Consumers are not going to compromise on the quality of construction materials used and hence the price increase to some extent might negatively affect the rapidly-increasing real estate market. In the coming years, the Indian construction industry is expected to grow at a 6.2% annual rate with increasing demand for housing and construction materials. This increase in material costs, combined with supply chain disruptions and inflation, will result in an increase in the price of construction materials, which account for two-thirds of total construction costs. Despite price increases, consumers are not willing to compromise on the quality of materials used. To make the real estate process more efficient, the construction industry is increasingly embracing digital technologies such as virtual design, VR home tours, cloud-based software, and big data algorithms, says Ashish Aggarwal, Director, SpaceMantra. In an exclusive interview with Sanjeev Sinha, Mr Aggarwal expresses his views on the current state of the real state industry and how digitization could be the driving force in the coming years. Excerpts: India is seeing a boom in the real estate development sector as the demand for housing is at an all-time high. How is this going to affect the consumption and pricing […]
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