How We Can Construct A Home at A Low Cost In Mumbai?

The cost of construction is the highest among asset classes in Mumbai as compared to other metros cities. It is mainly due to the high prices of primary construction materials such as cement, reinforcement steel, structural steel, and stones.

Mumbai's construction cost is 14% more than Hyderabad and Chennai. According to Construction Cost Guide Book, an analysis guidebook by JLL, taking into account other metros like Delhi, Mumbai, Bengaluru, Pune, has an overall average cost increase of 10%. It highlights the construction cost of real estate property in key markets of Mumbai. And includes a cost matrix representing different style and quality levels, analyzing the market trends of primary building materials.

1. When we see Chennai and Hyderabad construction cost, there is a slight difference between Chennai and Hyderabad. Chennai has the lowest average construction cost, which is about 14% less than Mumbai. The impact of COVID-19 on market benchmarking rates across asset classes has been neutral to significant.

2. As we advance, we see the cost as one of the key drivers in real estate decisions. Many companies today are rethinking their real estate options to optimize spending. While the pandemic's actual impact on construction costs is still being discussed and debated, and still the general trend is not absolutely clear that construction costs are going up. Customer spending is going to be more directed towards those aspects that lead to a better Client experience. The average cost of construction of residential apartments in Mumbai and other locations in high-rise and mid-rise buildings in major cities are as below.

1. The average construction cost in Mumbai is around Rs 5,625 per sq ft for a luxury residential apartment in a high-rise building. At the same time, the price will be Rs 4,950 per sq ft and Rs 4,905 per sq ft in Pune and Delhi, respectively. At the same time, such a house would command Rs 4,275 per sq ft in Hyderabad. Here we get a mid-rise luxury apartment in Mumbai that will cost around Rs 3,875 per sq ft and Rs 3,410 per sq ft in Delhi. Here we see the estimated cost of construction of a commercial building in a high-rise and medium-rise building in major cities. The cost of construction of a medium-rise commercial building in Mumbai would be Rs 3,250 per sq ft. The price would be Rs 2860 per sq ft, Rs 2470 per sq ft in Delhi, and Rs 2470 per sq ft for constructing a similar property. A medium-rise commercial building construction cost in Delhi and Pune is almost identical.

2. We see that the construction cost in Mumbai of a high-rise commercial building is Rs 3,875 per sq ft. The construction cost of Pune and Delhi, respectively, is around Rs 3,410 per sq ft and Rs 3,379 per sq ft in. The guidebook states that the lowest price of building a high-rise commercial property in Hyderabad is Rs 2,945 per sq ft.

How you can reduce construction costs in Mumbai

India is a country where every family dreams of living in their own home. But with the current rise in land cost, construction material prices, and labour charges, it is becoming increasingly difficult for middle-class families to fulfil their dream of living in their own homes. That's why we thought of putting forward some tips that can be helpful for such families in building their dream home.

1. Choose Plot size wisely according to construction ideas.

2. When the construction has started, do not make changes after.

3. You must consider a good save on finishing materials by direct purchasing.

4. You should buy construction materials from local vendors.

5. Save on Machinery Cost by just ensuring not to idle it.

6. You should choose the right size of the house.

7. Reduce the number of walls according to the need

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