Dr Satya Mandal - Academia.edu (original) (raw)
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Papers by Dr Satya Mandal
Creative Construction Conference 2018 - Proceedings, 2018
In order to ensure the performance of a project, it should be defined in terms of some measurable... more In order to ensure the performance of a project, it should be defined in terms of some measurable key parameters. Past researchers have identified project performance parameters such as cost, safety, construction productivity, and quality. Amongst all of them, construction productivity is one of the most reliable parameters of project performance. Performance can be measured at various levels including sector, organization, activity and project level in projectbased organizations. The methodology adopted to conduct the study is to collect the data through a structured questionnaire survey using convenient sampling technique. The number of variables selected from the literature for the study is 26 and the targeted data collection for the study is 125.The collected data has been analyzed using relative importance index (RII) to priorities the variables on the basis of their relative importance. The findings of the study concludes that the most significant 3 attributes impacting CPP are projected coordination meetings, coordination between all stakeholders, and top management support to PM having a relative value of 0.84, 0.82, and 0.69 respectively. SPSS 21 software tool has been used to check the reliability of the data and to perform factor analysis and the factors are pre-construction management, financial management, socioeconomic management, coordination and communication management, resource management, commercial management, site management, and rework explains a variance of 14%,
Journal of Property Investment & Finance, 2020
PurposeReal estate forms an important part of any economy and the investment in real estate, in t... more PurposeReal estate forms an important part of any economy and the investment in real estate, in turn, is impacted by the macroeconomic environment of that country. The purpose of the present research is to examine macroeconomic determinants of foreign and domestic non-listed real estate fund (NREF) flows and to examine whether they are similar or different for an emerging economy like India.Design/methodology/approachThe long and short-run cointegration between the time-series variables is estimated using the autoregressive distributed lag (ARDL) bounds test and error correction model (ECM) using quarterly data across the 2005–2017 period. ARDL is a suitable method for short time-series data.FindingsThe empirical results indicate that domestic NREF flows are positively and significantly impacted by real GDP and performance of listed real estate stocks (i.e. BSE realty index). Whereas, foreign NREF flows are positively and significantly impacted by the exchange rate, performance of l...
26th Annual European Real Estate Society Conference, 2019
Traditionally in India, real estate development was funded by High Net-worth Individuals (HNIs) t... more Traditionally in India, real estate development was funded by High Net-worth Individuals (HNIs) through high-cost debt and equity. The opening of Foreign Direct Investment (FDI) in real estate in 2005, made non-listed real estate funds (NREFs) an important source of capital for Indian real estate development. During 2005 to 2015 foreign NREFs contributed more than three fourth (3/4th) of entire NREFs investment in the country. Foreign NREFs significantly contributed to increase transparency and corporate governance in Indian real estate sector. However, in times of volatility, especially after the global financial crisis of 2008 foreign NREFs became conservative. Domestic NREFs were the major investors in the market during this period. NREFs investment in real estate is impacted by the macroeconomic environment of the host country. Most of the literature focuses on the drivers of foreign investment and there is hardly any literature on domestic investment drivers. This study, in contrast, simultaneously evaluates the domestic and foreign NREFs drivers. Unlike many other Asian countries (like China, Singapore and Hong Kong) very limited previous research is available in Indian real estate.This study will examine macroeconomic and capital market factors (like inflation, currency risk, interest rate volatility, M3, BSE realty index, BSE Sensex and GDP) to determine the drivers of domestic and foreign NREFs flow in the Indian real estate sector during 2005 to 2017. This study will use secondary data from various sources including published reports and data on various macroeconomic, capital market and NREFs investment data (from World Bank, IMF, RBI, OECD, VCC Edge, etc.). Overall, this paper will evaluate the significant determinants of NREFs flow in Indian real estate.
Journal of Property Investment & Finance, 2018
Purpose Investment in non-listed real estate funds (NREFs) in an emerging economy like India has ... more Purpose Investment in non-listed real estate funds (NREFs) in an emerging economy like India has its own challenges that entail a detailed understanding of the risks. The purpose of this paper is to identify the key risk factors across the life cycle of a NREF, based on a considered feedback of various real estate fund management stakeholders. It is important for the investors and fund managers to appreciate these risk factors to make informed investment decisions. Design/methodology/approach The present study based on the literature survey and discussion with experts identifies 39 risk attributes, which were further summarized using factor analysis into a smaller set of factors impacting NREF returns (risk). The relative importance of each risk attribute was examined and ranked using the relative importance index (RII). Further, cluster analysis using Euclidian distance was used to partition these risk attributes in various segments depending on their importance. Findings The risk ...
Green building rating systems (GBRS) result in energy-efficient and environment-friendly building... more Green building rating systems (GBRS) result in energy-efficient and environment-friendly buildings. They not only preventpollution and resource wastage during construction ; but also uphold high indoor air quality, energy and water efficiencies throughout the building life-cycle. The economic growth of Indian cities has led to hasty construction activities causing resource challenges, air pollution and congestion. The aim of the paper is to find the greenest building in the National Capital Region (NCR) ,which can be a benchmark building for the new buildings in the region. The paper presents the case study of two greenest buildings in the NCR from the two different GBRS; and also compare their attributes and rating systems. The paper inferscritical energy efficiency, air quality and water efficiency attributes of these benchmark buildings much needed in rapidly growing cities like NCR.
Creative Construction Conference 2018 - Proceedings, 2018
In order to ensure the performance of a project, it should be defined in terms of some measurable... more In order to ensure the performance of a project, it should be defined in terms of some measurable key parameters. Past researchers have identified project performance parameters such as cost, safety, construction productivity, and quality. Amongst all of them, construction productivity is one of the most reliable parameters of project performance. Performance can be measured at various levels including sector, organization, activity and project level in projectbased organizations. The methodology adopted to conduct the study is to collect the data through a structured questionnaire survey using convenient sampling technique. The number of variables selected from the literature for the study is 26 and the targeted data collection for the study is 125.The collected data has been analyzed using relative importance index (RII) to priorities the variables on the basis of their relative importance. The findings of the study concludes that the most significant 3 attributes impacting CPP are projected coordination meetings, coordination between all stakeholders, and top management support to PM having a relative value of 0.84, 0.82, and 0.69 respectively. SPSS 21 software tool has been used to check the reliability of the data and to perform factor analysis and the factors are pre-construction management, financial management, socioeconomic management, coordination and communication management, resource management, commercial management, site management, and rework explains a variance of 14%,
Journal of Property Investment & Finance, 2020
PurposeReal estate forms an important part of any economy and the investment in real estate, in t... more PurposeReal estate forms an important part of any economy and the investment in real estate, in turn, is impacted by the macroeconomic environment of that country. The purpose of the present research is to examine macroeconomic determinants of foreign and domestic non-listed real estate fund (NREF) flows and to examine whether they are similar or different for an emerging economy like India.Design/methodology/approachThe long and short-run cointegration between the time-series variables is estimated using the autoregressive distributed lag (ARDL) bounds test and error correction model (ECM) using quarterly data across the 2005–2017 period. ARDL is a suitable method for short time-series data.FindingsThe empirical results indicate that domestic NREF flows are positively and significantly impacted by real GDP and performance of listed real estate stocks (i.e. BSE realty index). Whereas, foreign NREF flows are positively and significantly impacted by the exchange rate, performance of l...
26th Annual European Real Estate Society Conference, 2019
Traditionally in India, real estate development was funded by High Net-worth Individuals (HNIs) t... more Traditionally in India, real estate development was funded by High Net-worth Individuals (HNIs) through high-cost debt and equity. The opening of Foreign Direct Investment (FDI) in real estate in 2005, made non-listed real estate funds (NREFs) an important source of capital for Indian real estate development. During 2005 to 2015 foreign NREFs contributed more than three fourth (3/4th) of entire NREFs investment in the country. Foreign NREFs significantly contributed to increase transparency and corporate governance in Indian real estate sector. However, in times of volatility, especially after the global financial crisis of 2008 foreign NREFs became conservative. Domestic NREFs were the major investors in the market during this period. NREFs investment in real estate is impacted by the macroeconomic environment of the host country. Most of the literature focuses on the drivers of foreign investment and there is hardly any literature on domestic investment drivers. This study, in contrast, simultaneously evaluates the domestic and foreign NREFs drivers. Unlike many other Asian countries (like China, Singapore and Hong Kong) very limited previous research is available in Indian real estate.This study will examine macroeconomic and capital market factors (like inflation, currency risk, interest rate volatility, M3, BSE realty index, BSE Sensex and GDP) to determine the drivers of domestic and foreign NREFs flow in the Indian real estate sector during 2005 to 2017. This study will use secondary data from various sources including published reports and data on various macroeconomic, capital market and NREFs investment data (from World Bank, IMF, RBI, OECD, VCC Edge, etc.). Overall, this paper will evaluate the significant determinants of NREFs flow in Indian real estate.
Journal of Property Investment & Finance, 2018
Purpose Investment in non-listed real estate funds (NREFs) in an emerging economy like India has ... more Purpose Investment in non-listed real estate funds (NREFs) in an emerging economy like India has its own challenges that entail a detailed understanding of the risks. The purpose of this paper is to identify the key risk factors across the life cycle of a NREF, based on a considered feedback of various real estate fund management stakeholders. It is important for the investors and fund managers to appreciate these risk factors to make informed investment decisions. Design/methodology/approach The present study based on the literature survey and discussion with experts identifies 39 risk attributes, which were further summarized using factor analysis into a smaller set of factors impacting NREF returns (risk). The relative importance of each risk attribute was examined and ranked using the relative importance index (RII). Further, cluster analysis using Euclidian distance was used to partition these risk attributes in various segments depending on their importance. Findings The risk ...
Green building rating systems (GBRS) result in energy-efficient and environment-friendly building... more Green building rating systems (GBRS) result in energy-efficient and environment-friendly buildings. They not only preventpollution and resource wastage during construction ; but also uphold high indoor air quality, energy and water efficiencies throughout the building life-cycle. The economic growth of Indian cities has led to hasty construction activities causing resource challenges, air pollution and congestion. The aim of the paper is to find the greenest building in the National Capital Region (NCR) ,which can be a benchmark building for the new buildings in the region. The paper presents the case study of two greenest buildings in the NCR from the two different GBRS; and also compare their attributes and rating systems. The paper inferscritical energy efficiency, air quality and water efficiency attributes of these benchmark buildings much needed in rapidly growing cities like NCR.