Realty developers to tap big data to handle demand, input costs

30 Mar 2022 CW Team

The firms are doing predictive analysis, utilising procurement data of the past five years and expected demand from the upcoming projects, to help decision-making and conserve prices.The costs are changing repeatedly. But a substantial amount can be saved by ordering at the right time - and from the right place, as per Naren Vijay, Executive Vice President, Lumenore, a unified business intelligence and analytics platform.

Developers told the media that the steel cost has more than doubled and cement by about 38% in the past two years due to which the cost of construction has increased by at least Rs 500 per sq ft. Developers have started to adopt tech and utilise advanced technologies in cost management to measure the demand and plan their procurement strategies accordingly, according to Saurabh Sharma, India director of David Adamson Group, a UK-based international construction consultancy.

Technologies such as BIM are assisting developers to stay ahead of the curve and pre-empt the requirements of the project accordingly. Increasing crude costs and disruptions in the supply chain have brought a lot of financial stress to the construction industry. Costs of construction materials have skyrocketed, leading to cost overruns in several construction projects.

Advanced techniques like predictive analytics have attained traction in the industry. By utilising historical data, machine learning techniques, and statistical algorithms, predictive analytics can recognise the likelihood of future events, as per Aditya Kushwaha, CEO and Director, Axis Ecorp, which is implementing data-analysis mandates for real estate projects. These models are presently also being utilised to ascertain the movement of raw materials costs.

Image Source

Also read: The domino effect of price rise on the construction industry

Real estate developers are hiring tech firms and harnessing big data to mitigate the influence of increasing input prices via accurate forecasting of demand and placing orders with the right set of vendors at the right time. The firms are doing predictive analysis, utilising procurement data of the past five years and expected demand from the upcoming projects, to help decision-making and conserve prices.The costs are changing repeatedly. But a substantial amount can be saved by ordering at the right time - and from the right place, as per Naren Vijay, Executive Vice President, Lumenore, a unified business intelligence and analytics platform. Developers told the media that the steel cost has more than doubled and cement by about 38% in the past two years due to which the cost of construction has increased by at least Rs 500 per sq ft. Developers have started to adopt tech and utilise advanced technologies in cost management to measure the demand and plan their procurement strategies accordingly, according to Saurabh Sharma, India director of David Adamson Group, a UK-based international construction consultancy. Technologies such as BIM are assisting developers to stay ahead of the curve and pre-empt the requirements of the project accordingly. Increasing crude costs and disruptions in the supply chain have brought a lot of financial stress to the construction industry. Costs of construction materials have skyrocketed, leading to cost overruns in several construction projects. Advanced techniques like predictive analytics have attained traction in the industry. By utilising historical data, machine learning techniques, and statistical algorithms, predictive analytics can recognise the likelihood of future events, as per Aditya Kushwaha, CEO and Director, Axis Ecorp, which is implementing data-analysis mandates for real estate projects. These models are presently also being utilised to ascertain the movement of raw materials costs. Image Source Also read: The domino effect of price rise on the construction industry

Building Material

11 Dec 2025

Suraj Estate Wins Euromoney Award for India’s Best Residential Developer

"Suraj Estate Developers Limited has received the Euromoney Real Estate Award 2025 for ‘India’s Best Residential Developer’, positioning the company among globally benchmarked leaders in the sector. The recognition reflects its four-decade legacy in delivering high-quality residential and redevelopment-led projects across South Central Mumbai. The Euromoney Real Estate Awards, presented by the London-based Euromoney magazine, are widely regarded as one of the most credible global assessments of performance in real estate, banking and finance. Winners are selected through surveys of inte..

Building Material

11 Dec 2025

Lloyds Metals, Tata Steel Sign MoU to Explore Strategic Collaboration

"Lloyds Metals and Energy Limited has signed a non-binding Memorandum of Understanding with Tata Steel Limited to evaluate potential areas of strategic cooperation across mining, logistics, pelletisation and steelmaking. The MoU was signed by B Prabhakaran, Managing Director of Lloyds Metals, and Mr T V Narendran, CEO and Managing Director of Tata Steel. The partnership framework aims to leverage the natural operational synergies between both companies and assess opportunities in greenfield steel projects, iron ore mining, slurry pipeline infrastructure, pellet manufacturing in iron ore–ric..

Building Material

11 Dec 2025

IndiaAI, Gujarat Govt Host Regional Conclave Ahead of 2026 AI Summit

The IndiaAI Mission under the Ministry of Electronics and Information Technology, along with the Government of Gujarat and IIT Gandhinagar, convened a Regional Pre-Summit Event at Mahatma Mandir, Gandhinagar. The initiative is part of the build-up to the India–AI Impact Summit 2026, scheduled for 15–20 February 2026 at Bharat Mandapam, New Delhi. The conclave brought together senior policymakers, technology leaders, researchers and industry practitioners to examine how AI can accelerate economic, digital and social transformation across sectors. The programme focused on the overarching th..