Infact steel is low weight/less bulky and has high strength. However it has not gained popularity in India due to various reasons.
RCC is infact very easy to use material and the expertise is very much available every where.
Steel is popular in the west and in the middle east.
Its not that popular in India except for industrial structures and temporary. JSW is a company in India who builds buildings in steel frames. Steel frames still could be popular in the future.
Its not that there are no steel framed buildings.However there are some challenges that makes it not so popular esepecially in Indian conditions.
One of the main reason for steel not being used is its cost compared to RCC
Steel is much costlier than RCC and you will also need more expertise in this.
Another reason is the need of fire protection.Steel is not combustible.However its strength reduces considerably when subjected to high temperature and fireproofing is mandatory and it increases the cost. Also the chances of a fire in a tall building is not less.
The maintenance cost for steel is high too. To prevent rusting,the steel needs to be protected with proper painting or any other process. Generally in Indian conditions,this is quite demanding and expensive too. Also any negligence in this can lead to undesirable accidents.
The sound transmission and vibration also will be slightly high in steel structures and it is not great if you want to control these.
Most of India is seismically active and the seismic demand is not low. This makes the lateral deflection control and strength requirement a bit challenging.Though a combined RCC shear wall + steel frames can do the job, some times the sections can be heavy especially with challenging architectural requirement.
In most housing projects,especially high end apartments,terrace gardens and heavy fill load resulting from it on catelevers can be challenging aswell.
The main advantage of steel is the speedy construction.If one need to offset all other cost increase and take advantage of the faster construction and offset the cost, it takes meticulous planning and cash flow.Both are not seen in most Indian projects and it will be very difficult to make use of the advantages offered by faster construction.
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