Input needed on construction cost

[blr78]

Hi all,
I am looking to buy a built house. Have seen a few. But their asking price looks way off. Can someone tell me the construction cost on a per sq/ft basis?. This is for end to end construction, that includes, kitchen, woodwork, and goodies like, home automation, cctv etc. Lets assume, the materials used are premium. What would be the construction cost?. Or how high can it go to?. I know there is no right answer. But wanted to get some idea.

Also, in the built up area calculation, should we add car parking area on ground floor etc?

[RashmiL]

There are already so many threads on this topic. If you take time to go through those you will get complete idea.

[blr78]

Thanks. Do you mind sharing it?. Couldn't find one. Most of the threads are around detailed activities in different stages of the construction. I am not looking to build a house. Just wanted to get a ballpark estimate of total construction cost on a per sq ft basis.

[RashmiL]

Premium is a very vague word. For example vitrified tiles vary from 50 rs to 1200. For some 200 rs vitrified could be premium, for some even 500 rs or for some even 100 rs. So premium is relative. If you want to get better response you need to put down your specific requirements. That will help members to gauge price. Tiles are only one example . There are many such variables. Hence putting down requirements would be better step.

[blr78]

I understand what you are saying. As I had already mentioned, there is no right answer for this query. Hence the ballpark estimate. I also asked, how high can this cost go, assuming everything is top notch.
As for defining premium, I cant choose the brand/define specs etc since its a built house. I can see that the bathroom has TOTO. Flooring (tiles) looks very premium, but its a sort of an unorganised market even though there are branded players. The wood used looks solid. But again, an average person cant make out if they are really good.
If anyone can help me with a rough estimate, it would be of great help. I actually tried to use my own method to calculate. ie assume 2000 rs per sq ft as the base rate for a normal construction and then add a premium. Even after adding the premium, the asking rate is very high. ( Also, can someone tell me what all should be added to calculate the built up area?. Initially the seller mentioned a very high value which was not accurate. Then claims he doesn't know the exact built up area)

[rjblr]

i don't have any further insight than what others have already said. While you start with base price 2000/sft, it does not take long befoore you hit 3000/sft when you add up sump, boundary, electrical fittings, paint of choice, bathroom fittings, premium tiles and claddings, etc.
However price of a construted house would need to be priced differently. You will have to consider depreciation, if its an old house, demand and availability, etc.

[blr78]

rjblr. thanks for the views. I meant to say 2000 rs/sq ft for an end to end to construction in decent quality and then add a premium ( say x thousand per sq ft) on top of it. Do you mean to say such type of construction costs 3000 rs/sq ft?. ( In this particular case, the seller is quoting about 5500 per sq ft ( I have excluded the land price) which looks very high to me). I know that it depends on a lot of things. But wanted to understand how much it would have cost the seller.
Agree with you that the constructed house needs to be valued differently. This is brand new unused though. I wonder if we need to pay additional premium, because there is no headache of construction.

[rjblr]

5500/sft is not reasonable. even builders like Adarsh do not charge 5500/sft as cost of construction for their villa. Usually owners have emotional value attached to their house and they tend to add that to the cost of a house. I am aware of a constructed house currently being sold, where the overall cost of house does not add up at all. And btw the house is at least 5 years old and i am considering the maximum quoted value for land price in this case. Even at that rate, the house is being priced at 5000/sft+. So you may want to explore other options, if you don't have a strong reason to buy the particular house.

[RashmiL]

Thumb rule : 1.8 - 2 lakh per Chandra (built area). This is good enough.
Additional : has he used marble instead of granite , add 20 thousand more
Has he used teak wood even for Windows, add 20 thousand more.
Has he put lift in the home : Add 7 lakhs.


That's it.

[Sandeepk09]

Even if the contractor charge you 1800Rs/sqft you will end up crossing 2000Rs/sqft as the cost of construction had gone up along with material cost. You had to get wardrobe and other furniture work. I would look like 2100+Rs/sqft.
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