Identification, evaluation, and allotment of critical risk factors (CRFs) in real estate projects: India as a case study

Abstract

The boom of real estate has been a motivating force for economic growth in India for the past few years. However, the Real Estate (RE) market of India is still in the embryonic phase and juvenile. In the context of the real estate projects, it is a general situation observed that such projects cannot meet the target as the Indian real estate companies are deficient in scientific management technology to confront the risks. The research paper aims to focus mainly on constraints and demurral of Risk Management (RM) in RE firms of India to investigate findings for the same in the Indian Real estate market and further focusing on RE projects of Ahmedabad. The paper is mostly founded on an overview of individuals who are straightforwardly or firmly identified with the administration and the RE business in India. The questionnaire survey shall be targeted over the five prime territories of Ahmedabad. This research further highlights to concerned identified primary critical risk factors (by Criticality Index Method) influencing the residential real estate market and then developing a framework for assessing the factors carrying out the quantitative analysis using various analytical methods of SPSS software, Factor analysis, ANOVA and Post-Hoc Test. The validation of the results has been done through a survey of experienced experts. The critical risks identified based on the questionnaire survey are modeled through the decision tree diagram.