Today, the real estate sector is facing the biggest problem of project delays. The problem has assumed a crisis situation in residential real estate with lakhs of home buyers, waiting for years to seek possession of their homes. According to a recent Assocham study, as many as 826 projects are running behind schedule across 14 states with the highest average delay of 45 months in Telangana, followed by 44 months in West Bengal, Odisa and Haryana. A JLL study puts the number of unsold (including delayed) units at 4,40000 at the end of 2017.
This large scale delivery default is attributed to fund crunch, diversion of funds by developers and delayed permissions by authorities. Another big reason for this is the severe shortage of skilled labour. In this backdrop, technology has a significant role to play in terms of speeding up construction and attaining high standards of quality.Realizing this need, more and more developers are encouraged to make use of alternate technologies over conventional methods.