New methods, changed strategies

There is an exciting year ahead for the construction industry as it is expected to grow at an impressive rate. Booming with new opportunities and a surge in public and private projects, there is growing demand for housing, commercial and industrial buildings. As the Indian population continues to grow, promoting urbanisation, the need for new construction projects will only increase.

As the world becomes greener and more eco-friendly, the construction industry seeks to position itself at the forefront of this movement. The strive to use materials that are more energy efficient, which produce fewer emissions and will create a more sustainable environment for the future, is increasing.

Fluctuating commodities costs and labour price rises continue to present challenges, but the development of new technology, materials and methods of construction will only serve to make the industry more efficient and ensure the better use of resources.

The beginning of this year saw considerable movement in overall project costs from the fourth quarter of 2022, leading to many project stakeholders reassessing their development plans. However, the projected positive gross domestic product (GDP) and single-digit inflation rate are indicators of a sustainable recovery for the Indian economy.

New approaches, altered strategies and government initiatives are contributing slowly but steadily to the nation's expansion and a strong pipeline is forecast due to the government’s investment in infrastructure, foreign investment and consumer demand. The increased use of digital tools and platforms is expected to expedite project delivery and improve the bottom lines of organisations.

In the face of this tumultuous market, Gleeds India is delighted to present its biannual publication which reviews current market trends in construction materials, labour and investment, analysing cost dynamics. Our report also includes a comprehensive market survey providing insight into the on-ground reality of the market.

We hope this publication brings optimism to all stakeholders who require up-to-date knowledge of market trends in the built environment, as we observe India’s transition from resilience through to resurgence in the coming months.