India Biannual Construction Market Report 1Q/2Q FY2025
Construction sector costs
Table 2: Construction cost ranges by building type
Source: Gleeds India database
Note: The costs mentioned are as observed until March 2024. The costs do not include any soft or non-construction costs associated with the project.
Inclusions
- The cost/sq ft represents the average of costs procured through competitive tendering as of March 2024.
- All projects are considered to include basements built on normal soil conditions.
- Multipackage contractor procurement through standard forms of contract with non-significant amendments.
- All costs include contractor’s overheads, profits and insurances.
- The shell cost for commercial and retail includes common area finishes.
- The commercial grade A costs include amenities like a food court, kitchen and external amenities.
- Office fitout costs are based on carpet area (CA), while residential costs are based on built-up area (BUA).
- School costs are based on 500 high school pupils, including basic indoor and outdoor facilities.
- University costs include learning rooms with required amenities.
- The costs are for guidance only, and changes should be made according to project-specific factors and market conditions.
Exclusions
- The warm shell cost is exclusive of land prices, demolition of existing buildings, tenant improvement works, FF&E (furniture, fittings and equipment), cost escalation and contingencies, professional tax, finance cost, forex fluctuation, statutory and approval costs, developers overhead, consultant fees, GST and labour cess.
- Data centre costs exclude long lead items and client-direct items.
- Project aspirational costs are excluded.
- Project-specific abnormals are excluded.
