Celebrating a decade of glory...and the rest is history!

Celebrating a decade of glory...and the rest is history!

Being a successful Project Management Consultancy (PMC) i.e. conceiving and managing the progress of real estate projects ensuring close co-ordination between various agencies and Clients and delivering a successful project in line with Clients objectives of time, cost and quality, is no easy victory!! It requires proper planning, analysing problems and advising solutions, optimizing resources, allocating and integrating inputs (backed with skills and manpower) to create a masterpiece. From organizations drawing upon the services of a PMC merely for gaining external advice, Project Management, in recent years has come to be seen as a discipline many successful companies adhere to, as they function as bridges for information and knowledge. To stay ahead of competition, all companies both big and small, at some point of their growth cycle, requires Project Management as it streamlines the complex processes, reduces time by bringing in cross-functional competencies.

Masters - a leading Project Management company and synonymous with names like The Fairmont, Godrej, Parsvanath, Red Fort Capital, Marriott, L&T Pheonix, Indian School of Business, Tata Realty, Forum Group, Harvard Business School, Dr. Reddy’s Laboratories, Runwal, Hiland Group, Ascendas, JP Morgan, GE Real Estate amongst many others, has evolved over the last 10 years, from a small-garage-office to having pan India presence and big ticket accounts in its kitty. As Masters celebrates its decade-long journey today on 27^th December 2014, we can’t help being nostalgic and wish to take you down the memory lane, recounting the good-old days, challenges that came along and milestones we crossed along the way.

Humble beginnings:

Started back in December 2004, Masters’ inception was more like serendipity. Born out of a Project in Mumbai-The Imperial project at M.P. Mill Compound in Tardeo, was a take-it-or-leave-it decisive moment for the founder and co-founders when they were asked to construct the two tallest towers in the Country. Armed with Engineering degrees, diverse professional background and loads of passion, the team turned the challenge to an opportunity-creating history and the challenge was accepted and Masters was conceived to take on the challenge!!

From a single project to handful of projects, over the years, Masters has developed itself as a name to reckon with who companies think of creating value through Project Management Consultancy. Today the Imperial towers (residential complex) stand tall in the heart of Mumbai city as a testimony to Master’s success, being one of its flagship projects.

Over the next few years, Masters was successful in adding Real Estate Advisory, Cost Management, LEED Green Building Advisory, Architectural & Engineering Design Development divisions to its service portfolio, making it a full-service Project Management Company it is today.

Another exciting area of development for Masters has been the evolution of Development Management division. This has been a feather in the cap as it provides added value to clients by assisting them with the identification of best land use, funding and pre-conceptualizing projects.

In retrospect

Started under the leadership of Mr. Jaspreet Singh, CEO and MD of Masters, Mr. Singh’s vision behind founding Masters was to address the dire need of a professional Project Management company in the country. Mr. Singh along with his co-founders Mr. N.H. Narayanan, Mr. Sanjoy Datta and Mr. Ravinder Bassan had the undying confidence in his team, which came with the knowledge & exposure of best of international systems and standards and at the same time being able to integrate that experience with the particularities of the Indian Real Estate Industry.

Started as a small office at the project site with a handful of 10 team-members, Masters has grown into a big organization which has pan India footprints employing a whopping 200 + people as of today. The Company has its head office in Mumbai and is operating in all big cities like Delhi, Hyderabad, Bengaluru and Kolkatta while also offering its services to clients in emerging markets like Amritsar, Jaipur, Kota, Jaisalmer, Vishakhapatnam, Nagpur, Chennai, Goa, Siliguri and Jamshedpur.

In addition to investing in the right kind of talent and markets, Masters was also one of the early adopters of ISO standards. In the very first year of its inception, Masters decided to get certified to The Quality Management System ISO 9001, an International Standard, not merely to comply to market requirements but the Company wanted to embed ‘systems’ in its DNA and set clear guidelines to make sure that documented procedures and best practices (in line with an International Standard) are being followed in all its processes across all geographies. The company successfully upholds the ISO 9001:2008 certification even to date.

Recounting Milestones

Each year at Masters has been that of growth and noteworthy. Just after its inception in December 2004, in the year 2005, first Value Engineering exercise was undertaken for the Imperial, the MMC website was then launched for increasing awareness not only of Masters but also of Project Management techniques encouraging the Indian industry to adopt such professional platforms to enhance the real estate industry more rapidly by completing projects in time, cost and quality.

The Company was soon after, appointed as a PMC for DELL in Hyderabad which was their 2^nd project and the formation of Thompson Cole followed with Mr. Philip James to represent Masters in Dubai and this marked the first international entry of Masters.

The year 2006 witnessed a lot of key developments like establishment of Hyderabad Regional Office on 1^st April 2006 under the leadership of Mr Vishnu Prasad and Masters being appointed as a PMC for S.P. Infocity at Gurgaon, L&T SEZ Project at Hyderabad and launching of the Blog. Launch of blog signifies that the count of team had in a very short span increased manifold. 

Another significant turn was bagging the Indian School of Business project (designing and executing Faculty Housing) at Hyderabad. It was an out-an-out project development consultancy where Masters designed, constructed and monitored the project providing an end-to-end service, from architectural & services design to site-related work.The Company also took up Shopper’s Stop fit-outs at Noida, Delhi and Kolkata. In just 2 years, Masters had entered most of the geographies marking a pan India presence.

In the subsequent year, i.e. 2007, Masters took up theirfirst Technical Due Diligence assignment for Ascendas Property Fund Singapore, which was undertaken at Chennai in 2007, thereby formalizing the Advisory & Technical Due Diligence Vertical under the direction of Ms. Ipsita Mahajan. The first hotel project – renovation of Ramada Caravela Resort at Goa and a Fairmont hotel project at Jaipur and then Novotel Mumbai, also commenced in 2007. 2007 also saw the establishment of Kolkata Regional Office on 10^th October 2007 under the leadership of Mr Dhruba Bhattacharya. This was then followed by formally establishing the Hospitality division by Mr. Martin Fine in 2008.

In 2009, the Company started its first factory project for a Mexican client called Metalsa India Pvt. Ltd and executed the first LEED Green Building Advisory exercise in an advisory capacity to Dr. Reddy’s Laboratories, undertaken by Ms. Neha Trivedi, LEED AP. This year also witnessed the Inauguration of Corporate Office at Mumbai on 1^st June and in the next month, July 2009; the Imperial project was completed and successfully handed over, which continues to be the tallest standing towers in India, even today!

The year 2010 was indeed significant and memorable as Masters had undertaken their first off-shore PMC assignment in relation to improvements at the Johannesburg Sun Hotel, Johannesburg, South Africa and also undertook their first Development Management exercise in the advisory capacity to S.P. Real Estate, undertaken by Mr. Ramy Makarem, Development Director at Masters. Having continuously cherishing the growth chart, this year saw one of the most tragic incidences; Masters lost one of its very senior key employees and one of the co-founders at Masters, Mr. N H Narayanan, Vice President. His key contributions and youthful spirit will always be remembered.

Masters then undertook its first independent Cost Management exercise in the year 2011 thereafter setting up of a separate Cost Management Division under the leadership of Mr Chandresh Dedhia and establishment of Delhi Regional Office on 10^th March 2011 headed by Mr Sanjeev Sachdeva. 2011 was a crucial year also in terms of re-visiting and improvising Masters Processes by introducing an enhanced version of Procedures further streamlining the activities and offerings across the board, under the leadership of Mr Robert Perkins, Operations Director at Masters.

Successively, in the year 2012, Masters Design Studio (MDS) offering Architectural and detailed design and drawings was established at Kolkata. And subsequently, MDS was expanded to include Interior Design and MEP Services Division in the year 2013.

2014 has been a year of devising strategies for tomorrow where the company adopted modern techniques for offering services and has worked towards developing an in-house online platform for their services which would be launched in 2015. 2014 has also been a year for pondering on international expansion by looking through various proposals and the company has eventually signed MoU’s with various like-minded organizations overseas and would now be working more closely with them with an objective to develop the Indian industry further by bringing in their experience in the Indian market as well as making a strong foothold in their markets with our expertise in Project Management Consultancy.

Blocks to success

Just like any growing company, Masters too faced certain challenges in the last 10 years, while setting up. Getting like-minded people together under one roof and to remain neutral and unbiased with various stakeholders (as a PMC works on behalf of contractors and stakeholders and represents the clients) while maintaining the periphery of its core values viz-a-viz Integrity, Transparency and Honest was a tough task.

However, once that was dealt with, many companies were hit by a global economic occurrence-Recession, in the year 2008. Project Management, an activity that helps clients ease out their job, was being looked at as an overhead and hence many projects had been shelved during the economic downturn. However, the team at Masters decided to stick together and build new avenues. The Company then started looking out on various other verticals and opened separate divisions for Cost Management and Design Services and introduced Development Management which helped the Company bounce back, eventually.

Masters may have seen various hues and shades of harsh winters but over the years it has developed a strong base of trusted partners and clients and has penetrated through many influential markets that make it sturdy to withstand any challenge head-on.

Greener Pastures

Talking about the journey, it is interesting to note and make a special mention of commercial activities that the Company started that were not just lucrative but continue to add value even today. Although started with just The Imperial Towers as the only project, Masters’ presence began taking shape by bagging few key projects like DELL, L&T Pheonix and ISB in Hyderabad, Infogain, SP Infocity, Parsvanath Towers, Vivanta by Taj in Delhi-NCR, Tata Realty’s TRILIUM in Amrtisar, Godrej Prakriti in Kolkata and Novotel and Saifee Burhani’s Upliftment Project in Mumbai. Many years later, Masters has been successful in carving a niche for itself in the Indian market and operates out of full-service offices in Mumbai, Kolkata, New Delhi and Hyderabad. Each of the geographies while may have brought a few challenges initially, but they are now being explored for both small and big assignments across various services as end-to-end solutions.

Masters First One’s in every sector!!

Masters First One’s in every sector!!

Masters expanded its horizons over the years and like the first born child, the first projects in the different fields hold a special place as they are the foundation blocks which made Masters what it is now. Below we can see the first footprints of MASTERS in the individual stream.

RESIDENTIAL: Imperial Towers, Mumbai

Oh!! MASTERS entered into the Residential Construction Industry and How. We jump started with a king size project i.e. the Imperial Towers which is touted as the highest existing Residential towers in India. The Project is a flagship residential complex - 253 meter high, 60 storey towers with the finest of amenities, at the heart of the city of Mumbai. The towers are built with state-of-the-art technology & finishes and using international standards of construction. The towers include a podium of 10 storey height which houses car parking, a luxury spa, clubhouse & recreational facilities and a triple-height entrance lobby. In addition to the luxury high rises, also developed are 18 slum rehabilitation buildings of G+14 to G+21 storey height to house 2664 families.

HOSPITALITY: Novotel, Mumbai

In April 2007 Eastern International HOTELS Ltd. announced with pleasure that they would be re-opening their flagship hotel in Juhu Beach Mumbai, India, as the new Novotel Hotel. Entering into the Hospitality Industry, with this Project MASTERS grabbed the opportunity to work on the renovation of complete Hotel with the BUA of 150,000 sq. ft. and Project cost of 77 Cr. Since the Hotel is based on the seafront within Coastal Regulation Zone, the structure could not be demolished, but almost the entire infill walls etc were torn down to re- house building services and customize the guest rooms, public areas and BOH areas as per the new operator's requirements. With the crucial contribution by MASTERS as the PMC the existing building was transformed it into a place ideal for business guests, as well as those on holidays. By the end of Jul 2009 on completion of Project The Novotel offered its Clients with 203 contemporary designed rooms having magnificent views of the Arabian Sea, meeting rooms seating up to 1000 participants, 4 specialty restaurants, a chic sea lounge, an outdoor pool, spa and fitness centre, it epitomizes a new approach to hospitality.

COMMERCIAL: DELL International, Hyderabad

MASTERS tested the waters in the Commercial construction Industry and bagged the Project for Construction of the Dell International office Building located in Hyderabad. The Project was conceptualized in Jun 2005 with a Built Up Area of 6.00 Lack Sq. ft. Dell IT Campus is a 3,000-seat call centre for 24 x 7 operations. The building has a four storey entrance block, with other blocks of larger floor plate and multiple levels of parking.

SEZ PROJECTS: L&T Phoenix, Hyderabad

Masters has worked as a PMC for the L&T Phoenix Infoparks for their SEZ in Hyderabad. The project also involved building an incubation space for its tenants. The site was 25 acres of land with 9 state of art IT/ITES buildings each with an average BUA of 250,000 Sq. ft. with a Total Project Value of 406 Cr.

RETAIL AND OFFICES: Infogain (Noida) & Wells Fargo (Hyderabad)

Masters has executed several interior fit-outs of which the interiors for Infogain at Noida, was one of the first. Infogain with a BUA of 90,000 Sq.ft is located in Noida NCR, India and Masters provided PMC and design services (Interior fit outs) for the Project. With this Masters also entered the field of Office interior fit outs with WELLS FARGO in Hyderabad. 

                             

Infogain, Noida                          Wells Fargo, Hyderabad

INDUSTRIAL: Metallsa, Jamshedpur

With Commercial, Residential and hospitality projects in our hand, Industrial buildings were just another stepping stone. We commenced with working for the successful setting up of an industrial facility with BUA of 200,000 sq. ft.for a Mexican company's in their maiden venture in India for production of chasis for heavy vehicles for TATA - The complex housed a pre-engineered production building, administrative block, office, canteen etc. work.

CORPORATE OFFICE: Dr. Reddy's Laboratories Pvt. Ltd., Hyderabad

After successfully handling the interior fit outs of multiple offices Masters shouldered the responsibility of completing the base building and Interiors of Dr.Reddy's corporate office at Banjara Hills, Hyderabad. The building had a BUA: 179,000 sq. ft. and the total Project cost of 50 Cr.

RETAIL MALL: Trillium Mall, Amritsar

Masters can boast about entering into the Retail Malls constructions with a fantastic project which was Trillium Mall built by Tata Group.
The 204 CR Trillium Mall located in the Civil Lines is spread over 10.5 Lac Sq.ft. of land feet devoted to shopping area. With its multiplex and banqueting facilities the Mall has been an attraction for the residents of the city residents Masters played a crucial role as the PMC in Tata Realty’s vision to serve the city and its surrounding areas, and provide the experience of grand shopping, entertainment and socializing.

HOSPITAL PROJECTS: Breach Candy Hospital & Research Center

Masters expanded its wings towards the medical facilities sector with the interior fit outs project of Breach Candy Hospital wherein our scope include structural strengthening works, complete refurbishment of two wards and the VVIP ward for one of Mumbai’s premier Hospitals having a built up area of 1 Lac Sq.ft and project Value of 4.5 Cr.

Dharmesh Gala 
(Project Manager)
Masters Mumbai

10 industry-changes the coming decade must experience

10 industry-changes the coming decade must experience

The last decade has seen significant changes in the construction industry in India. Whilst there has been technological advancement in the construction works, some aspects of the industry still remain incompetent and ultimately impact the project outcomes in terms of the cost, time and quality. We, as Project Managers, are the first to experience the effects of such project in-competencies.
 

Every project is distinct in its own respect. However, we may note that there are a few common issues with all of them. These issues if tackled in an efficient and organized manner may reduce a lot of our grief. The construction industries across the developed nations have a robust system which safeguards its participants in all respects. And whilst the Indian construction industry has not advanced to that stage, we remain hopeful that we can catch-up with the developed nations in a decade’s time.

Here are some of the key changes we would like to see in the industry:

1. Standard Contracts

Use of standardized contact forms for engagement of consultants, contractors and sub-contractors. The benefit of standardized contracts is that they are not biased towards the Client / the contractor and give fair terms of engagement to the parties involved. Indian Standards for construction contracts should be established similar to the FIDIC, Australian Standards, etc. Government agencies should make it mandatory to utilize such standard contract for all government funded projects.

2. Payment Regulations

Non-payment or late payment is a very common complaint in the construction projects, which sometimes results in delays and disputes between the parties involved. The government should formulate Regulations/Acts that can formalize the payment cycles and provide respite and formal channels of claiming the outstanding dues. Such cases should be handled by independent, government accredited bodies to expedite such claims and not follow the regular judiciary process which takes years to get a hearing on the case.

One such example is the ‘Security of Payments Act’ followed in Australia.

3. Occupational Health & Safety (OH&S)

Whilst the industry has seen a tremendous improvement on this front over the last decade, there is a lot more to be achieved. OH&S not just relates to wearing hard hats and safety vest but involves every aspect in which an occupational hazard can be avoided. OH&S is both generic and specific to the industry. The government should make it mandatory for all construction industry personnel to undertake a general induction on OH&S and issue certificates or license for the same. In addition to this, site OH&S induction should be made mandatory for every person entering the site.

4. Hazardous Waste Management

An issue that is highly talked about, yet, the most ignored when it comes to construction industry is Waste Management. In addition to air and water pollution, there are other more toxic pollutants that affect the environment and people exposed to it. One example is asbestos-health effects of prolonged exposure to asbestos are known to cause cancer. While asbestos is banned for use in European Union, Australia, Hong Kong, Japan, and New Zealand, its use is still prevalent in India. The government should make efforts to eliminate the use of asbestos in construction and also regulate the disposal of asbestos in a safe manner. 

5. Formal training for construction trades

Tradesmen in Indian construction industry often inherit the skills or learn by experience working on sites, which is not always a bad way to learn. However, the trade skills need to be recognized as vocational subjects in universities and formal training on best practices should be provided to the aspiring candidates. This will not only set standards to the trade but also recognize the trades as respectable and skilled professions. Skilled personnel on projects will reduce the amount of defects considerably.

6. Construction quality benchmarks

Quality often seems to be a variable factor with different contractors. It would be beneficial to set some standard benchmarks for the class of finishes. For example, concrete finish when used as a super-structure and when used as exposed concrete will be different. However, a standard guide which outlines the parameters of the different classes of concrete will greatly assist the designers and contractors to specify finishes.

7. Work Methods

India has a huge reserve of inexpensive manual labour, which is largely used in the construction industry. The use of machinery in construction, to some extent has been directly influenced by the availability of cheap labour in the country. While the last decade has seen some changes in this perspective, there are more aspects that can be adopted in the work methods. For example, use of plastering machines, use of stairform for staircase construction, permanent form systems for cores, etc.

8. Municipal approvals process

One of the most tentative/ uncertain events in the project schedule is the municipal approvals, which obviously impacts the overall project duration and ultimately cost. It would be ideal if the local municipalities regulate the approval process with definite timelines and provide transparency on the application status. Special approval authorities should be established for major projects, thus minimizing the work load on the regular approvals in municipalities.

9. Independent Certification

Once the initial project approvals are received for the project, ongoing approvals like the Commencement Certificates, Occupation Certificate, etc. are dependent on the visit from the municipal officer to the site and then the officer processing the necessary paperwork. This is a time consuming process and most of the municipalities are understaffed to undertake these visits.

In most developed nations, the same function is undertaken by an Independent Certifier, who is authorized by the municipal authorities and appointed by the Client. The introduction of independent certifier in the process reduces the already understaffed and overworked municipalities and also makes the process of certification quicker for the project team. This concept would greatly benefit in the Indian context.

10. Understanding professional indemnity

It’s a usual practice for service providers in the construction industry, who provide professional advice, to cover themselves by the professional indemnity insurance. Professional indemnity insurance covers the service provider from bearing the full cost for defending negligence claims made by the client.

Whilst we all understand the intent and extent of our professional indemnity, we as Project Managers, often find ourselves crossing boundaries. Example – It is often found that Project Managers end up providing sketches of architectural details at site. With all good intentions, it is provided in order to avoid delays; however are we covered for it? Does our professional indemnity insurance cover design services if we are project managers? The answer is no, unless you are a multi-disciplinary company. In case of a mishap resulting from the professional advice of individual Project Manager, the company would be liable for the negligence claims.

Industry professionals and companies need to appreciate their professional limits and instill  these limits as corporate guidelines.

10 Reasons to work with MASTERS

10 Reasons to work with MASTERS 

As every individual aspires to reach great heights in their professional life, it is very imperative to choose right place to work where one can get the essential platform, exposure and support to enhance one’s aptitude and capabilities. MASTERS being one of the most respected project management companies with PAN India presence run by highly professional individuals, understands this and thus plays a key role in carving the professional path for its employees with constantly evolving career goals by encouraging new talent and nurturing them into becoming better individuals, both professionally and personally!

Masters has delivered landmark projects—the contemporary marvels of the construction industry like the Imperial Towers at Mumbai which still stand as the tallest towers in India. There are many reasons which can be laid down for young professionals like me to work with Masters who are looking for an aspiring career and to give some insights, I have listed below the top 10 which are highly commendable and sets Masters apart all other in the industry:
 

Principles/ Values: The foundation of any organization is the principles & values it poses and Masters have taken this literally.

Honesty, integrity and transparency, the core values of MASTERS are embedded in every individual’s working attitude, which not only strengthens one’s conduct but also builds a strong bond with the associates. Everyone representing Masters strives to conform to the highest standards of ethical behavior, integrity and honesty. A system of values, wherein central importance is ascribed to work, commitment to professionalism, diligence and persistence, is instilled throughout the organization and it is strongly believed that Transparency breeds Trust which is the foundation of rewarding teamwork.

Team Work: At MASTERS everyone counts, everyone!

Masters values contributions from one and all, irrespective of age, gender, experience and qualification. A young graduate has as much say as a senior leader when it comes to knowledge and ideas. Everyone’s thoughts are respected as it is well reckoned, within the organization, that successful endeavors are the result of good teamwork. The teams at MASTERS works unanimously along with all associates to deliver a successful product through result oriented approach and everyone in the team is expected to contribute to the projects. MASTERS is not just a company but a second home where team members are more like family members and where novel ideas are not only embraced but encouraged!!

Ownership: MASTERS gives every team member a sense of ownership for their contribution, which makes the team more connected to project and boosts their moral. Here at MASTERS the aim is to hone employees to develop into ENTREPRENEURIAL PROJECT MANAGERS with a sense of ownership of the Project ability to look beyond the mundane and rise beyond the ordinary. Every individual is encouraged to take-charge & self-direct in order to deliver a product or service to Clients that is of value. It is not just a JOB for the employees at Masters and hence it is ensured that extra initiatives are taken towards the success of a Project. This attitude drives the team’s efforts towards setting higher standards for performance and achievement and this is what sets us apart from others!!

Leadership: At MASTERS leaders create leaders!!

The leaders here carry a culture wherein they motivate others to become future leaders by directing and supporting them to accomplish the delegated task and sail through the complex situations. There are endless opportunities for all, who are willing to take up. Everyone is allowed to take a chance and not be always afraid of the result. Masters promotes risk-takers! The leaders at MASTERS invest their efforts and time, for all risk-takers, to increase the returns from their teams, contributing even to the bottom line to create a stronger, more robust, engaged and valuable work environment. Our organization is well led, not only from the top but at every level.

Healthy Work Environment: Apart from the responsibilities that come with a job perhaps the single most important thing that influences employee motivation, happiness, and how efficient they are, is their working environment. The working environment is one of the key factors in inculcating the right culture towards work and society. MASTERS being diversified in all regions brings the sense of nation with in. There is always an option to get inspired by the cultural diversity this organization offers. 

Professionalism: MASTERS being an ISO 9001:2008 certified company has its processes and practices at par with the International Standards. Upkeep with the new management trends and practices, adaptation to the best practices in the industry helps in the overall growth. Masters focuses on the culmination of competence, knowledge, resourcefulness, quality, attitude, and cooperation not only to ensure the successful completion of deliverables, but also with an exceptional experience over the entire course of a project.

Versatile Exposure: MASTERS has marked their presence in all real estate projects, be it a SEZ project or High rise buildings or hospitality projects. Thiprovides an opportunity to an individual to get versatile exposure in all type of construction projects. Every member in a team gets an opportunity to get hands on to various departments and get upgraded with the latest trends.

Continual Growth: Over the decade year by year MASTERS has spread its wings and has come a long way from acting just as Project Managers to now taking the complete ownership of the projects to ensure that all project needs are met, right from the development phase to the execution/hand-over phase. Masters also renders specialized services like Cost Consultancy & Quantity Surveying, Design Services (with an integrated in-house design team), Development Solutions (from assessing feasibility, viability of projects to complete hand-over) and Real Estate Allied Services etc. Masters with its already established PAN India presence is now looking forward to establishing a strong foothold in the international market as well.

Brand Image: Masters have created a niche in the industry with successful deliveries of numerous projects of different portfolios. Masters under the flagship of Project Management and specialized services have bagged over 130 projects in a decade with several as repeat businesses from same Clients!

Fun Time: Nothing is complete without fun, partying and celebration, reason could be any Top Up party, achievement of major milestone, festive, birthday bash or an annual get together. Masters have never remained at the back seat when it comes to celebrations.

 

Dharmesh Gala
(Project Manager)
Masters Mumbai

Cost Consultancy - A partner in managing costs

Cost Consultancy - A partner in managing costs
 

Cost Consultancy as a service encompasses cost estimating, cost management, the production of bid and contract documents, the financial administration of building contracts and dispute resolution.

A full fledged construction cost consultancy service comprising quantity surveying, feasibility studies, cost planning, value engineering and cost option studies.

Cost consultants can devise and manage the procurement process, bench marking costs against other projects.

Cost Consultancy @ Masters

Masters also undertakes assignments of cost management and monitoring of the project to ensure that the project is being developed to the client’s Requirements within the best value proposition, quality parameters and budget. Masters’ cost management team establishes an effective centralized cost management and change monitoring system for all stakeholders in the project.

Pre-Contract Cost Advice and Cost Management

Masters believes that an initial budgetary assessment of the project puts into perspective its long-term feasibility. We can undertake this by providing a well-defined cost/benefit determination based upon the preliminary design proposals. Our cost management teams meticulously gauge feasibility by working closely with our design, engineering and contracting experts to prepare an accurate cost plan and cash flow that includes not only assumptions of forward purchases of materials and equipment but also reflects upon the comparative costs of alternatives of designs, materials and methods and that can be employed to alter the existing cost indications. As the project advances, it is closely monitored to take into account all sizable cost changes that are incurred on account of alterations in design, contractual adjustments and budgetary modifications.

Tendering and Documentation

In addition to Pre-Contract Cost Advice and Management, we help our clients in tendering and documentation. Our contractual experts help in selecting the most efficient building contract partners to work on your project, administer the tendering procedures along with preparing and executing all required documentation in consultation with engineers, designers as well as your legal and insurance advisors.

Post Contract Cost Control and Monitoring

Masters’ cost management team provides project cost control and administrative services based on assessments and forecasts of expenditure and final cost including cost checks and costs of variations on a regular basis. Our Cost Managers keep you updated by providing monthly cost reports that help in the development of progressive cost plans that are reflective upon assessments and forecasts of expenditure and also facilitate revisions of cash flow, thus ensuring rigorous monitoring of project expenditure.

Post Contract Financial Management

As your Client Representative, Masters represents your best interest in interactions with contractors, major sub contractors and all other consultants. Our cost managers prepare monthly cost plans, which include valuations and progress payments for contractors, materials and overheads along with final cost reports prior to closeout.

The presentation of final accounts to the clients incorporates all financial concerns of the project, including but not limited to the monetary impact of project delays, prolongation claims and acceleration costs and the final resolution contractual claims.

Some of our Cost Consultancy Projects are as under:

- Runwal Eupharia, Pune

- Runwal Greens, Mumbai

- HBS Office, Mumbai

- The Imperial, Mumbai

- Novotel, Mumbai

Know more about Cost Consultancy services India by contacting us at - 

Head Office:

Masters Management India Private Limited
New Udyog Mandir,
Kamanwala Chambers No.2,
Unit No. 7, Ground Floor,
Mugal Road, Mahim (West),
Mumbai - 400 016
Phone : +91 22 64567600

MASTERS contribution to a Green Building Project!!!

MASTERS contribution to a Green Building Project!!!

Like all other completed projects, Red Fort Parsvnath Tower (at New Delhi) project is nearing to become yet another Diamond in Masters journey; an end result which is achieved by synchronization of our core values, our people and our systems & SOP’s reaching to add another jewel in our crown!!

This project holds a special place in the crown as apart from delivering the product to the Client it also is on its way to become a LEED Certified Green Building, one of its kinds in CBD of Central Delhi. MASTERS has been instrumental, along with all other stakeholders of the project including Client, Consultants and Contractors, in achieving this target.

A Green Building is a structure that is environmentally responsible and resource efficient throughout its life cycle, from inception to design, construction, operation, maintenance, renovation and demolition resulting in low green house emission and low operation cost.

The project Red Fort Parsvnath Tower launched by Red Fort and Parsvnath Developers Ltd. in October 2010 is a 5,00,000 sq ft Grade–A project in the heart of New Delhi, India. The project has been carefully designed and constructed in line with the Green Building principals and LEED (Leadership Energy & Environmental Design) standard under guidelines of IGBC.

A LEED feasibility study was conducted for the project in 2010 in which the project was evaluated under LEED-India core & shell rating system. Thereafter, the documentation and document control system followed and maintained by MASTERS, throughout the project, in accordance with the LEED requirements enabled the project to achieve the LEED Silver rating with 30 LEED points.

The LEED-India green building rating system for core & shell (LEED India CS) provides a set of standards for certifying the design and construction of core & shell building. LEED-India CS addresses environmental issues in six distinct categories viz. Sustainable Sites, Water Efficiency, Energy & Atmosphere, Material & Resources, Indoor Environment Quality, and Innovation & Design Process, and Masters ensured to achieve credits in each of the afore categories to ensure Green Building Certification!!

For achieving Sustainable Sites credit points, an Erosion and Sedimentation plan was developed during the construction phase which integrated various erosion control measures like stabilizing soil stockpiles on site, water sprinkling to prevent loss of soil from storm, water runoff and/or wind erosion. Another credit was achieved by providing electric charging points (16A sockets, 240 V) for 3% of the total vehicles parking capacity. In addition to this, the roof/ terraces were designed to minimize the Heat Island effect, terrace gardens were developed and roofing materials with high solar reflective index were used.

Talking about credit points for Water Efficiency, a Sewage Treatment plant (STP) of capacity 150KL/day was constructed. The STP was developed not only to treat waste water and supply treated water for landscape irrigation and flushing purposes, but was also developed to serve the requirement of cooling tower of the building. Additionally, low flow water fixtures were installed to reduce potable water consumption.

R134a refrigerant was used in the project to meet the requirement of CFC reduction in HVAC equipment and Refrigeration equipments for achieving Energy and Atmosphere credits.

A waste management plan was developed and implemented on site for segregation of recyclable and reusable waste materials to accrue credits for Material & Resources.

The Red Fort Parsvnath Tower has been designed meeting the minimum requirement of voluntary consensus standard ASHRAE 62.1-2004 (American Society of Heating, Refrigeration and Air-Conditioning Engineers) which specifies the minimum ventilation rates and Indoor Air Quality level to reduce the potential for adverse health effects. Additionally the HVAC system of the building was designed to meet the requirements of ASHRAE 55-2004, environmental factors like temperature, thermal radiation, humidity and air speed were addressed and adhesive/ sealants with low VOC content were used. The intent was to maintain a healthy atmosphere in the building that would improve the productivity of the occupants and therefore smoking in the entire campus of Red Fort Parsvnath Tower is prohibited to avoid any exposures to ETS (Environmental Tobacco Smoke).

The project achieved three credit points for Innovation and Design process, for its exemplary work in the Construction Waste Management, Recycled content and Reuse of materials and for Regional Material usages.

Green Buildings, also known as sustainable or high performance buildings, increase the efficiency with which building and their sites use and harvest energy, water and materials. Masters has been fortunate and proud for its contributions in the project which makes it one of its kinds (soon-to-be) LEED Certified Green Building in Central Delhi, India.

Mukesh Kumar
(Asst. Manager – Safety)
MASTERS Delhi