Generative artificial intelligence has emerged as a disruptive technology with the potential to transform traditional software development practices and methodologies. This study examines the implications of integrating AI tools in software development projects, focusing on potential benefits, challenges, and perceptions of the broader software development community. The study employs a qualitative methodology that captures the sentiments and personal adaptive measures from a diverse group of industry professionals who integrate generative AI tools such as ChatGPT and GitHub's Copilot in their software development projects. Findings suggest that generative AI tools aid developers in automating repetitive tasks, improve their workflow efficiency, reduce the coding learning curve, and complement traditional coding practices and project management techniques. However, generative AI tools also present ethical limitations, including privacy and security issues. The study also raises concerns regarding the long-term potential for job elimination (insecurity), over-reliance on generative AI assistance by developers, generativeAI lack of contextual understanding, and technical skills erosion. While developers are optimistic about the positive benefits of generative AI use within project environments in the short term, they also hold a pessimistic view in the longer term. There is a need for the software development projects community to critically assess the use of generative AI in software development projects while exploring how to retain the critical aspect of human oversight and judgment in the software development process in the long term.