This study aims to evaluate the value management (VM) implementation barriers in construction projects. Consequently, information from 126 experts in the building industry was gathered via a questionnaire survey. Subsequently, the data were analyzed by exploratory factor analysis (EFA) and partial least square structural modeling (PLS-SEM). The results of EFA revealed that the VM barriers were grouped into six new constructs: client, knowledge, information, culture, resources, team members, and workshop. The barriers prioritization model was developed using PLS-SEM, and it indicated that team members are critical barriers to VM adoption. Although this study was limited to India’s VM context, its findings can be applied to other developing countries yet to implement VM in their construction industries. The study enhances stakeholder awareness and an understanding of the barriers affecting the implementation of VM, including building professionals, in India. It suggests strategies and activities overcome these barriers and facilitate a higher building quality, while maintaining a reasonable price.