Selecting the Crucial Value Indicators for Real Estate Valuation
Nandkishor Balaji Sonar and Vijaya Sitaram Pradhan
Purpose: This study focuses on selecting ten crucial value indicators through three approaches– Questionnaire survey (QS)of generalpublic,Personalinterviews(PI)withpracticingvaluersandPairwisecomparisonmatrix(PCM). Studydesign/methodology/approach: Rankingof indicators in QSandPIwasdoneonthebasisof theirweightedmeanwhereas,inPCMapproachit was done using their sum scores. Further, the study concentrates on comparison between these approaches by implementingKendall'sandSpearman'srankcorrelationmethods. Findings: Kendall's coefficients observed were 0.46, 0.57, 0.84 whereas, Spearman's coefficients were observed to be higher like, 0.70, 0.79, 0.96 for comparison of PI– QS, PI– PCM, PCM– QS respectively. Since, Spearman's coefficient validated strong association among all three approaches, it facilitated in selection of crucial value indicators from them.Also,keyvalueindicatorsselected byPCMandQSresultshadhighdegreeof correlation amongthemi.e. 0.84 by Kendall's method and 0.96 by Spearman's method. Total 16 indicators appeared in the first ten ranks of three approaches from which 10 common indicators were selected as most influential ones affectingpropertyvalue,usefulforvaluationprocess. Originality/value: Originality of suggested framework can be noticed from application of Pairwise comparison approach in determining attributes of value and its further comparison with other established approaches. This study has enoughpotentialtoselectappropriatefactorsaffectingvalue,itspreferentialorderanditsquantification. Researchlimitations/implications: Limitationsof thisstudyincludesubjectivityof respondent'sopinioninquestionnairesurvey,valuer'sinterviews andauthor'sjudgementaboutpairwisecomparison.
Real Estate; Value Indicators; Weighted Mean; Pairwise Comparison;Correlation
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Research Articles
Developing an Attribute-Based Stakeholder Impact Assessment Index for Indian Construction Projects
Aritra Halder, Ajinkyasingh Marod, Chethan Babu R and Jatin Rana
Purpose: This study analyses the impact of stakeholder attributes on construction projects in India, focusing on how effective stakeholderimpactassessmentcanbeconductedbasedonaccurateanalysisof theseattributes. Studydesign/methodology/approach: The research identifies key stakeholders and examines critical attributes—power, interest, predictability, influence, and knowledge—that define their impact on project performance. A model is developed to assess stakeholder influence based on these attributes, and an assessment of the stakeholder impacts from the perspectivesof diverserespondentgroupswereconductedforfurtherinsights. Findings: The findings indicate that stakeholders with higher levels of power and interest have a stronger influence on project success, while other attributes like predictability and knowledge play important supporting roles. The developed model provides a systematic approach for evaluating and managing stakeholder impact, ensuring betteralignmentwithprojectobjectives. Originality/value: This study offers a novel framework for assessing stakeholder influence based on measurable attributes, contributing to more effective stakeholder management in construction projects. The model's application improvesunderstandingof howstakeholdersshapeprojectdynamics. Researchlimitations/implications: The study is limited to specific stakeholder attributes and does not account for external factors like market changes. Future research could explore how these additional factors interact with stakeholder management in broadercontexts. PracticalImplications: The proposed assessment tool offers practical strategies for project managers to enhance stakeholder engagement,improvingoverallprojectperformance. SocialImplications: Effective stakeholder management can contribute to more sustainable and efficient construction practices, benefitingthebroadereconomyandsociety.
Model for Devising Visual Manageme t System on n Indian Construction Sites
Urva Thekadi and Jyoti Trivedi
Purpose: Toaddresssignificant challenges in Indian construction project management,suchasdelays,costoverruns,and inefficiencies caused by inadequate transparency, standardization, and planning. This study seeks to implement a culturally tailored Visual Management System (VMS) for Architecture, Engineering & Construction (AEC) industryinIndia,aimingtoenhanceprojectplanning,resourcemanagement,andsafetyprotocols. Studydesign/methodology/approach: The study employs a case study approach with data collection from two construction firms in Ahmedabad. Methodologies include surveys and observational research to gather insights into the current state of visual management. Lean principles such as Kanban, 5S, and display boards are incorporated into a VMS model, culminatinginthedesignof aVMSdashboardtailoredtotheIndianAECcontext. Findings: The proposed VMS dashboard enhances transparency and facilitates real-time decision-making by providing visualdataforeffectiveprojectmonitoringandcontrol.Itaddresseschallengesincommunication,planning,and management,helpingAECprofessionalstomaketimelyinformeddecisionstoimproveprojectoutcomes. Originality/value: ThisstudypresentsthefirstVMSmodeltailoredtoIndia'ssocio-economicandculturalfactors,emphasizingthe value of visual management tools in addressing key project management issues, and offering an innovative approachtoenhancingefficiencyandstakeholderscommunicationintheAECsector. Researchlimitations/implications: The study is limited to projects from two Indian construction firms projects, restricting the generalizability of findingstothebroaderIndianAECindustryacrossdifferentprojecttypesandscales.
Visual Management; LeanConstruction; Project Management; Decision Making
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Research Articles
A Systematic Review and Trend Analysis of Urban Heat Island
Payal More and Dhaarna
Purpose: Urbanheatislandisaphenomenonwherethetemperatureintheurbanareaisgreaterthanitssurroundingrural or non-urban areas and is considered a major factor contributing to global warming, heat-related deaths, and unexpected environmental fluctuations. There has been growth in the research on the UHI effect in recent decades,however,amethodicalreviewof factorscontributingtotheUHIeffectisrare. Studydesign/methodology/approach: This paper presents a systematic literature review (SLR) of 30 Scopus-indexed and recent (2014-2024) papers focusing onUHI.ThefindingswillguidefutureresearchandaidUHImitigationplanning.ThisstudyusesVOS Viewer(Visualization of Similarities) to conduct the systematic literature review (SLR) to investigate the Urban Heat Island (UHI) phenomenon. It analyses the bibliometric networks and understands the research trends, knowledgegaps,effectiveness,anddevelopingviewpointsinthefield. Findings: Recent studies have shown its emphasis on the technology, methodology, and mitigation measures of the UHI effect ratherthanfocusingonthefactorscontributingtotheeffect. Originality/value: The argumentative analysis of the literature has been presented that highlights (i) Rationale, (ii) Themes, (iii) Methods,(iv)Gaps,and(v)Variablesthatarestudiedinthecontextof UHI. Researchlimitations/implications: The study presents the gaps in UHI studies from an urban planning perspective and examines the interdependence of various systems in urban areas both globally and within India. The research concludes by evaluatingpotentialinterventionsandthefuturescopeforevidence-basedpolicyformulationintheUHIfield.
Systematic Literature Review; Urban Heat Island; VOS Viewer; Bibliometric Analysis; Climate Change;UrbanPlanning
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Research Articles
Influence of Process Performance During the Construction Stage - A Comparative Case Study of Kolkata East West Metro (2010-2014) and Pune Metro Line 3 (2021-2025)
Amal Bhattacharya
Purpose&StudyApproach: The Indian construction industry faces persistent challenges such as schedule delays, cost overruns, and compromised safety & quality, leading to significant economic losses. Process performance during the construction stage is pivotal for the successful execution of metro projects and for optimizing key performance indicators (KPIs).Thiscomparativecasestudymeticulouslyscrutinizesthedynamicsof processperformancein theconstructionphasesof KolkataMetro(2010-2014)andPuneMetroLine3(2021-2025). StudyDesign/Methodology/Approach: Through a comprehensive analysis, this study delves into the influence of process performance on project outcomes, encompassing schedule adherence, cost management, quality assurance, and client satisfaction. The study uses data and insights from these two metro projects to examine and contrast the key factors impacting process performance. These factors include project management strategies, construction methodologies, technology adoption, stakeholder engagement, and regulatory compliance. This study aims to furnish valuable insights for enhancing construction efficiency and optimizing project delivery in future metro endeavours by dissectingthesimilaritiesanddifferencesinprocessperformancebetweenthetwoprojects. Findings&ValueInsights: Keyfactors such as contract award, Right of Way (ROW), traffic management, and cash flow management for stakeholdersarecriticalinensuringprojectsuccess.Adoptinganagileapproachhasproventobeamoreefficient way of managing these aspects, allowing for flexibility and responsiveness throughout the project lifecycle. In termsof safetyandworkmonitoring,therehasbeenanotableshiftfromtraditional,limitedtechnologytowards more advanced methods. This includes the use of modern Personal Protective Equipment (PPE), increased automation, and drone camera surveillance, all of which contribute to a safer and more efficient work environment. These improvements align with regulatory frameworks, promoting the establishment of a strong safetyculture,comprehensivetrainingprograms,andeffectiveincidentresponseprotocols. Limitations: This case study focuses on a Design-Build contract for elevated metro construction under the Public-Private Partnership (PPP) model, where public stakeholders are responsible for both the construction and operational phases.
Process Performance; Metro Projects; Elevated Metro; Project Outcomes; Key Performance Indicators
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