Determinants of the Success of Real Estate Projects: A Study of Select Firms in Hyderabad
NICMAR Journal of Construction Management and Research, Volume XXVII No. II & III, pp 38-52, 2012
19 Pages Posted: 4 May 2013
Date Written: April 1, 2012
Real Estate sector has been growing at a rapid pace in India during the last decade and a large number of construction projects have been completed in India. Much of the commercial construction activity has been driven by Information Technology (IT) sector, especially in a city like Hyderabad, where the demand for residential house construction has also been coming largely from its employees. This IT-led construction boom has also been experienced in several cities of India. Given such strong demand, it is important to know how the construction companies are coping with the pace by successfully completing the projects. The insight of factors that lead to successful completion of projects is useful to Project managers in real estate sector. In general, many companies consider Cost, Time, Quality and Performance as main elements for the success of a project. There are many other factors, either primary or secondary, that have a place to play an important role in achieving a project success. This paper deals with exploring the factors that contribute to achieving project success. It is confined to residential and commercial housing sector in Hyderabad. A structured questionnaire is applied to find the factors determining success in relation to Client, Consultant and Contractor. This helps in understanding the major factors determining project success which can be useful to the project managers as they can be applied to new/ongoing real estate development projects.
Keywords: Real estate development, Construction projects, Project success, Determinant factors and Project management
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