Whether you’re building a home or a small office building, there are ways to save money on your construction project in India. Whether you’re buying materials in bulk or leasing equipment, there are some green construction methods you can use to save on construction costs. Take a look at these tips and save tons of cash on your construction project.
Ways to save Money on Construction Projects
You can save money using the methods described here without compromising quality. Let’s learn more about the four most effective techniques to reduce the cost of construction projects.
Compare prices before buying materials
Depending on the specifications and quality of materials used in the construction, the cost of materials can range from 1000 to 1500 rupees per sq foot. Comparing prices before buying materials for your construction project is essential. Several factors determine the construction cost, including the quality of materials and the labour required for the project. The cost of materials also depends on the project’s location and the materials’ specifications.
If the cost of materials increases, this will significantly impact the affordable and mid-market segments. For example, cement has been increasing by more than 20% annually since March 2022. It will lead to a significant increase in the cost of construction. The increase in cost will also force developers to increase the prices of materials, which could drive an 8-9% increase in the cost of construction.
Buying materials in bulk
Another most obvious way to cut costs on your construction project is to buy materials in bulk. Although shopkeepers may not offer a bulk discount, you can still save money by purchasing materials in bulk. Want to know how? Continue reading.
Buying materials in bulk is an excellent way to avoid missteps, such as making changes during the construction phase.
However, buying materials in bulk does require negotiating skills. As the prices of construction materials can vary considerably, it is crucial to get the best prices possible. You can also negotiate for free delivery of the materials; it will reduce your construction expenses significantly.
In addition to cutting costs, you will save time and money because your trucks and crew will not have to go out and collect the materials.
Buying building materials in bulk is a good idea when you are starting your construction project in India. There are hundreds of different building materials that go into building a house. Before deciding which materials to buy, you should learn more about them. Buying building materials in bulk involves several stages:
- Finding the right product.
- Searching for the right supplier.
- Negotiating for a fair price.
- Buying in bulk.
Leasing Construction Equipment
Purchasing heavy construction equipment can be costly and risky, but leasing construction tools is a good option for many reasons. Purchasing heavy equipment can have tax implications and insurance costs, making renting a better option for many contractors. Leasing equipment allows contractors to choose the equipment that best suits their needs while eliminating the cost of depreciation.
Today, people in India prefer to lease their construction equipment rather than purchase it outright. As more people can pay for equipment, the rental market in India is growing rapidly.
Equipment lease agreements usually include a payment schedule as well as renewal guidelines. The length of the lease can be extended, and renewal options can include the opportunity to purchase the equipment and reduced periodic payments.
Renting construction equipment prevents the high upfront cost of buying heavy equipment, which would otherwise require large down payments. Renting construction equipment can also eliminate the need for capital investments, which can be allocated to other endeavors and projects.
Besides, leasing construction equipment allows you to benefit from the latest technology without the risk of buying a new one. Besides, it reduces recurring expenses. Moreover, the company will take care of all maintenance and operations. Leasing construction equipment is also an environmentally friendly option, reducing the overall carbon footprint of a construction project.
Avoid Delays and Cost Increases
Fortunately, you can avoid the pitfalls of infrastructure construction by using the right tools at the right time. It includes selecting a competent architect, contractor, and project manager. It will ensure that the project is delivered on time and on budget and that no one gets hurt. However, there are many reasons for construction delays. One of the reasons is the economic downturn, which has left many infrastructure projects in shambles.
One of the best ways to avoid construction delays is to promptly establish a clear project budget and communicate it to the relevant parties. The same goes for preparing a project plan. These plans include a list of milestones and deadlines, along with a timeline. By establishing a schedule, a contractor and his team can avoid last-minute rushes and can be prepared for the inevitable surprises. Furthermore, if you are looking for the best cement for house construction, get in touch with us. Kamdhenu Cement is among the top cement brands that provide quality construction materials.