What Is The Cost of Building A Home On Your Own?

Apartment living has its umpteen advantages, but some of us would still go for independent homes for the privacy and exclusivity it offers. It is simply a matter of choice, and the fact that the construction process would take time, energy, resources and tremendous effort would not dissuade us from building an independent house. For those who are inspired to make that choice, we would discuss in this article what kind of budget, timeframe and regulatory norms they should keep in mind while initiating the work. Let us assume you already have a plot, measuring 1,500 square foot (sqf).

What are the regulatory requirements

The owner must approach the municipal body or the gram panchayat with the building plan under which the area where the existing plot falls.

In areas that fall under the ecologically sensitive locations, building laws are more stringent than the areas that falls within the city limits. Building laws in an area that falls under the ambit of gram panchayats are also different from laws that govern buildings that come under municipalities.

Since building bye-laws are different in different states, the municipal body/gram panchayat might approve, reject or suggest changes in the building plan depending on the rules broadly followed in that state.

In Delhi, for instance, having a provision for stilt parking is a must if you are planning to build a two-floor house. In case your building plan does not have that provision, the municipal body would reject the plan.

Also Read: Constructing Or Reconstructing A Property In Delhi? Here's The Legal Way To Do It

Abodekraftz owner Abhineet Seth is of the opinion that the owners should be mindful of the FAR (floor area ratio) that is permitted in their area and plan accordingly to make the most of the space available for development.

That is, even if you just need the ground floor according to your current requirements, you start the construction keeping in mind the future. The foundation of the building must be built keeping that in mind.  

“In the national capital region, for instance, one can ideally build a four-storey structure in an area of 1,500 sqf along with stilt parking. Since one has space available it would be the best to plan keeping in mind the future. The building process should be initiated accordingly,” says Seth.  

How to budget your house construction

For an area of 1,500 sqf, it would require anywhere between Rs 1,100-1,400 per sqft (psf) to create a bare-shell structure, if we use only the best quality materials, says Seth whose company is involved in home construction and home décor. By that estimate, one would require a minimum Rs 2.4 crore to develop a four-storey structure. A fully-developed space, on the other hand could cost the owner anywhere between Rs 2,000 psf to Rs 2,400 psf additionally. This would bring the entire cost of construction of a four-storey house to a minimum Rs 7.80 lakh. Architects and contractors also charge one per cent of the entire cost as their share in the work.

Total time taken for building a house

According to Seth, it would require at least a year and a half for a project of this volume to get completed. “This, however, depends on the fact that work goes on continuously and no fund crunch caused us to stop the construction midway,” adds Seth.

While you are at it

Go by the book: It is imperative that you go by the book and follow each step that is involved in building plan approvals. This would save you a good deal of trouble in future. Municipal authorities across the country are now more actively working to stop illegal constructions in cities. If case you have flouted any norms, you building may be demolished in future.

Save enough money: Money crunch at any stage can lead to delays. Make sure you have enough savings before you get the work started after buying the plot.

Don’t cut corners: In your effort to cut costs, don’t compromise on the quality of the construction material. Ultimately, you may end up compensation a lot more than you might have saved by cutting corners, advises Seth.

Do the paperwork: When we decide to save costs, says Seth, we try not to save in on paperwork. That could land you in trouble at a later stage. Do sign an agreement with the contractor that clearly states who would be responsible in case if any casualties during the construction process. In case you don’t, all disciplinary action would be directed against you.

Also Read: Here’s Why You Should Pick A New Construction Over Resale Property