Building Information Modeling (BIM) also accustomed as virtual model technology is a process or technique implicating the propagation and administration of programmed embodiment of physical and utilitarian aspects of places. It is an avant-garde development that is rapidly transforming the Architecture-Construction-Engineering (ACE) industry. This work addresses the status of Building Information Models and the environment necessary for them to develop into more broadly used process including modularization and cost assessment. BIM helps project internal stakeholders to envisage what is to be built in a virtual environment and to ascertain any latent design, construction or outfitted issues. The paper presents an outline of BIM with center on its nucleus concepts, challenges, and applications in the all stages of project life-cycle and managerial issues among project stakeholders. The paper also depicts the role of government for the enlargement of BIM technology especially in India. Further, the paper concludes that comprehensive implementation of this technology by the ACE industry will acquire little more years.