Construction projects are increasingly growing in value and complexity. Most of them are innovative resulting into inclusion of a high level of risk and uncertainty. The management of risks within these projects remains a major factor in their success or failure. Risk management involves identifying risks, assessing them and then developing strategies to manage them. The paper highlights the various risks prevailing in a construction project and their sources of origination. Risks can be assessed qualitatively and quantitatively. The paper also reviews the various techniques used for quantifying risks and focuses on evaluating risks using the 'Risk Factor and Priority Model'. The study emphasize the identification and assessment of various risks in case of real estate projects. The evaluation of risks can help in prioritizing risks for effective risk management and successful completion of a project.