How much a new construction really cost?
How much does a new
construction cost?
Many of the
people who are looking to buy a house might be wondering about the cost of
construction.
It is
interesting to note that the cost of construction in a project comes out to be
about 60-70% of the total project cost.
That is to say
that the 60-70% amount you are spending in buying your house goes for the
actual construction of the house, whereas the rest 40-30% is used for the other
expenses and developers' profit.
Around 70% of
the cost incurred in the construction goes into procuring and placing materials and equipment.
The costs other
than the construction cost include the salaries of the employees, office
charges, and other overhead charges.
Let
us discuss in detail the factors which affect the construction cost of a
project.
To
begin with, the cost of construction predominantly depends on the specifications
of the project which in turn depends upon the quality of the construction.
The different
classes of the construction according to the quality are:
C
class construction:
In this type of
construction low-grade bricks and sand are used and the cheapest cement and steel
are utilized.
Also, the cheapest
fixtures and fittings are employed.
This is
generally done for temporary constructions.
Typical C class
construction costs around 700 to 800 rupees per square foot of construction.
B
class construction:
In this type of
construction medium grade bricks and sand are used.
Even the cement
and steel are of medium cost as well as the fixtures and fittings.
Coming to the
cost, a typical B-class construction costs around 1000 to 1100 per square foot
of construction.
A
class construction: In this type of construction the
very best in class resources are utilized while construction. The cost of A-class construction costs falls between 1500 to 2500 per square foot.
After quality
comes to the purpose of construction. As discussed temporary construction is
generally meant for a very small amount of time, therefore the need to use good
quality material to make it lasting decreases.
Also, one needs
to keep in mind whether they want to rent out space or sell.
If you getting
the construction is done yourself and you want to rent it out, a cost of about
1000-1200 rs per sq. ft. would be a good benchmark, whereas if you want to live
in it and prefer slightly better quality you can assume the cost to be
somewhere around 1300-1700 rs per Sqft.
The type of
internal finish specified and the quality and brand of the paints, flooring,
boards, etc. matter a lot.
Therefore, the
cost of personal use spaces increases.
The exterior
finish similarly would affect your cost.
If one desires
to have a grand appearance by installing stone cladding and such, then it would
be costlier when compared to a simpler finish.
Therefore, planning for such a project becomes very important.
One should have a good stock of all the required materials so that there are no delays in the execution.
This way a lot of the risks will be controlled resulting in the lesser cost involved.
It is interesting to note that the cost of construction in a project comes out to be about 60-70% of the total project cost.
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