Large scale construction projects always involve multiple stakeholders who have different goals, interests and expectations. The success of construction projects, as well as the sustainability and competitiveness of construction enterprises depends a lot on competent handling of these stakeholders. Stakeholder management in construction projects is a complex problem and this study acknowledges its significant impact on management and commercial practices in the construction sector. The present study highlights the necessity of strategic stakeholder engagement and collaboration strategies while recognizing the benefits of involving multiple stakeholders in the construction process and optimizing the output received. The major objective of the study is to identify challenges concerning management of multiple stakeholders in construction projects across all stages and also to identify critical success factors for effective stakeholder management. The statistical analysis of responses received from the structured questionnaire survey conducted for this study reveal four key areas as crucial challenges of managing multiple stakeholders in construction: 1) Communication and Planning Issues, 2) Quality and Performance Issues 3) Leadership and Management Challenges and 4) Fairness and Efficiency in Internal stakeholde Management. Based on the results, a framework for multiple stakeholder management is suggested as a structured approach to effectively engage stakeholders and optimize project performance. Understanding stakeholder management dynamics can help construction firms improve project performance, reduce risk and develop long-term relationships. Further, the findings obtained support knowledge in construction management and can be used as a guide for practitioners as well as researchers.