Average House Construction Cost
In Chennai the construction cost is less than anywhere else in India. There are less expensive construction materials and labor here compared to any other city in India. Chennai is known for its maximum growth and prosperity in tourism and business in the recent past. To meet the growing need for construction materials and labor Chennai has grown in leaps and bounds making it the manufacturing hub of Tamil Nadu. The major construction companies of Chennai like CDS, ODP, ETEC have big investments in many sectors which they use to provide quality work and best services to their clients.
Chennai house construction cost is calculated by taking the area of the plot and the per square feet cost of construction. This can be compared with the house construction cost in any other state by using the house construction cost calculator. Chennai house construction cost varies depending upon the location and the developer of the project. The developer has to follow all rules and regulations for constructing a house according to the local norms.
In Chennai the developers build the projects in a way that the price of the commodity does not fall much. This is because most of the people are earning good income from their businesses and from renting out their apartments. So the demand for apartments are high and so are the prices. The price of the plot should be less than the per square feet on average because you pay per square feet for the plot and this will include all the expenses incurred for its construction and hence your total cost of construction will be less than the per square feet.
The developers earn the profit from the rent they charge the tenants. Hence they increase the house construction cost for new projects. The rent received should be less than the house construction cost to bring down your expenditure. The Tamil market is undergoing a severe recession which is affecting almost every industry including Real Estate. Hence, to earn good profit the developers have to reduce the house construction cost. So the developers are open to offers and compromises on the house construction cost.
The developers know the market well and the state of the real estate market and understand that when they offer a house construction cost lower than the market average they will get more rent from the tenants. This is how the business of the developers works. But the house construction cost in Chennai is still a bit higher than the normal house construction cost. The situation has been worsened by the excessive build of flats in Chennai.
The developers have to incur more costs in providing better security measures to the residents. They need more funds to pay the police officers, fire officials and the other safety professionals who work for the community during bad weather conditions. They also have to provide electricity connections
to each and every room in the building. If the cost per square foot is less in Chennai then it means the developers have to spend more money to make the construction efficient.
It is natural that people are hesitant in buying property that is below the market average house construction cost. But the situation has changed now and there is a change in the mind of the buyer. People are looking at the per square feet cost of the development and then they are comparing it with the average market cost. Now the buyers have a fair idea about the house construction cost and they can compare it with the price of the development.
This can help them in buying the right property at the right location. Buyers need to be cautious and must not buy a house construction cost which is above the average house construction cost. They should select a developer based on the per square feet house construction cost and then they can make an informed decision.
Calculating the Construction Cost in Chennai
Chennai is the fourth most popular tourist destination in the country and house construction in Chennai is seen all across the country. Chennai has always been renowned as the IT (Information Technology) hub of the country. And the same has been true for its house construction cost. Chennai houses are known to be quite expensive. However, if one has the proper calculations then the house construction cost in Chennai can certainly prove to be a worthy investment.
There are many ways in which one can calculate the construction cost of a house in Chennai. The first and the most common is through house construction cost in Chennai per sqft. This is an important factor because this is the sole parameter that is considered by any real estate builder when they plan out the layout of their property. Not only the per square foot cost but also the rate per linear yard per annum is calculated depending upon the nature of the building and its make.
Other than the rate per square footage, other factors like the materials, labor cost, taxes, and even the warranty period are all taken into consideration when planning a building project. To arrive at the actual cost of the project, all these factors are usually taken into consideration. Generally, the cost of the house typically increases with increases in the number of floors, whereas the cost of increasing the floor area is cheaper than increasing the number of floors. The formula used for calculating the house construction cost in Chennai per set is therefore:
Area – This refers to the overall area of the building. This can be per square meter or per cubicle. If the building is made up of more than one floor then multiply the area by the number of floors. For example, if the building consists of ten floors then multiply the total area by ten.
Floor Space – This refers to the space available on various floors in the building. It is measured in square meters or cubicles. The more the floors, the more will be the cost per square footage. Most of the time the rate per cubicle is higher in case of buildings which have many floors. If the floor space in a building is less, the cost of house construction will be much higher than that of a building which has more floor space.
Type of Building – The kind of the building also plays an important role in determining the cost of house construction in Chennai. If the building is a high rise building then the cost will be much higher. The reason behind this is the extensive use of the elevators and escalators in the building. A three story building may cost less as compared to a two-story building or a one-story building.
Other features – Some other factors like local and state government regulations also come into consideration when you are calculating the construction cost in Chennai. There are various government agencies and offices which provide grants for home building and they also offer loans for improving the homes. So you should check with the local council and government office regarding any extra costs and grant money before purchasing a house. Besides this, there are many financing institutions which offer house loans at lower interest rates than the market rates and this will further reduce the cost of the house per square foot.
These are some of the factors that you should consider when purchasing a house construction in Chennai. You should try to gather as much information about house construction cost in Chennai as you can. Look around for various properties and ask the real estate agents about the construction cost in Chennai. Keep in mind that while calculating the construction cost, you should include all the final construction costs and not just the initial construction cost. This will help you to understand the actual picture of your house construction cost in Chennai.
Home Construction Cost – Factors to Be Considered
Chennai is one of the growing cities in the South, famous for its pristine beaches and tropical climate, making it an ideal place for home construction. Most home construction companies in Chennai are offering free home construction cost estimates to attract potential customers. Chennai house construction cost per seat depends on a number of factors such as the building material used, the size of the plot, type of construction, building permits, government regulations, location etc.
A home construction cost is usually expressed as per square foot. Square foot means the space occupied by one square meter. Some developers offer additional services such as free site preparation at no extra cost. Site preparation involves removing the existing soil, leveling the land, trenching, and filling the foundation, preparing the foundation walls, and piling the soil.
There are a variety of home construction calculators available online to help in comparing prices of different developers and contractors. Home construction cost per seat can be obtained by downloading the home construction cost calculator from the developer’s website. Most of these calculators are based on raw materials cost or factor cost depending on the scale of the project. Some of the calculators are also based on the time to completion or labor cost based on the type of the project.
A home construction cost calculator can easily be found online at Chennai websites. These sites provide a facility of price comparison among different builders. This allows the customer to compare all home construction cost calculations offered by different builders on one screen. It can quickly find the cheapest builder and the most suitable material available.
Other important factors that affect the construction cost of a residential building in Chennai include site preparation, site clearance, building permit fees, state development fees etc. Site preparation comprises the preparatory works like getting the land survey, preparing the boundaries, building permit application etc. It is important to get the required approval for the construction.
The site preparation includes getting the permission from the state development board, building regulations of the state etc. The materials cost depends on the amount of raw materials needed to build the house. It includes the cost of timber, bricks, steel etc. It also includes the cost of heating systems, plumbing, electrical work, lighting etc. If you want to save your money, hire a contractor who would help you in site preparation.
You need to keep all these expenses ready when you approach a developer for home construction cost. A developer will offer you a home construction cost and this figure should be compared with the costs of other similar properties in your area. A developer may also give you a break up of the total cost which you can use to calculate your savings further. Some developers also offer to give a reduced rate if you buy their homes from them. So, you should ask them about these offers.
You should also keep an eye on the contract period. This is the time given by the developer to work on your home construction cost. The developer would require you to sign a construction contract before starting the construction. The contract would include all the important aspects of the construction like the payment schedule, cost breakdown, construction time, site preparation etc. A Chennai home construction cost is less when the developer is willing to offer a reduced rate.
You can save a lot of money and time by doing home construction cost yourself. The cost of a house depends mainly on the size and structure of the building. It is better to check the prices of existing houses in the market to get an idea of what to expect from the market. However, if you are well informed, you can calculate the cost of the house yourself within a few hours. There are many online calculators available on the internet which can help you estimate the cost of the project.
Some of the factors which greatly influence the home construction cost are material cost, roofing cost, windows, and doors cost etc. These costs vary from place to place and it depends largely on the developer you are approaching. For example, raw materials cost is much lower in Chennai than any other city. The developer may be able to reduce the material cost by getting bulk orders from material suppliers. But it’s always better to check with the suppliers directly or better yet get an expert opinion from your contacts in Chennai.
If you are considering making your home in Chennai, it’s always better to get builder assistance. Builders give their top grade services and constructions at the best rates. However, there is one thing you should know before selecting any builder – his or her experience and home construction cost. Ensure that the developer has sufficient experience to meet your expectations and home construction cost you are wishing to have is within his or her reach.