeam project reflects our capabilities and continuous endeavor to create value for our clients. Our subject matter experts, rich in knowledge and market expertise, never fail to drive unmatched results and deliver exceptional projects.

With technology, innovation and operational excellence at our core, we are committed to creating future-oriented Grade A spaces that are aimed at long-term growth. Our proven track record and team of the industry’s best professionals will certainly warrant effective project management and deliver a remarkable project.”, says Indranil Basu, Managing Director, Project Management, Colliers India. 

Also Read: Colliers transacts ~1000-seater premium managed workspace for Ninjacart at IndiQube, Bangalore

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ACETECH 2023 was more than just an exhibition; it was a celebration of creativity, a testament to human innovation, and a display of the potential of the architecture, design and infrastructure industries in India. This exhibition included multiple engaging events such as the prestigious Grandstand Jury Awards, Stop and Shop, the Hosted Buyers program, Ace Street, Ace Ceramica and Ace Surfaces, as well as the artistic enclave of Art Atrium, and the thought-provoking ACETECH Design District Panel Discussions among others.

A haven for architects, designers, and industry professionals to connect, collaborate, and cultivate creativity together, ACETECH 2023 featured over 600 exhibitors showcasing their innovation, skills, products and technologies. With the participation of over 350 Indian and international brands and over four lakh attendees, it provided the perfect platform for networking, collaboration and business generation. It was attended by the likes of Dr. Niranjan Hiranandani; Hiranandani Group of Companies, Mr. Ashish Raheja; Raheja Universal Pvt. Ltd., Mr. Dhaval Ajmera; Ajmera Realty & Infra Ltd, amongst other top leading innovators and thought leaders.

Sumit Gandhi, Founder and Promoter, ABEC Exhibitions & Conferences Pvt Ltd., shared his thoughts on the event, saying “ACETECH is a forum where the finest minds in the industry converge to express their creativity limitlessly. It is not just a trade show; it’s a bridge between industry professionals that offers a display of the biggest ideas, products, services and technologies in the country. It truly brings together the infrastructure, architecture and design industries in India as one cohesive community, and offers unparalleled networking opportunities. It fills me with pride to witness this vision come alive year after year. The 17th edition of ACETECH was absolutely spectacular, and we are grateful for the overwhelming response.”

ACETECH 2023 will be remembered as a ground-breaking milestone and a resounding success in the world of architecture, design and infrastructure. A symphony of ideas, and a testament to the immense potential for creativity, growth and innovation in India.

Also Read: MahaRERA seeks report from Developer on Quality of Construction Materials

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 As of November 2022, cost of construction has increased 28% higher than pre-pandemic (November 2021) levels but continues to be stable, compared to March 2022. The costs of key construction materials have jumped 32% in a span of three years, affecting margins and operational schedule of construction companies. The government’s efforts such as reducing exports and cutting import duties have kept raw material costs in check over the last few months.

Cost of construction (INR/sq ft)

As of March 2022, construction costs rose 10-12% YoY, owing to a  20% increase in key material costs. Key construction materials such as Cement, Steel, Aluminium, Copper saw a significant increase, along with fuel and labour costs due to geopolitical issues, inflation etc. This created a challenge for developers who were facing high debt and liquidity concerns.

However, by November 2022, overall costs of key construction materials ( Steel, Cement, Aluminium and Copper) declined by 8%, as compared to March 2022. Aluminium registered highest decline of 55%, followed by Steel at 6% decline. However, Cement and Copper costs increased by 9% and 3% respectively along with labour costs. This, coupled with decreased fuel costs  have kept overall construction costs stable since March 2022.

“Costs of key construction materials are likely to remain volatile for next few months due to uncertainties created by geo-political issues, persistent lockdowns in China and a probable global recession. Prices of key construction materials will hinge on multiple factors including global economic situation, inflation rates and supply constraints. Therefore, developers are likely to push new launches till the input prices further decline, as any further surge in the cost of construction materials would impact the timely delivery of ongoing projects and disrupt their cashflows resulting in increase in housing prices.” said Ramesh Nair, Chief Executive Officer, India and Managing Director, Market Development, Asia, Colliers.

“Developers are planning their projects well in advance, and aiming timely project completions to cater to the surging demand. They are increasingly adopting Just-In-Case approach to store the materials well in advance to avoid supply bottlenecks and unexpected price hikes,” said Jatin Shah, Chief Technical Officer, India & Managing Director, Technical Due Diligence, Colliers.

“Residential prices have been on the rise, increasing 6% YoY in Q3 2022, led by a combination of increased input costs and robust demand. Looking ahead, prices may be more or less stable for some quarters as the market is now seeing increasing interest rates. At the same time, some investor-markets with continued demand may continue to see some increase in prices. In the industrial sector, rents can see an upward movement led by robust demand and high costs,” said Vimal Nadar, Senior Director and Head of Research, India, Colliers.

Also Read: Will Second airport boost Goa’s real estate?

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The real estate industry has united in applauding the Supreme Court’s decision to uphold a Bombay High Court ruling from April 2019 that had invalidated three standards for determining the “capital value” of land where construction is yet to start under a new property tax regime. Both developer’s community and property owners see the SC ruling by the bench of Chief Justice U U Lalit and Justice Bela Trivedi as a considerable relief. Developers body like CREDAI-MCHI, which contested the constitutionality of the new system for calculating property taxes, experienced significantly higher property taxes due to the BMC’s new regulations.

The controversial Rule 20-22, taken down by the honorable Bombay High Court and Upheld by the Honorable Supreme Court of India, took into consideration the potential of construction on the vacant land for a valuation. And it took almost a decade, and a lengthy legal battle for many federations like the Central Mumbai Developers Welfare Association (CMDWA) to convince that under construction will have to be treated as vacant land in the new property tax regime. Property tax is among the biggest and “crucial” revenue sources for the BMC, especially since the abolition of the octroi. “The supreme court upheld no provision under the BMC Act to consider the development potential of vacant land for determining its capital value,” the supreme court upheld.

While congratulating CMDWA, Boman Irani, President, CREDAI-MCHI expressed, “We appreciate the tremendous efforts made by team CMDWA under the leadership of Shri Dharmesh Chheda for initiating the battle, which was very well supported by CREDAI-MCHI & NARDECO Maharashtra. “We are happy that the honourable supreme court upheld the decision of the Honourable Bombay High Court against a tax regime where under-construction property tax was higher than a constructed building. He further added that this would help rationalise the MMR property market price.

The SC reaffirmed that “only the existing physical qualities and state of the land and building can be considered for determining “capital value” and not the prospects of the land.” The BMC modified the property tax system in 2009 and switched the calculation method from “rateable value” to “capital value” of the land, a complicated formula utilising pre-1940 level-low standard rent. In 2019, the HC held that the amendment was valid but quashed three of its rules-20-22- as invalid. Rule 20 said ‘capital value’ would rely on the buildable potential of the land.

Speaking on the Supreme Court’s ruling, Dharmesh Chheda, President of the CMDWA, states that the MCGM had appealed the Bombay High Court’s decision, arguing that because the rules provided for a cap on property taxes, they wouldn’t rise as builders had anticipated. But on Monday, the Hon. Supreme Court dismissed the appeal, putting an end to the case.

Sandeep Runwal, President NAREDCO, expressed optimism about the development. “Any reduction in the tax amount will ultimately lead to a future property rate reduction. We are happy that the Hon. Supreme court has upheld the decision of Hon. Bombay High Court to stuck down the rule that taxed on the structure that has not been constructed yet and is only on paper,” he said.

Attorney General K. K. Venugopal and V. Sreedharan appeared as senior counsel for the BMC. At the same time, Shekhar Naphade, Milind Sathe, Darius Khambata, Chirag M. Shroff, and H. Devarajan testified before the SC on behalf of the respondents. They argued that land, where old buildings were dilapidated could only be taxed as “vacant land” and not based on a proposed mall or hotel.

Also Read: MAHA GOVT FORMS COMMITTEE TO STREAMLINE REAL ESTATE IN NAVI MUMBAI

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Construction is an ever-growing industry. Every construction company wants its business to soar high. In a market as competitive as the construction business, you have to always be on the lookout for “the next best thing,” which will give your company the edge over others in the market. But when it comes to growth, there isn’t a simple one-size-fits-all formula you can use to increase your construction revenue.

However, there are many effective strategies ranging from careful planning and network building to social media influence that you can use to grow your business that can help you reach new heights, make more money and increase your market share. Here are some ideas to get you started.

Prioritize customer service.

A happy, satisfied customer is significant for your business. Small construction businesses succeed best when they seek and find clients who fit seamlessly within their mission and who they can easily satisfy. Construction companies also expand swiftly when they have established strong customer service teams to help them build long lists of happy clients who can refer new clients and make repeat purchases. Indeed, if you want your small business to grow, you should focus on exceeding the expectations of your current customers to reduce customer turnover. Retaining clients who can make repeat purchases will help you spend less on marketing.

Get Online

The best way to promote your company is via the web. The website and social media can grow the construction business in an accelerated manner. In order to reach as many people as possible, you should create a website with all the essential information, such as contact details, expertise, and pricing.

Quality is king.

Cutting corners to reduce costs to speed up the completion of a project or closing a deal can be detrimental. Especially in an industry like construction, it is possible to overlook the quality and fall for the promises of the large quantities. But in the long run, the quality of your product makes a big difference. And the profitability of your services will ultimately depend upon the quality of your work!

Expand your services

A great way to grow your business is to expand into other areas of service. Adding streams of revenue to your business will not only increase your revenue, but will also add prestige to your company’s profile.

Be Up to Date with Industry Trends

The next hack to grow your construction business is to stay updated with the latest construction industry trends. In a rapidly progressing world, any company that isn’t innovating constantly can be categorized as a losing business. So, changes in the positive direction are vital for the business to flourish. Construction companies should be aware of the latest trends in the industry. They must strive to accommodate them as soon as possible. Starting early in an emerging market can skyrocket your business.

Nidhi Aggarwal, is Founder, SpaceMantra, all views expressed in this article solely belong to the author and do not represent the views of SquareFeatIndia

Also Read: Step-by-step Guide for Construction of any Building

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Constructing a new home or any building is a time-consuming process that necessitates all-encompassing involvement, frantic negotiations, and close interaction with numerous vendors and service providers. There are a number of steps that are involved in the process, from selecting the right location to locating the right builder to handling all of the paperwork. However, if you’re prepared and have a good team, building your new home can be a pleasant and enjoyable experience. Let’s break down the procedure that needs to be followed before constructing a house.

The pre-construction process

1.    Land acquisition

It is the most important stage of building construction. Look for a building location that is best suited for building construction. It is recommended that you collect prior data before purchasing land, either by conducting online research or by seeking assistance from real estate agents or concerned consultants regarding the effective cost of the same.

2.    Building Plan

The most important aspect of building construction is your building plan. It assists you in anticipating the features and functions of various stages of your construction process. Architects, civil engineers, electricians, and plumbers are essential in planning a successful building construction project. The building plan is set by architectural engineers based on the requirements of the building.

3.    Budget estimation

Building construction involves a tremendous amount of material and budget. The building estimator estimates material quantity and several work items and prepares a sheet containing the construction cost. If financial resources are limited, there is a need to seek pre-approval for loans in advance, or you may end up in a cash crunch.

4.    Building Permits

The house layout needs approval from the district authorities. The state and local governments enlist the statutory requirement for a residential project. Some approvals are layout approval, water, and electric connections, sewerage connection, Rainwater harvesting, etc.

Construction Stage

When the pre-construction requisites are in place, it’s time to start building! This process typically takes several months and necessitates the collaboration of many different workers. On the job site, an expert must constantly supervise the construction work. This person would be held accountable for a variety of activities as well as on-site technical problem-solving.

Post Construction stage

There are a few things to do after your new home is completed and before you move in and enjoy your new space. Apply for required documents, such as a Certificate of Occupancy, from the local building department. It certifies that your home complies with all building code requirements and is safe to live in. Get homeowners insurance to protect yourself from financial losses if your home is damaged or destroyed by fire, natural disasters, or other covered hazards.

Nidhi Aggarwal, is Founder, Space Mantra, views expressed in this article solely belongs to the author and do not represent the views that of SquareFeatIndia

Also Read:Is it the right time to invest in an under construction property?

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The rising input costs and the tough economic situations have led to an essential increase in the prices of commodities and the building construction sector is not spared either. When you wish to build a house on your own or through a contractor, the major portion of the cost is covered by the building construction material and essential supplies. Here are a few tips to reduce the construction outlay when you are planning to make your own home.

Go for Soil Testing

Different geographies have different soils and different characteristics. Before you embark on the journey of building a home, you must go for a thorough soil testing procedure. Several types of soils such as red soil, agricultural soil, black soil, coarse soil, loamy soil and peaty soil behave differently with water and other materials. If comprehensive soil testing is done beforehand, you can easily estimate the quantity of water, material to be used in the foundation and precautions to make the house earthquake resistant. It will save a great deal of money and prevent expenses at a later stage.

Choice of Construction Material

When you are in the planning stage, it is always advisable to get the rates of different construction materials beforehand. You must procure the construction material such as brick, steel bars, sand, cement and other allied materials in bulk so that you get the best discounts from the whole seller. If you purchase in bulk, the dealer will certainly give you handsome rebates, which would not have been possible in retail procurement.

You can also make use of different online platforms to procure building materials. This would save your transportation cost and quality material will be delivered to the site directly.

Consult a Structural Engineer and Architect

Many a time, people are hesitant to take the services of a structural engineer or architect as they consider it an added expense. However, a structural engineer provides you with solid and scientific advice which might be of paramount importance in the longer run. Technicalities such as farming plan detail, beam and column plan detail, and other structural drawings will help build a technically right and solid home.

Detailed structural drawing would estimate the usage of sand, cement and steel beforehand so that you do not end up buying extra building material. It will save a significant construction cost.

Usage of Prefabricated Material

With innovations in the building construction sector, pre-fabricated walls, panels, beams and other key components have made inroads into the construction sector. The prefabricated structures are easy to procure, install and use and have a durable life. Made of green material or PVC/cement, these walls are fitted in accordance with the map. Although people remain hesitant about using the prefabricated components, they are being increasingly popular and bigger structures are going for prefab components. It saves more than one-third of the cost, in comparison to traditional material usage.

Usage of Fly Ash Bricks

If you wish to reduce the cost of construction significantly, you can go for fly ash bricks rather than going for traditional red bricks. These bricks are made up of fly ash, which is a residue of power plants or thermal electric plants. These bricks also help in the recycling of fly ash and they reduce the cost significantly. However, good quality fly ash bricks must be chosen for construction.

Usage of AAC Blocks– The rampant use of Red bricks is coming heavily on the environment and red bricks industry has become one of the biggest emitters of carbon. A very environmental and pocket friendly alternative to red bricks is Autoclaved Aerated Concrete Blocks (AAC) blocks. These blocks are sustainable and affordable alternative to the traditional bricks. These blocks are over 50 percent lighter than the bricks and are more fire resistant. These blocks can be procured at only one third of the cost of the conventional bricks. So if you are planning to build a home, consider using durable AAC blocks.

Conclusively, if building a home is on your mind, a little planning, some extra effort and usage of smart alternatives might go a long way in saving the construction cost of the home. However, it must be highlighted that on the path to saving some extra bucks, the durability and quality of the input materials must not be compromised.

Nidhi Agarwal, Founder, SpaceMantra, views expressed in the article solely belong to the author and do not represent that of SquareFeatIndia

Also Read: Real Estate is Recovering, should you invest or wait?

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