This study examines the implementation of Government Regulation No. 14 of 2021, which amended Government Regulation No. 22 of 2020 concerning the governance of construction services in Indonesia, and its implications for construction project efficiency. The regulation was introduced to strengthen management systems, improve the competencies of construction business actors, and promote efficiency, transparency, and accountability in project implementation. This study was conducted on ongoing construction projects in Indonesia, focusing on construction activities involving contractors, consultants, and commitment-making officials. A qualitative approach was employed to examine stakeholder perceptions and field evidence regarding the implementation of the regulation, particularly in relation to project timeliness, cost control, work quality, and administrative compliance. Data were collected through in-depth interviews with contractors, consultants, and commitment-making officials, as well as direct observations of ongoing construction projects. The data were analyzed using thematic analysis through data familiarization, coding, identification of themes, systematic presentation of findings, and conclusion drawing. The findings, based on both stakeholder perceptions and observational evidence, suggest that the implementation of the regulation is associated with improvements in professionalism, transparency, and administrative compliance in the construction procurement process. Participants perceived that improved management and procurement practices supported more effective cost control and better work quality. However, during the initial implementation period, increased administrative requirements and adjustments to licensing mechanisms were perceived as contributing to temporary delays in project implementation. The findings indicate that the effectiveness of the regulation depends largely on the readiness of human resources and the institutional capacity of implementing agencies. Therefore, optimizing the implementation of Government Regulation No. 14 of 2021 requires stronger coordination among stakeholders, comprehensive regulatory socialization, improved human resource capacity, and continuous managerial adjustment.