With the workforce moving from the traditional construction and real estate sectors to service industry like banking, telecom, IT and ITeS, the shortage of labour is expected to go up by 65 per cent in the next 10 years, says a survey.
According to a report titled 'Indian Construction Sector - The Great Leap Forward' by Synergy Property Development Services, this shortage in the construction sector will drive the industry to adopt mechanisation and also project management.
"Labour shortage is pegged to go up by 65 per cent by the next decade with more workforce moving from traditional brick and mortar industry like the construction and real estate sectors to services industry.
"The acute labour shortage in the construction sector is going to drive the industry to go in for large-scale
With the cost of material expected to double in the near future, the sector will have no other option but to adopt and blend in global best practices, the report said.
"The next 10 years will be a period of caution and uncertainty, with innovation and technology adoption being the guiding force. Further, rising cost of construction materials and inflation will remain a concern," Prasad said.
"With India at the cusp of rapid development, demand for commercial and residential space could be met only through adoption of mechanisation and project management practices," he added.
