Construction

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Summary

Infrastructure plays a huge role in propelling other industries and India’s overall development. The government, therefore, focuses on the development of infrastructure and construction services through focused policies such as open FDI norms, large budget allocation to the infrastructure sector, smart cities mission, etc.*
The Construction industry in India consists of the Real estate as well as the Urban development segment.*
In FY21, infrastructure activities accounted for a 13% share of the total FDI inflows of USD 81.72 bn.*
The Sector employs 51 mn people and thus is the second largest employing sector in India.*
India aims to become the third largest construction market globally by 2025.*
India has 100 Smart Cities, and 11 Industrial Corridors within the country.*
The real estate sector is also the third largest sector in terms of FDI flow, it is second largest employment generator, and third largest sector to induce economic growth.*
Gujarat has emerged as the largest cement plant in the world.*

Reasons to Invest

The Real Estate Industry in India is expected to reach USD1 Tn by 2030 and will contribute 13% to India’s GDP by 2025.*
By 2030, more than 40% of the population is expected to live in urban India (33% today), creating a demand for 25 Mn additional mid-end and affordable units.*
Construction Sector contributes 9% in India's GDP.*
The share of the urban population is expected to be 50% of the total population by 2050.*
Eightfold increase the total expenditure on urban development as over the past six years (2015-2021) valued at INR 11.83 lakh cr against the INR 1.57 lakh cr from 2004 to 2014.
PM launches Gati Shakti Master Plan to integrate different modes of transportation and increase the speed of infrastructure development in India.*
India is committed to build modern infrastructure for the 21st century. GOI aims to reduce logistics cost by 5%.*

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Key Achievements

Hon’ble Minister Shri Hardeep Singh Puri launched three initiatives, namely, the Nurturing Neighborhoods Challenge focusing on shaping cities for young children and their families; the Data Maturity Assessment Framework to evaluate data ecosystems of cities, and an online training programme for City Data Officers (CDOs) of 100 Smart Cities.*
In the last five years, the construction sector, as a part of manufacturing contributed an average of 8 per cent to the overall Gross Value Added (GVA).*
During the month of October 2020, about 23.53 lakh households have been provided with a tap water connection.*
Jal Jeevan Mission reaches a milestone of 3.5 Crore rural households taps water connections.
The government has increased year-on-year infrastructure Capex by 34 % to INR 5.54 lakh crores, such increased investment in infrastructure would revive the economy and create employment in near future.
Over 3,500 cities have certified as ODF+ and 1,191 cities as ODF++ under SBM-U.*
National Industrial Corridor Corporation (NICDC) under Ministry of Commerce is implementing number of projects along the Dedicated Freight Corridors under construction by Ministry of Railways for development of Integrated Industrial Townships. The logistics sector is being benefited by development of New Freight terminals, Multimodal Logistic parks and Inland Container Depots creating direct and indirect employment in the project-influence areas. *

Recent Announcements: 13th March 2023: PM Modi launches SmartCity projects worth INR 353.48 cr in Hubballi-Dharwad, Karnataka.

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10th March 2023: Chhattisgarh CM Sh. Bhupesh Baghel announces a total of 13.777 new construction works in Chhattisgarh Budget 2022-23.

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1st March 2023: MMLP at Indore is being developed in an area of 255.17 acre near Pithampur in Dhar district in Madhya Pradesh under a Government SPV between National Highways Logistics Management Limited (NHI-ML), Rail Vikas Nigam Limited (RVNL) and Madhya Pradesh Industrial Development Corporation (MPIDC).

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17th February 2023: Competition Commission of India (CCI) approved the proposed combination relating to acquisition of clinker, cement and power plants belonging to Jaiprakash Associates Limited and its associate by the Dalmia Cement (Bharat) Limited.

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9th February 2023: Network Planning Group under PM GatiShakti has recommended 63 infrastructure projects using data-based decision-making for integrated planning and synchronised implementation.

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Statistics

Investments valued at USD 965.5 mn will be required by the infrastructure sector by 2040. *
Cement production (weight: 5.37 per cent) increased by 4.6 per cent in January 2023 over January 2022. Its cumulative index increased by 10.0 per cent during April to January, 2022-23 over the corresponding period of previous year. *
Under Pradhan Mantri Awas Yojana-Urban (PMAY-U), 114.06 lakh houses have been sanctioned so far. Of these, 89.36 lakh houses have been grounded for construction; of which 52.55 lakh houses have been completed/ delivered by November 2021. *
Under PMAY-G, the target of “Housing for All” by 2024 has been set at 2.95 crore houses, out of which target of 2,62,34,163 households has already been allocated to the States/UTs from 2016-17 till 2021-22. A total of 2,17,54,812 houses have been sanctioned to the beneficiaries and 1,71,34,737 houses completed as on 2nd February 2022. *
Number of slums in the country has reduced from 51,688 to 33,510 in ten years.
The Average Index of Industrial Production of Electricity in the FY 2021-22 is 170.1 and has grown by 7.9 percent. *
The Average Index of Industrial Production of Infrastructure/ Construction goods in the FY 2021-22 is 148.4 and has grown by 19 percent. *
The overall investment in Urban transformation is up by 627% during the last 6 years of 2014-2021 as compared to the period between 2004-2014.*
Since 2014, a total of about 548 kms of metro rail network has been built/operationalized in the country.*
More than 1.20 crore houses sanctioned so far and more than 64 lakhs completed under Pradhan Mantri Awas Yojana- Urban.*

Growth Drivers

MoHUA sanctions 122.69 lakh houses under PMAY-U ‘Housing for All’ Mission for providing all-weather pucca houses to urban beneficiaries.*
A project has been sanctioned by Union Minister of Power amounting to INR 22.5 Crores for the reconstruction/restoration work in 478 schools in 8 districts (i. Bageshwar, ii. Nanital, iii. Udham Singh Nagar, iv. Pauri, v. Chamoli, vi. Almora, vii. Champawat, & viii. Pithoragarh) and 28 health Centres in 5 districts (i. Almora, ii. Champawat, iii. Udham Singh Nagar, iv. Nanital, & v. Pithoragarh) of Uttarakhand. *
As on 19 January 2023, work orders were issued in 7,799 projects worth around INR 181,268 crore, of which 5,229 projects worth INR 98,291 crore have been completed.*
Commission for Air Quality Management (CAQM) is actively taking up strict compliance of dust mitigation measures at Construction and Demolition (C&D) sites in the NCR. *
The booklet on 'Transformative Reforms Towards Housing for All'explains the transformative journey of PMAY(U) and lays the way forward which is required to complete the vision of Hon’ble Prime Minister to ensure ‘Housing for All’. *
Project proposals for more than 60,000 houses approved for construction in 5 States.*
80 lakh houses will be completed for the identified eligible beneficiaries of PM Awas Yojana, both rural and urban, and INR 48,000 crore is allocated for this purpose. *
Out of 80 lakh houses to be completed in 2022-23, 28 lakh houses will be in the urban areas and 52 lakh houses in the rural areas of the country. *
Vayu Pravah: an open-source computational fluid dynamics (CFD) tool is launched to help building designers improve natural ventilation in buildings and make them cooler and healthier. *
A manual on External Movable Shading Systems (EMSyS), a compilation of external shading solutions is launched to help reduce heat ingress into buildings and keep buildings cooler. *
The Smart Cities Mission and World Economic Forum have joined hands to setup a ‘virtual hub for collaboration on urban transformations’. The hub will leverage emerging technologies and innovations to transform Indian cities into centres of sustainable, inclusive and resilient growth. *
Smart Cities Mission launched the Urban Outcomes Framework 2022, Artificial Intelligence Playbook for Cities & AMPLIFI - Assessment and Monitoring Platform for Liveable, Inclusive and Future-ready urban India to promote the use of data that addresses complex urban issues. *
The Geo-Portal for NCR made Public to improve decentralized planning and management in NCR region. The Portal consists of around 179 Layers presented as Line, Point & Polygon feature covering details of various sectors like Land Use, Transport, Industries, Water, Power, Health, Shelter, Heritage & Tourism, Disaster Management, etc.*
54 global innovative construction technologies identified under a Technology Sub-Mission of PMAY-U to start a new era in Indian construction technology sector.*

FDI Policy

100% FDI through the automatic route is permitted in the following construction (development) projects: *
- Development of townships
- Construction of residential/commercial premises
- Construction of roads or bridges
- Construction of hotels, resorts
- Construction of hospitals, educational institutions
- Construction of recreational facilities
- Construction of city and regional level infrastructure
FDI Limit for real estate projects within Special Economic Zones (SEZs) raised to 100%.
FDI limit for industrial parks under the automatic entry route is 100%. *
The cumulative FDI equality inflow in the Construction Development Projects is USD 26.30 bn during the period April 2000 to December 2022. This constitutes 4.20% of the total FDI inflow received across sectors. *
The cumulative FDI equality inflow in the Construction (Infrastructure) Activities is USD 29.20 bn during the period April 2000 to December 2022. This constitutes 4.67% of the total FDI inflow received across sectors. *
The cumulative FDI equality inflow in the Cement & Gypsum Products is USD 5.49 bn during the period April 2000 to December 2022. *

Sector Policy

METRO NEO- The metro rail system being developed for mass transit corridors having a Peak Hour Peak Direction Traffic (PHPDT) upto 8000 with AW3 loading. *
On 18th November 2020, under the Special Micro-Credit Facility Scheme more than 12 lakh loans were sanctioned and about 5.35 lakh loans disbursed.
A sum of INR 18000 crore is being provided for PMAY- Urban. This will help ground 12 Lakh houses and complete 18 Lakh houses, create additional 78 Lakh jobs. *

Pradhan Mantri Awas Yojana-Urban (PMAY-U) *

Pradhan Mantri Awas Yojana-Urban (PMAY-U) was launched on 25th June, 2015 to address urban housing shortage among the EWS/ LIG and MIG category, including the slum dwellers by ensuring a pucca house to eligible urban households by the year 2022.
A total of 6,368 houses in Light House Projects are being constructed involving project cost of INR 790.57 crore.
The total number of sanctioned houses under PMAY(U) is 114.04 Lakh; of which around 93.25 Lakh have been grounded for construction and around 54.78 Lakh have been completed and delivered to the beneficiaries as on 15th February 2022.
The total investment under the Mission is INR 7.52 Lakh crore, with Central Assistance of INR 1.87 Lakh Cr. As on 15th February 2022, Central Assistance amounting to INR 1.21 Lakh Cr has been released.

PM SVANidhi Scheme *

The PM SVANidhi was launched to empower street vendors, making them independent and self-sustainable. Presently, over 8,486 SFVs have been onboarded and have generated sales of over INR 4.9 Crores. The Scheme is available to all street vendors across the country, including those from Dahod tribal area, who are engaged in vending in urban areas
To give further impetus to the digital onboarding and training of beneficiaries, Ministry of Housing & Urban Affairs (MoHUA) and Ministry of Electronics & Information Technology (MeitY) jointly launched ‘Main Bhi Digital 3.0’ from September 9 to November 30, 2021, to complement the efforts of LIs in adoption of digital transactions by the PM SVANidhi beneficiaries.
MoHUA has entered into MoU with Zomato, one of the largest online platforms for ordering and delivery of food in India, to onboard street food vendors on its food-tech platform. It has given street food vendors online access to thousands of consumers and help these vendors grow their businesses.
MoHUA launched the Mobile Application for PM SVANidhi se Samriddhi- Socio-economic profiling of PM SVANidhi beneficiaries and their families to link them to various Central Government Schemes.
The Cabinet Committee has approved the continuation of lending under the PM SVANidhi Scheme beyond March 2022 till December 2024, with focus on enhanced collateral free affordable loan corpus, increased adoption of digital transactions and holistic socio-economic development of the Street Vendors and their families.
As on April 25, 2022, 31.9 lakh loans have been sanctioned and 29.6 lakh loans amounting to INR 2,931 crore have been disbursed. As regards 2nd loan, 2.3 lakh loans have been sanctioned and 1.9 lakh loans amounting to INR 385 crore have been disbursed.
The beneficiary Street Vendors have conducted more than 13.5 crore digital transactions and have been given a cashback of INR 10 crore. An amount of INR 51 crore has been paid as Interest Subsidy.

SVAMITVA scheme *

Geospatial technology along with Drones will survey all the over 6 lakh Indian villages. At the same time, pan-India 3D Maps will be prepared for 100 Indian cities, which will give a boost to the India’s future economic progress.
The size of the Indian Geospatial market in 2020 as per one industry estimate was INR 23,345 Crore including INR 10,595 Crore of export which is likely to grow to INR 36,300 Crore in 2025.

Projects

Smart Cities Mission

The objective of the Smart Cities Mission is to promote cities that provide core infrastructure and give a decent quality of life to their citizens, a clean and sustainable environment and the application of ‘Smart’ solutions. *
The core infrastructure elements in a smart city would include: *
1. Adequate water supply
2. Assured electricity supply
3. Sanitation, including solid waste management
4. Efficient urban mobility and public transport
5. Affordable housing, especially for the poor
6. Robust IT connectivity and digitalization
7. Good governance, especially e-Governance and citizen participation
8. Sustainable environment
9. Safety and security of citizens, particularly women, children and the elderly
10. Health and education
Global Housing Technology Challenge-India (GHTC-I) aims to bring the most innovative construction technologies to India through a competitive platform. It aims to give a boost through the development of domestic technological research, and building platforms for knowledge sharing and networking across the sector. *
Under the “Smart cities and Academia Towards Action & Research (SAAR)” program, 15 premier architecture & planning institutes of the country will be working with Smart Cities to document landmark projects undertaken by the Smart Cities Mission. The documents will capture the learnings from best practices, provide opportunities for engagement on urban development projects to students, and enable real-time information flow between urban practitioners and academia. *
Of the total proposed projects under SCM, 7,905 projects worth INR 1,93,143 crore (94% by value) have been tendered so far, work orders have been issued for 7,692 projects worth around INR 1,80,508 crore (88% by value). 3,830 projects worth INR 60,919 crore (33% by value) have also been fully completed and are operational as on 10th April 2022. *

Swachh Bharat Mission

The Swachh Bharat Mission (SBM) is a cleanliness campaign by the Government of India. *
The objectives of the SBM are: *
1. Elimination of open defecation
2. Eradication of Manual Scavenging
3. Modern and Scientific Municipal Solid Waste Management
4. To effect behavioral change regarding healthy sanitation practices
5. Generate awareness about sanitation and its linkage with public health
6. Capacity augmentation for Urban Local Bodies (ULBs)
7. Create an enabling environment for private sector participation in Capex (capital expenditure) and Opex (operation and maintenance).
The SBM has been divided into two categories – Urban and Gramin (rural). The Ministry of Housing and Urban Affairs implements it in urban areas and the Ministry of Drinking Water and Sanitation implements it in rural areas. The above-mentioned ministries work with all other union ministries, state governments, local institutions, NGOs, faith organizations, media and other stakeholders to ensure the wide and proper implementation of the SBM. *
In a big boost to the SBM (Gramin), the World Bank, in December 2015, approved a USD 1.5 Bn loan for the SBM Support Operation project. The World Bank is also providing parallel assistance of USD 25 Mn as technical assistance to build the capacity of select state governments in implementing community-led behavioural change programmes targeting social norms to help ensure widespread usage of toilets by rural households. *
Swachh Bharat Mission–Urban (SBM-U) 2.0 was launched on 1st October 2021 for a Mission period of five years.
It involves urban-rural convergence, whereby infrastructure projects can be taken up on cluster basis to groups of neighboring Urban Local Bodies (ULBs) and rural areas, so that common waste processing facilities are utilized efficiently.

Heritage City Development and Augmentation Yojana (HRIDAY)

The National Heritage City Development and Augmentation Yojana (HRIDAY) has been launched to preserve and revitalise the soul of Indian heritage cities to reflect the city’s unique character by encouraging aesthetically appealing, accessible, informative and a secure environment.12 cities have been identified to implement the program – Amjer, Amaravati, Amritsar, Badami, Dwaraka, Gaya, Kancheepuram, Mathura, Puri, Varanasi, Velankanni and Warangal. *
GST Regime Implications - Under the GST regime (revised), promoters are to pay 1% (without input tax credit) GST in case of affordable houses and 5% (without input tax credit) on construction of houses other than affordable houses. Commercial properties will continue at the same GST rate of 12% with input tax credit. *
GST is not applicable to completed and ready-to-move-in projects, as there are no indirect taxes applicable in the sale of such properties. *
The Real Estate Regulation and Development Act (RERA), 2016, set up in November 2016, aims to reform the real estate sector in India by encouraging greater transparency, citizen centricity, accountability and financial discipline. The act will also protect consumers by creating an online system for information sharing so that mutual trust can develop between developers and buyers and facilitate the timely completion of projects. *

Pradhan Mantri Awas Yojana (Urban – Housing for All) *

The Pradhan Mantra Awas Yojana (PMAY) aims to provide housing for all by 2022 and is being implemented from June 2015.
So far, about 1.12 cr houses have been sanctioned for its beneficiaries, out of which more than 83 lakh houses are grounded and more than 50 lakh completed.
The houses sanctioned so far under the Mission involve an investment of INR 7.35 lakh cr with Central Assistance of INR 1.81 lakh cr.
As of now, over INR 100,000 cr of Central Assistance has already been released. Affordable Housing Fund INR 20,000 cr are being utilized in the last 3 years.
Around 18,500 ANGIKAAR Resource Persons were trained by about 2,200 specialists of City Level Technical Cells (CLTCs) working in 4,427 cities of PMAY (U). They acted as foot soldiers and helped propagate the message of the campaign.

Atal Mission for Rejuvenation and Urban Transformation (AMRUT) *

The purpose of the Atal Mission for Rejuvenation and Urban Transformation (AMRUT) is to:
1. Ensure that every household has access to a tap with an assured supply of water and a sewerage connection
2. Increase the amenity value of cities by developing greenery and well maintained open spaces (e.g. parks)
3. Reduce pollution by switching to public transport or constructing facilities for non-motorized transport
Overall Mission allocation is INR 1 lakh cr including a central share of INR 50,000 cr. State action plans amounting to INR 77,640 cr for basic infrastructure projects were approved, against which projects worth INR 79,772 cr have been grounded.
So far, work worth INR 52,477 cr (66%) has been carried out. So far, 105 lakh household water tap connections and 78 lakh sewer/ septage connections have been provided under Mission and in convergence with other schemes. Credit rating work has been awarded for 485 cities and completed in 470 cities. 164 cities have received an Investible Grade Rating (IGR), including 36 cities with ratings of A- or above. Ten ULBs namely Ahmedabad, Amravati, Bhopal, Ghaziabad, Hyderabad, Indore, Lucknow Pune, Surat and Visakhapatnam have raised INR 3,840 cr through the issuance of municipal bonds.
Under AMRUT, 1,831 parks over 3,700 acres have been developed, and 85 lakh street lights have been replaced, resulting in energy savings of 185.33 crore units (kWh).
AMRUT 2.0 rural-urban synergy will be affected whereby water markets for reuse of treated used water shall be ascertained in rural urban continuum.
Co-treatment of sewage/ seepage from nearby villages in spare capacities of Sewage Treatment Plants (STPs) will be explored by ULBs.

Under the Pradhan Mantri Gram Sadak Yojana (PMGSY), in October 2020, a total of 355 roads works of 2267km and 71 bridges works have been completed under various verticles of PMGSY.

Financial Support

Union Budget 2022-23

The total budgetary allocation for FY 2022-23 towards the Ministry of Housing and Urban Affairs is INR 76,549.46 cr.
The total budgetary allocation for FY 2022-23 towards the Department of Drinking Water and Sanitation is INR 67,221.12 cr.

Central sector schemes providing financial assistance

Atmanirbhar Bharat Schemes
- Affordable Rental Housing Complexes (ARHCs): In order to cater to the housing needs for migrant workers which arose due to the COVID-19 pandemic, the Ministry of Housing & Urban Affairs has initiated the Affordable Rental Housing Complexes (ARHCs) scheme. It is a sub-scheme under Pradhan Mantri AWAS Yojana- Urban (PMAY-U) that will ensure a decent living environment to migrant workers in urban cities. *
- PM Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi): To provide financial assistance to various street vendors hit by the COVID-19 pandemic, the Ministry of Housing & Urban Affairs has launched the PM SVANidhi scheme. The scheme will provide working capital to street vendors, incentivize regular repayments and reward digital transactions. *

North Eastern Region Urban Development Programme (NERUDP): The central sector programme is being implemented by the Ministry of Urban Development (MoUD). Financial aid (70% of the cost) is being provided by the Asian Development Bank in the form of loan to the government for development of infrastructure in north eastern cities. *

Explore Government policies/schemes in Construction sector >

Investment Opportunities

Construction development in residential, retail, commercial and hospitality sectors, development of townships
Construction of roads, bridges, hotels, resorts
Technologies and solutions for smart, sustainable and connected cities and integrated townships
Technologies for the promotion of low cost and affordable housing
Green building solutions
Sustainable and environmentally friendly building materials.
Training and skill development of construction sector workers
Urban water supply, urban sewerage and sewage treatment.

Explore projects to invest in Construction sector >

Sector Reports

Foreign Investors

Hines (USA)
Veolia (France)
Ascendas (Singapore)
Aqualyng (Norway)
The Trump Organization (USA)
Alstom (France)
GIZ (Germany)

Agencies

Sources

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