planning construction

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Planning construction costs
You can organise your construction costs better, by planning your expenditure in advance.
To calculate your budgetary requirement initially, use tentative estimates and then detail the requirements, item wise and work wise. However, actual estimates will depend on the design proposed by the engineer / architect for your home and the prevailing cost of raw materials in the market.
Assume that you buy 1200 square feet of land at Rs. 250 square feet. The cost of land is 250x1200 = Rs. 3 lacs. Consider that your house will have 200 square feet of open space and a total construction area of 1000 square feet. There are three categories of construction. A superior finish would cost between Rs. 600-900 per sq. ft.; economy finish Rs. 400-600 sq. ft. and low cost finish Rs. 300-400.
The chart provides you a tentative estimate for ground floor and duplex constructions. The finishes mentioned indicate types and quality of flooring, electrical works, sanitary & fittings, paints, timber, doors & windows.
For instance, if you decide to build your house under the second category, the cost per square foot will vary from Rs. 400-600. Hence you total cost, including cost of land, will be Rs. 7-9 lacs.
(However, for the sake of clarity we will take the Economy Finish construction as Rs. 5 lacs, excluding the cost of land, for future calculations.)
Estimating the cost of construction: From the example given above, you can now distribute your construction cost. The standard ratio of material cost, labour cost and other expenditure is approximately 60:30:10. Therefore, you could incur Rs. 3 lacs on matrial, Rs. 1.5 lacs on labour and Rs. 50,000 on other expenditure. This excludes Rs. 3 lacs invested for purchase of the plot.
Stage wise cost of construction: You can also find out the expenditure to be incurred stage wise. This can help you plan your financial requirement during the entire period

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