Factors influencing the 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 to a greater extent within the last ten years.
The construction cost price of houses or residential buildings in 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 an increase in rate is the economic uplift of the city.
As IT industries are giving more and more people opportunities, their income level and procuring capability have become high. Bangalore is opted by most foreign countries to set up their business as by spending minimal operating costs, they can derive an excellent workforce from well-educated people. Hence, the city is considered one of the best places to set up science and other business industries today.
Construction cost has been increasing over a period.
The residents’ sudden boom in salary, wages, and money-making ability is the main factor 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 residents of the city permanently.
With this growing population, Bangalore has become a city that is almost occupied by a 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 the real estate business, makes the market more expensive.
The current cost of construction varies from Rs 1500 to Rs 1900 / sq ft for a residential building.
The current construction cost in Bangalore for building flats and apartments is also high due to distinct factors, and also the price keeps fluctuating with the changes in the real estate market.
Gated community apartment never fails to offer safety and security to the resident, the most preferred public choice in Bangalore. Also, this kind of apartment is 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 purposes after tiresome work, apartments are provided with fitness clubs, tennis courts, and another playground that can be procured at a decently high rate in recent days.
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 areas with expertise in interior designs and modern amenities are offered additional cost. The buyer is also ready to pay.
Current construction cost has reached its peak because of excess demand above the supply. Even though most land developers are building apartments and flat within a short span of time, the demand among the public exceeds supply. 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 detailed house plans to know how his/ her dream house is looking like and then approach a building contractor.