As a Metropolitan city, Bangalore caters to substantial Commercial demand, which increases the construction demand; hence the commercial building construction cost in Bangalore is slightly on the 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 centre 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 in the country and is known to be one of the best cities, creating a large number of jobs for the country’s budding students. The city has been constructed in a planned way and is adequately maintained to keep it clean and attract more people to the beautiful city.
The pleasant weather accompanied by the colourful standard of living in the city has also played a significant role in attracting business from worldwide. The commercial building construction cost in Bangalore varies from Rs 1400 to Rs 1600 / sq ft, based on the architectural plans given by the architects.
Commercial building construction cost in Bangalore impacts 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 for residential and commercial buildings in the market, mainly if they are situated in 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 900 to Rs 1300 for a column structure only.
Recession impact on the demand for commercial space
The recession has impacted 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.
In this 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 structures 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 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 1600 to Rs 1900 / sq ft. While planning your budget, remember to include the money that will be spent in sanctioning the plans from BBMP, decorating the house’s interiors, hiring architects, contractors and engineers, and offices like BWSSB and KPTCL.
Since many people will be working in the building, you should not compromise with the quality of the building to save a few bucks.