Assessing the Capabilities of AI in Private Real Estate Development Within the Construction Sector

Abstract

This research delves into the application, gains, and difficulties of Artificial Intelligence (AI) in the project management field of Mumbai's private real-estate construction industry. It looks at how AI-powered solutions could bring the cost management, scheduling and quality control aspects of the work to a positive light, contrary to the sector's history of cost overruns, delays, and quality issues.
The research methods employed here are mixed and involve qualitative interviews with industry stakeholders and a quantitative survey of 99 professionals. The results indicate that although the commencement of AI adoption is still at its early stage, the trend of AI adoption is getting larger. Cost estimation by use of predictive analytics, automated scheduling, and the use of computer vision for quality control have been the most prominent applications. It has been found that more than half of the respondents who are involved in AI-enabled projects declare that they are very positive about the potential of AI to enhance efficiency.
Nevertheless, there are still major obstacles to the complete integration of the system. Among these are the lack of digital literacy among the workforce, the uncertainty of regulatory issues, the incompatibility of data systems, and the reluctance of the culture. The lack of skills in a particular area is very glaring, and this point emphasizes the need for a program designed to uplift workforce upskilling in a strategic manner.
Consequently, the study presents a hands-on, stepwise AI implementation plan that suits Mumbai’s environment as an answer. The policy suggestions for boosting digital literacy, standardizing data, and offering monetary benefits for investing in technology to overcome the gap between AI's promise and its actual performance are the other recommendations. This study opens a door to the limited works of AI in the construction of emerging economies and points in the direction of a strategy for the people in the fields of practice, policymakers, and technology providers who seek to promote change with the help of technology and sustain development in rapidly urbanizing areas.