Factors influencing Cost of construction
In a metropolitan city like Bangalore, there is a huge increase in the cost of construction in Bangalore, the explosion of the real estate business is in greater extent within the last ten years.
The construction cost price of houses or residential buildings in the form of apartments, semi-independent, individual, luxurious Villas, is too high as per the present real estate market scenario. The sudden drastic high in the prices of constructing houses is due to various valid reasons. One of the major reasons behind such increase in rate is due to the economic uplift of the city.
As IT industries are giving opportunities for more and more people, the income level of the public and procuring capability of them have become high. Bangalore is opted by most of the foreign countries to set up their business as by spending minimal operating costs, they can derive an excellent workforce from the well-educated people.
Hence, the city is considered one of the best place to set up science and other kinds of the business industry today.
Construction cost has been increasing over a period
The sudden boom in salary, wages and money making ability of the residents is the main fact behind the current house construction cost which is around Rs 1300 to Rs 1400 / sq ft depending on the house plans and residential building elevation which is keeping on increasing. Bangalore welcomes so many people by providing work opportunities from all parts of the country that after a consistent period they become resident of the city permanently.
With this kind of growing population, Bangalore has become a city which is almost occupied by middle-class population. This also affects the prices of the real estate business. In the present scenario, the upward pressure artificially happened due to this particular class of people in real estate business, makes the market to be more expensive.
The current cost of construction varies from Rs 1300 to Rs 1400 / sq ft for a residential building
The Current cost of construction in Bangalore for building flats and apartments are also high due to distinct factors, and also the price is keeping on fluctuating with the changes in the real estate market.
Gated community apartment never fails to offer safety and security to the resident who is the most preferred choice of the public in Bangalore. Also, this kind of apartments are kept clean and all the additional amenities apart from constructing a house like electricity connection, water etc are also undertaken by the promoters.
So, giving the responsibility to a reliable person, the residents of the apartment can live comfortably. Apart from basic needs, for recreation purpose after tiresome work, in recent days apartments are provided additionally with fitness clubs, tennis courts and another playground which can be procured at a decently high rate.
Increase in Residential property demand in Bangalore pushing up construction cost
Construction cost is pushed up in Bangalore due to increased construction activity Most of the promoters started constructing luxurious Vilas and high margin apartments to target the upper-class people in Bangalore. As there is demand from their side, living area with expertise interior designs and with modern amenities are offered by them at additional cost for which the buyer is also ready to pay.
Current construction cost has reached its peak because of excess in demand above the supply. Even though most of the land developers are building apartments and flat within a short span of time, the demand among public exceeds supply by them. As Architects, we make sure that we keep the construction cost to the minimum. We propose the cost of execution of the project to the client well before the project is started.
The current cost of construction
The current cost of construction varies from Rs 1300 to Rs 1400 / sq ft depending on the factors like flooring, elevation, house plans, consultation charges, sanction expenditure for electrical water supply etc. As architects, we first provide you with the detailed house plans so that one knows how his/ her dream house is looking like and then approach a building contractor.