Navigating Building Construction Trends in India’s West Zone: FY 2023-24 - A Zone-Wise Analysis – Part 5 of 7
In this analysis, Biltrax Construction Data provides insights into the building construction landscape of the West Zone for FY 2023-24. This report focuses on residential, commercial, retail, hospitality, healthcare, and various miscellaneous structures documented through the BX-1 platform. It examines key trends and major players shaping the region's construction industry.
In our latest segment of the 'Zonal Analytics' series, this article, part 5 of 7, we focus on the West Zone's building construction landscape for FY 2023-24. Utilizing Biltrax's BX-1 platform, we provide an in-depth analysis of building projects in this region. The BX-1 platform encompasses various sectors, such as residential, commercial, retail, hospitality, healthcare, educational institutions, multi-level car parks, entertainment, religious buildings, & various other structures.
The West region of India, particularly Maharashtra & Gujarat, showcased robust growth in construction & infrastructure development. Major global events like the DAVOS World Economic Forum (WEF) Annual Meeting 2024 & the Vibrant Gujarat Global Summit (VGGS) 2024 significantly stimulated FDI & strategic investments. Maharashtra received approximately USD 18 billion in FDI in FY 2023-24, accounting for about 30% of the overall FDI inflows into India. Meanwhile, Gujarat followed closely, attracting around USD 16 billion in FDI, representing roughly 26% of the total FDI inflows.
Regarding development, the West Zone focused on sustainable & smart construction, underscoring its pivotal role in India's economic landscape. The region emphasized sustainable building practices, such as using green building materials & technologies. The push towards developing smart cities was evident, with significant investments in digital infrastructure & smart governance. Several large-scale projects were undertaken through PPP models, leveraging private investment for public infrastructure development.
Construction Projects in the West Zone
In the previous financial year, Biltrax monitored nearly 3,853 building construction projects in the West Zone via its BX-1 platform. These projects collectively spanned 990.29 Million-SqFt, with a construction cost amounting to INR 372,700 Crore.
State-wise Construction Overview of the West Zone (Based on Construction Value)
During FY 2023-24, of the total building projects tracked on BX-1 in the West Zone, Maharashtra leads with nearly 70% of the project value. Gujarat comes in second, accounting for 28% of the project volumes.
In Maharashtra, construction activities in FY 2023-24 were significantly influenced by both private as well as government developers. Oberoi Realty Ltd, a prominent private developer, is alone delivering six major projects, covering a total area of 23.44 Million-SqFt. These projects are valued at INR 12,008 Crore. In the government sector, the Public Works Department, Maharashtra (PWD) is managing an impressive 393 projects, encompassing 38.83 Million-SqFt worth INR 11,571 Crore. This dynamic collaboration between the private & public sectors highlights the state's commitment to comprehensive development. This further ensures balanced growth across both the residential & public domains.
Sector-Wise Distribution
In the last financial year, BX-1 recorded 2980 building projects in the private sector of the West Zone. These cover a construction area of 851.36 Million-SqFt & are valued at INR 323,280 Crore. Moreover, Public & Public-Private Ventures accounted for 873 projects, spanning a construction area of 138.91 Million-SqFt & valued at INR 49,418 Crore. This breakdown illustrates the extensive participation of both sectors in the zonal construction initiatives.
Key Stakeholders in the West Zone (Based on Construction Value)
Highlighting the key stakeholders driving building construction activities in the West Zone during FY 2023-24, this section focuses on Key Project Owners, Architects, MEP Consultants, Structural Engineering Consultants, & General/Turnkey Contractors leading significant developments across various sectors.
Major Project Owners
As of FY 2023-24, in the West zone, BX-1 monitored over 2582 project owners actively delivering more than 3841 building projects. Notably, the top 20 project owners alone account for over 29% of the total project value tracked by BX-1. The Public Works Department, Maharashtra (PWD) leads the show in terms of project numbers, handling 393 projects. These encompass a total construction area of 38.83 Million-SqFt, with a combined construction value of INR 11,571 Crore.
In terms of building project value, Oberoi Realty Ltd leads with over 3.22% of new project value conceptualized during FY 2023-24. The company is developing 6 projects worth nearly INR 12,008 Crore, covering a total of 23.44 Million-SqFt construction area.
Top Design Architects & Consultants (Based on Construction Value)
BX-1 discovered 1,085 design architect firms in the West region - delivering over 2413 building projects at an aggregated cost of INR 220,399 Crore. These projects cover a combined construction area of 567.44 Million-SqFt. Of the total building project value, Architect Hafeez Contractor alone is delivering projects worth INR 12,161 Crore (6%) in the West zone, followed by 10 Folds Architects & Consultants & VK:a Architecture.
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Top 3 Structural Engineering Consultants
Among the 492 structural engineering consultancy firms reported by BX-1 in the West zone, JW Consultants LLP tops the list. These 492 firms are delivering over 1540 building projects with a combined construction area of 301.02 Million-SqFt at an aggregated cost of INR 113,967 Crore. Of this, JW Consultants LLP alone is delivering 69 projects worth INR 10,539 Crore in the West zone, followed by Mahimtura Consultants Private Limited & Vastech Consultants Pvt Ltd.
Top 3 MEP Consultants
Among 145 MEP Consultancy firms monitored by BX-1, delivering over 385 building projects with a combined construction area of 116.19 Million-SqFt & an aggregated cost of INR 47,634 Crore, Ace Consultants (PHE&FP Consultants) alone is delivering building projects worth INR 3,946 Crore in the West Zone. Abhiyanta Consulting Engineers LLP follows, with S N Joshi Consultants Pvt Ltd ranking third.
Top 3 General Turnkey/ Civil Works Contractors
Meanwhile, Jain Engineers Pvt Ltd leads among general turnkey & civil works contractors. Out of 213 general turnkey contractors & civil works companies recorded by BX-1, delivering over 336 building projects with a combined construction area of 63.32 Million-SqFt & an aggregated cost of INR 23,726 Crore, Jain Engineers Pvt Ltd alone is delivering projects worth INR 2,751 Crore. L&T Constructions & Rohan Builders & Developers Pvt Ltd follow in the second & third ranks, respectively.
BX-1 identified over 784 new opportunities worth INR 38,455 Crore across the West zone during the last financial year. These opportunities, which include turnkey & civil works contracts, were slated for awarding over the next 12-18 months. Additionally, BX-1 recorded 427 awarded contracts in the region during FY 2023-24, encompassing 439 projects with a combined tender value of INR 41,468 Crore.
The analysis of the West Zone for FY 2023-24 highlights a vibrant construction environment driven by substantial investments & government initiatives. Data from Biltrax's BX-1 platform emphasizes the pivotal contributions of key stakeholders to advancing development across diverse sectors. As the region expands, grasping these construction trends is vital for stakeholders seeking to navigate this evolving landscape effectively. This comprehensive analysis provides industry players with actionable insights to make informed decisions, aligning strategies with regional needs & emerging opportunities.
Watch out for the next article in our 'Zonal Analytics' series, where we will explore construction projects in the South Zone, exploring another crucial aspect of India's construction industry.
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