The infusion of generative artificial intelligence (AI), as exemplified by models such as ChatGPT and Bard is proving to be a revolutionary catalyst within the building and construction sector. This exploration delves into the myriad applications, establishes a conceptual framework, confronts challenges, and delineates the prospective trajectory of harnessing generative AI across diverse stages of the construction lifecycle. In the domain of project management and scheduling, AI models contribute to optimal resource allocation, task sequencing, and timeline optimization, thereby elevating the overall efficiency of project delivery. Design optimization is equally pivotal, as generative AI assists architects and engineers in crafting innovative designs that concurrently adhere to functional and aesthetic criteria. The predictive prowess of generative AI fortifies risk management, furnishing stakeholders with insights into potential project risks and effective mitigation strategies. Meanwhile, in the realm of cost estimation and budgeting, the enhanced accuracy and speed offered by generative AI optimize financial planning and resource allocation. Supply chain management benefits from streamlined processes driven by AI insights, ensuring the timely and cost-effective procurement of materials. Generative AI is a linchpin in quality control, identifying defects and deviations from standards to enhance overall construction quality. Real-time data analysis strengthens site monitoring and safety protocols, enabling proactive risk mitigation and ensuring a secure working environment. Collaboration and communication within construction teams are augmented by generative AI, facilitating seamless information exchange and decision-making processes. Predictive maintenance and asset management undergo a transformation, with AI algorithms predicting equipment failures and optimizing maintenance schedules. Furthermore, the integration of generative AI tackles the imperative of energy efficiency and sustainability in the construction sector. Models like ChatGPT and bard contribute significantly to optimizing building designs for energy conservation and sustainable practices. This paper also explores the incorporation of ChatGPT with augmented reality (AR), virtual reality (VR), and Building Information Modeling (BIM). Ethical concerns, data privacy, and the imperative for robust cybersecurity measures necessitate careful consideration. As the industry embraces these innovations, substantial improvements in efficiency, sustainability, and overall project outcomes are poised to unfold.