Sector-level objectives and associated inhibiting and enabling factors for the Indian real estate sector from a process standardisation perspective

Abstract

Purpose A perceived uniqueness of real estate (RE) projects has led to a view among RE practitioners that since no two RE projects are the same, they must all follow their own unique set of processes. Further, local exigencies often result in the very processes agreed at the beginning of every project being changed, thereby making projects unpredictable for delivery within time and budget, or to the standards of quality expected. Maintaining the need to follow pre-defined standard processes in RE operations, the purpose of this paper is to focus on two converging tracks: the first track studies available sector-level competitiveness frameworks appropriate for RE to formulate RE sector objectives; and the second track retains the process standardisation perspective to comprehensively identify a set of factors that influence the defined sector objectives. Design/methodology/approach The research methodology adopted comprises, respectively, for the two tracks, a focussed literature review and semi-structured interviews with 30 Indian RE sector practitioners working at levels of consequence, supported by qualitative interpretive analysis. As a sustained development requires all stakeholders to have their concerns addressed, this research leads to the formulation of four sector objectives, one for each stakeholder group identified. Furthermore, two sets of factors (inhibiting and enabling) are deduced from stakeholder interviews reinforced by secondary literature as those that would influence the realisation of the objectives from the standpoint of processes and their standardisation. Findings It is thought that factors identified here will inform actionable strategies for a transformation to the long-elusive process and standards-based delivery in the Indian RE sector. Such strategies will not only lead to the next spate of improvements from innovative processes and standards thereof but will also equip RE players with the wherewithal to successfully engage globally. Originality/value This work extends the earlier research to shift from a function to process orientation in RE and bridges research gaps in each of the tracks mentioned above: the articulation of RE sector objectives, and identification of factors influencing the objectives.