How to reduce the cost and time of construction
Cost of construction and time are interconnected. “Time is money” is a famous saying that is true for any business and even more relevant for the construction industry. Whether it’s a developer or architect building a new project or an interior designer renovating homes, speeding up the completion of projects will keep you competitive and ahead of the pack and most importantly avoid monetary loss due to delays.
Let’s understand how time management is crucial for construction and renovation projects:
- Assigning attainable tasks with appropriate time frames can reduce overall construction costs. This will guarantee that the hours billed to the client are used effectively.
- In order to meet and exceed deadlines, it divides the client-approved time frame into scheduled milestones.
- It aids in project completion on time. This might make your customers happy, resulting in glowing reviews for your business. This eventually helps in positive word of mouth and winning new projects.
- Time management gives you a head start on the task and keeps everything running smoothly and consistently.
When it comes to architects, the primary objective of the work is to develop an appropriate building design structure, as per the builder’s requirements, and submit desired designs to the builder. Any delay allowed here could cost the builder time used to build the structure. If your design plans are flawed, you will unavoidably be destined for cost overruns in construction projects, even if you allocate adequate time and resources for accurate budget and schedule estimates during the preconstruction planning stage. According to an estimate from Engineers Daily, 38% of construction disputes are caused by design errors. This is why all aspects and their time implications need to be considered while making a building plan. And also various possibilities of time reduction without compromising on the outcome need to be explored.
For decades, the construction industry has been known for costs exceeding budgetary limits and completion times exceeding initial expectations. This has been especially evident in large public construction projects, where cost overruns and time delays have long been thought to be common. In addition to having an effect on the project’s long-term viability, these overruns have grown to present a significant financial risk to clients and contractors alike.
A consumer has the right to terminate the agreement and request a refund under Section 18 of the RERA Act if the promoter fails to take possession of the property on time. The promoter is obligated to refund the entire amount the customer paid, plus interest. A consumer is also allowed to continue the project and claim compensation from the developer for each month that passes before they take possession of the property under Section 18.
One of the most common reasons for project delays and cost overruns thereof issue to errors in the estimation of cost and time. In the vast majority of cases, project overruns are primarily caused by underestimating or overestimating future costs and time.
Let’s take into consideration the process of damp proofing. DPC application at each level and the time it takes for the curing process is about 4 days. The taller the structure, the greater the time taken. With new technologies like DampX, this time of 4 days at each level can be brought down to just 20 mins. The ease of application makes DampX a great choice for those who care about delivering superior quality with efficiency and timely delivery. Architects and builders must consider the significant amount of time saved and the direct cost benefit.
Clearly, making things correctly the first time is much cheaper than spending money on repairs and maintenance. Delivering high-quality projects on time reduces the cost and increases credibility, which is crucial for any builder, architect or interior designer.
To evaluate many such advantages that DampX has over traditional DPC visit the link: DampX Comparison