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To study cost and time overruns in completion of residential project

Author: 
Prof. Hemant Salunkhe and Mr. Pramod Sarwade
Subject Area: 
Physical Sciences and Engineering
Abstract: 

The construction industry is one of the key economic industries in India and is the main motivating force in Indian national economy. But, it suffers from a number of problems that affect time, cost performances. The construction industry is dynamic in nature due to uncertainties in technology, budgets and development process. The Indian construction sector has been acted as an engine of growth for the Indian economy for over the past five-decades and becoming a basic input for the socio economic development of the country. Construction is the second largest economic activity after agriculture, and has contributed around six to nine percent of India’s GDP over the past five years while registering eight to ten percent growth per annum. Projects are reportedly failing across all the key performance measures including cost, time and quality. Successful management of construction projects is based on three major factors i.e. time, cost and quality.

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