Estimates will depend on the actual design and drawing of your home and market rate of materials and labour. However, an approximate estimate can be done before that.
Cost estimation can be done broadly on two heads – land cost and construction cost.
Land cost includes actual cost of land and the land registration cost. For example, if you buy a plot of 1200 square feet at the rate say Rs. 300 per square feet, the cost of land becomes 1200 x 300 = Rs. 3.6 Lac, excluding the land registration cost which varies from state to state.
Construction cost depends on the quality of construction and the finish one wants to have. Finishing can be a high class finish, a medium class finish or an economy class finish. This includes quality of flooring, electrical works, sanitary and fittings, paints, timber, doors and windows etc. Just to illustrate – a high class finish construction can cost you as much as 50%-100% higher than an economy class finish. So simply put, finishing cost depends on the amount one wants to spend on the house construction.
While you can always make a rough estimate of the cost using your judgement, but it is always advisable to take professional consultation on budgeting of the construction project.
Construction cost can be divided into material cost, labour cost and other expenses in the ratio of 60:30:10 respectively. For instance, if you incur Rs. 10 lakh in construction cost, then you should incur Rs. 6 Lakh on material, Rs. 3 lakh on labour and Rs. 1 Lakh on other expenditure. You can also estimate the item wise cost of construction as per the pie chart below.
Stage-wise break up of construction cost
Stage-wise break up of construction cost as given below can help you plan your financial outflows during construction
