As a Metropolitan city Bangalore caters to huge Commercial demand which intern increases the construction demand hence the commercial building construction cost in bangalore is slightly on higher side when compared to other cities.
Why there is a Huge demand for Commercial space in Bangalore
Bangalore, located in Karnataka, India, is known to be one of the fastest growing cities in the country and is widely renowned as the ‘Silicon Valley of India’ as it is the center of IT industries in the country which has contributed a lot in India’s progress in the IT sector. It houses some of the most talented and brilliant IT employees of the country and is known to be one of the best cities which have the ability to create a large number of jobs for the country’s budding students. The city has been constructed in a planned way and is maintained properly in order to keep it clean and attract more people to the beautiful city. The pleasing weather accompanied with the colorful standard of living in the city has also played a major role in attracting businessmen from all over the world. The commercial building construction cost in bangalore varies from Rs 1200 to Rs 1300 / sq ft based on the architectural plans given by the architects.
Commercial building construction cost in Bangalore impacts on Commercial space
The rising population of the city and the rise in the number of people migrating to the city every year has increased the costs of properties and the rents of buildings to a great extent. There is a high demand of residential as well as commercial buildings in the market especially if they are situated at prime locations in the city. Famous mulch-national companies across the globe are looking to set up an office in the city which has attracted a large number of qualified candidates in the country. The cost of construction for a commercial building in bangalore is slightly higher due to the demand this has caught the attention of real estate agents from different parts of the world and they are looking to construct tall buildings in the city where they can accommodate a large number of offices and apartments. The commercial building construction cost in bangalore is Rs 750 to Rs 800 for a column structure only.
Recession impact on the demand of commercial space
Recession has had its impact on this beautiful city as well but the cosmopolitan nature of the city still makes it one of the most preferred choices for the top players in the IT sector. Inthis period the cost of construction for a commercial building will be more or less the same, Though there has been a downfall in the costs of properties and rents of buildings in recent years, you can still benefit a lot if you have an apartment to rent or a property to sell. If you are looking to start a new business in the city or looking to expand an already existing one, the first thing that you need is a commercial building and in order to construct one, the most important factor that needs to be considered is the commercial cost of construction in Bangalore (Construction of a commercial complex).
Factors for the increase in commercial construction cost
This is determined by various factors like the size of the building, location, purpose of use, etc. Statistics have shown that most of the plots in Bangalore come at prices in the range of approximately INR 2500 to 7500 per square feet. At current the cost of construction in bangalore is Rs 1300 to Rs 1450 / sq ft. While planning your budget do remember to include the money that will be spent in sanctioning the plans from BBMP, decorating the interiors of the house, hiring architects, contractors and engineers and in offices like BWSSB and KPTCL. Since a large number of people will be working in the building, you should not compromise with the quality of the building in order to save a few bucks.