By: Sachin Sandhir, Managing Director, RICS South Asia
Greater emphasis needs to be awarded to project delivery in light of the human, physical and monetary resources that are lost as a consequence of such delays. Even in the most robust economy, the challenges involved in construction and delivery of projects are enormous. There are common worries focused on timeliness, costs, performance and delivery. Stakeholders involved across the development process are often insufficiently coordinated to deliver a finished product within budget and on time. Safety is also a growing concern. Therefore, newer and innovative construction technologies, materials and equipments need to be leverage in order to build speed and efficiency into the project delivery mechanism, giving boost to a higher quality product.
Recent technological advances in the use of information and communication technology have the potential to dramatically improve construction productivity while reducing waste and improving inventory levels, project cycles and budgets. Therefore, efficiency, innovation and cutting-edge technology are the keys to success in addition to professionalism, transparency and regulation.
To this end, self regulation and self regulatory professional bodies will become extremely relevant especially in the near absence of an educational support system and a regulatory authority. Also, with the growing international significance and realty markets being so intrinsically linked, there is a need to ensure that qualified professionals enter the industry, to elevate the level of expertise on offer. This can further be substantiated by the increasing number of clients across the world looking at hiring qualified people that demonstrate a high level of commitment to project excellence.
Therefore regulatory bodies will not only help improve the supply of qualified professionals and talent within the realty sector for developers/stakeholders to achieve their desired vision of projects, but also arm them with the requisite knowledge and life long learning and development through regular monitoring and training. Such form of regulation will also help ensure that all qualified professionals adhere to a prescribed code of conduct and ethics that help bring some level of accountability into the market.
