| |August 20198India is set to become the third largest construction mar-ket in the world by 2025 with a size of USD 1 trillion, ac-cording to KPMG research reports. What is your perspec-tive on this market trend and how do you see the future market opportunities? A. We are quite positive on this market trend as the sector is expected to become largest employer in India, provid-ing 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 developing quality infrastructure with 432 pro-jects 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. 2. Government's push for Smart Cities coupled with in-creasing urbanization has ramped up activities in the construction of roads, railways, buildings and urban in-frastructure. What according to you are key factors driv-ing the civil construction and real-estate market in India?A. Currently, urban areas house 40% 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 at-tracting investments. It is also likely to draw private in-vestments into core sectors like roads, railways, airports, ports, buildings etc. Smart cities also offer an excellent investment options with a sustainable scope for price appreciation, especially 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. 3. 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 hinder-ing the growth of the industry?A. 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 lo-cation of the country which is prone to natural disasters like earthquakes, tsunamis, floods and cyclones. Second is the cost of constructions materials, especially after imple-mentation of GST has increased phenomenally. Finally, non-availability of land within city limits has increased the overall costs for companies and stakeholders.4. Technology has transformed both in-house and on-site operations related to the construction. Can you please present your views on the adoption of technology solu-tions in the construction landscape and its implications?A. Laser based survey equipment and laser-guided exca-vation and tunnelling equipment have brought in better precision. CAD enabled construction design has led to IN MY OPINIONGarapati Radhakrishna, Chairman and Managing Director, RKEC Projects Ltd. TECHNOLOGY DISRUPTIONS AND OPPORTUNITIESIN THE CONSTRUCTION INDUSTRYGarapati Radhakrishna
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