Time and Cost Overrun for Developers Project

Real Estate Industry is one of the important industries at Global level and national level. It provides a huge employment to people and plays very significant role in country economy. Delays are one of the most common problems in the construction industry. Time and Cost overruns are delays in project execution. Project overruns is a serious economic problem in the developing countries where the project implementation takes place in the face of many uncertainties. It wastes away our scare financial resources, delays the development process and also makes construction costlier. With increasing globalization and technology driven economic growth all over the world, a scientific and systematic approach to project management becomes imperative to ensure the project objectives are attained within the time, capital and other resources. It is very common observation that in spite of the resources available, Indian construction industry is unable to optimize them in order to have control over the time and cost of the construction projects. The reasons for the poor time and cost management in Real Estate Developers’ Projects are the lack of knowledge regarding the technology.