“We aim to assist stakeholders in setting expectations from the earliest business case stage, to ensure costs and specifications are aligned.”
Establishing potential cost drivers
India’s strong economic stability has translated into commercial sector growth across major metropolitan areas, now extending into second tier cities. A recent report by CREDAI-CRE Matrix reveals grade A office stocks have reached a staggering 700 million square feet with 25% of those assets being delivered during the last five years.
It is expected that by the end of 2030, India will have one billion square feet of grade A/A+ office spaces. Older assets are also being refurbished with upgraded interiors, bespoke façades and attractive external development to ensure the ever-changing expectations of end-users are met. Additionally, WELL standards, net zero targets and reduced embodied and operational carbon emissions in the built environment must all be taken into consideration.
Gleeds provides a service focusing on decarbonisation of construction phases by targeting embodied carbon.
As design parameters are transformed, it is important to establish potential cost drivers which will affect the construction costs of these developments.
The cost drivers and model are divided into subcategories:
Via this thought leadership paper, we aim to assist stakeholders in setting expectations from the earliest business case stage, to ensure costs and specifications are aligned.
By focusing on the major items prevailing in India and looking in detail at the design and construction process, project teams can reach the highest standards of functionality and aesthetics whilst having a clear understanding of financial viability.
When incorporating the above key considerations, and maintaining an open line of communication with all stakeholders, we can successfully navigate the complexities of budgeting whilst delivering an exceptional office space that meets project objectives.
Gleeds India approaches this endeavour with diligence, originality and an eye for cost-effectiveness. By setting up cost models and adhering to target-based cost, the project team can achieve exceptional outcomes that strike a balance between financial responsibility and architectural excellence.
Vishal Shah
Executive Director, Gleeds India
