Faculty Publications
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Item Consumer Centricity as a Delivery Strategy for Assets in the Real Estate Sector: An Analysis of the Framework and Interpretation of Law(American Society of Civil Engineers (ASCE), 2023) Krishnamurthy, A.D.; Mahesh, G.Consumer centricity (C-C) in the Indian real estate sector has gained prominence since the introduction of the Real Estate (Regulation and Development) Act in 2016. For a growing economy such as India's, with significant dependence on the construction industry to catalyze economic development, real estate consumerism is of vital importance to spearhead growth in the construction industry. This study critically examined the positioning of consumers in the Indian real estate sector over the years and to date in order to identify areas requiring interventions. Within the framework of the law, key factors defining and contributing to consumer centricity with regard to the delivery of real estate assets were identified. Various real estate sector-specific statutes were traced back along a timeline; they were assessed for the presence of the identified consumer-centric factors. The changes in legislative intent over time were coupled with timely judicial interpretations of laws in courts and regulatory forums. Lastly statutes of significance to real estate asset delivery were probed for inherent loopholes in their frameworks. The growing impetus to consumer centricity both in the making and interpretation of real estate laws was clearly established in the present study. However, existing laws of importance to real estate asset delivery were identified to be contributors to the creation and preservation of an inherent imbalance in the design and power structure of the sector, to the detriment of consumers of real estate assets. The findings undoubtedly indicate that to stimulate growth in the construction industry, the need of the hour is to place consumer centricity at the heart of affairs through the correction of inherent loopholes in the framework of law governing real estate asset delivery. © 2022 American Society of Civil Engineers.Item Analysis of Sources of Claims in Residential Real Estate Asset Delivery(American Society of Civil Engineers (ASCE), 2024) Krishnamurthy, A.D.; Mahesh, G.Residential real estate sector in India plays a pivotal role in supplying living accommodation to meet the ever-rising demand for housing. In the Indian context, the growth in housing supply has always lagged behind the demand. The present study examines the residential real estate sector to identify recurrent sources of claims hampering efficient delivery of housing assets. In mass urban housing supply by private real estate promoters/developers, 19 key factors reflective of the absence of time-bound, cost-certain and scope-adherent delivery of residential assets were identified. Following this, a questionnaire survey was undertaken to gain the viewpoints of relevant sector-specific stakeholders on the identified factors. Statistical analyses were subsequently conducted to arrive at key claim-causing factors bearing relevance to deficient housing delivery in India. Assessment of the viewpoints of a diverse set of real estate stakeholders pointed toward the presence of significant deterrents in the form of delays and cost-escalators, leading to unavoidable claims and litigation between residential real estate promoters/developers and consumers. The findings indicate the pressing need to optimize residential real estate asset delivery in India through the addressing of recurrent claims with respect to delays and cost-escalation. © 2023 American Society of Civil Engineers.Item Influence of Legal Environment on Housing Delivery(American Society of Civil Engineers (ASCE), 2024) Krishnamurthy, A.D.; Mahesh, G.Developing economies worldwide are pressed by the fundamental need of housing for their citizens. The present study assessed the influence of the existent legal environment in India on the delivery of assets in private housing market. In mass urban housing supply by private real estate promoters/developers, 14 key factors contributing to deficient housing supply were identified from within the framework and interpretation of real estate laws, while 33 factors captured deficiencies in execution of laws. A questionnaire survey was undertaken to gain the viewpoints of relevant sector-specific stakeholders on the identified factors. Statistical analyses were conducted to arrive at factors bearing statistical significance to deficient housing delivery. Gaping loopholes in the framework and interpretation of real estate laws were ascertained to have been further exacerbated by inefficiencies in execution of laws. The findings reflect the pressing need to enhance the efficiency of existent legal environment to optimize housing delivery in India. © 2024 American Society of Civil Engineers.Item Understanding the key factors of operating environment for small and medium contractors in the developing economies: the case of Ethiopia(Emerald Publishing, 2025) Bekele, A.; Mahesh, G.Purpose: Small and medium contractors (SMCs) play a significant role in socioeconomic development. Their strong links with other sectors of the economy have a multiplier effect on any country’s growth. However, the construction business, especially for SMCs, is not an easy business as several roadblocks affect their sustenance. This study aims to examine the factors affecting the sustainable competency of SMCs emerging from the business environment in which the Ethiopian construction industry (CI) operates. Design/methodology/approach: A literature review was conducted to identify 39 factors arising from five core sources (i.e. government policies, regulatory frameworks, industry networks, competitive bidding culture and construction technology and innovation). A questionnaire survey was conducted to gather industry stakeholders’ perceptions of the identified factors, and the results were analyzed using descriptive statistics. Findings: Findings indicate 37 significant factors affecting sustainable competency arising from five sources, and the top factors from their respective sources were unfavorable financial policy; unfavorable economic regulatory framework; lack of trust between parties in the industry; inability of SMCs to compete with bigger construction companies; and poor linkages between CI and research and development institutions. Furthermore, factor analysis identified 12 components, and the top ones were competition and uncertainties in the supply chain; unsuitable bidding environment; and ineffective industry networks. Originality/value: The findings will contribute to the body of knowledge on the factors affecting the sustainable competency of SMCs in the Ethiopian CI. They also indicate priority areas of competitiveness improvement and have implications for decision-makers. © 2023, Emerald Publishing Limited.