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Bangalore, Oct 21 (UNI) Larsen and Toubro Limited President and Member of the Board J P Nayak today said though India has enormous opportunity in construction sector to encash it there is a need for development and implementation of new technologies.

Speaking at the inauguration of a two-day Conference on 'India Realty and Gearing Ahead' here, Mr Nayak said the real estate growth had tripled since last five years and funds were flowing into the construction sector, but in technology front India have a long way to go ''Improved technology would not only help in reducing the construction cost but also quality of the work,'' he added.

Prestige Group Chairman and Managing Director Irfan Razack in his address said by 2011, 41 per cent of the people were likely to live in urban areas and there was a need for developing proper infrastructure to provide shelter to them.

Mr Razack said 170 players were in construction sector and the investment so far made may be to the tune of US Dollar 70 billion.

''With the opportunity existing in construction sector, US Dollar 500 billion investment was expected to flow into the sector in the coming days and need of the hour was to provide proper infrastructure, including road and water. The Government should look into this aspect on priority basis,'' he added.

Karnataka Minister for Health, Ramachandra Gowda, in his inaugural address, called for unity among the players in construction sector to serve the public at large. The principle of "Live and Let Live" should be adopted by the builders, Mr Gowda added.

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