Neevay streamlines the entire procurement process and offers significant cost-saving opportunities.
Hanish Raheja
Founder & Managing Director, Neevay - Tathaatvam Technology Solutions Pvt Ltd
How do you assess the current status of Indian construction market?
The Indian construction market is growing rapidly, driven by government initiatives, urbanization, and private investments. The market size is projected to reach USD 1.4 trillion by 2025, driven by investments in infrastructure, residential, and commercial projects. Major projects in infrastructure, housing, and commercial spaces are underway. Challenges like regulatory hurdles, financing issues, and a shortage of skilled labour persist, but reforms and technology adoption are improving transparency and efficiency. The future outlook remains positive, with continued growth expected in both urban and rural areas.
How is the role of digital technology evolving in Indian construction sector?
Digital technology is transforming the Indian construction sector, with tools like Building Information Modelling (BIM), drones, and AI enhancing project planning and execution. Digital platforms for purchase and bid levelling are streamlining procurement processes, ensuring transparency, and enabling competitive bidding. These technologies reduce costs, improve efficiency, and minimize delays.
What are your path-breaking solutions to construction sector?
We have developed Neevay based on extensive industry research to be more than just a standard purchase tool. Neevay features a growing digital marketplace of vendors from across India, including contractors with industry-specific profiles and filters that enhance the vetting process. This unique access to a broad vendor base improves the selection process and ensures quality procurement decisions.
Beyond just vendor accessibility, Neevay revolutionizes the Purchase Management function by automating vendor comparisons for bid leveling. This automation simplifies the decision-making process, fosters better collaboration among stakeholders, and enhances transparency throughout the procurement cycle. The platform’s ability to generate detailed spend analysis reports provides CEOs and project stakeholders with unprecedented insights into project expenditures, enabling more informed decision-making and better financial oversight.
What is your vision on India as the third largest construction market globally?
My vision for India as the third largest construction market globally is to drive sustainable growth through innovation, advanced technology, and efficient processes. By enhancing infrastructure, fostering urban development, and promoting affordable housing, India can create a more resilient, dynamic, and inclusive construction sector, contributing significantly to economic progress.
What is the way forward for India to achieve this goal?
For India to become the third largest construction industry, it needs to focus on infrastructure investment, skill development, and innovation. Prioritizing sustainable construction practices, improving regulatory frameworks, and enhancing project management can drive efficiency. Leveraging digital technologies like BIM and expanding public-private partnerships will also be crucial. Additionally, addressing urbanization challenges through smart cities and affordable housing projects can further accelerate growth in the sector.
