Value Engineering: The Mantra of Cost-Cutting in Construction Industry

Affordable housing is not a new concept now, it has become a very crucial part of the Indian real estate sector. It is not only an ambitious mission to be achieved, it is the need of the hour in a shelter-starved country like ours. A roof over the head is a basic necessity and making homes affordable is the only way to make it possible for everyone. The government is taking major steps in the direction. One such method is Value Engineering.Value Engineering The Mantra of Cost-Cutting in Construction Industry

What is Value Engineering?

Value Engineering is the systematic way of reducing the costs involved in construction of projects while maintaining the superior quality of the resulting product. In a quest to offer something unique and better than their competitors, builders try to use high-grade raw material of construction. This only adds exorbitant costs to the process but the end result is not very satisfactory.

This is where Value Engineering comes into play. It segregates the reasons behind high costs of large-scale construction and devises a proper planning to cut down those costs. It is not only concerned about the techniques of construction, but starts right from planning and designing, this is why sometimes it is also referred as ‘Value Management’. A vigilance over the planning phase could save 15-20%. [Read more…]