India Biannual Construction Market Report 3Q/4Q FY2025
Sector construction cost ranges
Table 1: Construction cost ranges by building type
Source: Gleeds India database
Note: The costs mentioned are as per resource prices observed until August 2024. The costs do not include any soft and non-construction expenses associated with the project.
Inclusions
- The cost/sq ft represents the average cost procured through competitive tendering as of August 2024.
- All projects are considered to include basements built on normal soil conditions.
- Multipackage contractor procurement through a standard form of contract with non-significant amendments.
- All costs are inclusive of contractor’s overheads, profits and insurances.
- The warm shell costs for commercial and retail are inclusive of common area finishes.
- The commercial A grade costs are inclusive of 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 pupils for high school and include basic indoor and outdoor facilities.
- ** University costs are inclusive of learning rooms with required amenities.
- The data centre costs exclude long lead items and client-direct items.
- The costs are only for guidance and changes should be made as required to reflect market conditions.
Exclusions
- The warm shell cost is exclusive of land prices, demolition of existing buildings, tenant improvement works, FF&E (furniture, fitting and equipment), cost escalation and contingencies, professional tax, finance costs, forex fluctuations, statutory and approval costs, developer’s overhead, consultant fees, GST and labour cess.
- Aspirational project costs are excluded.
- Project-specific abnormals are excluded.
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