Buildzar, India’s online marketplace for home construction and home improvement needs, has announced the launch of Beztimate, a tool to get quick cost estimate of a particular construction. This cost estimate comes with the detailed information about construction material required and construction schedule. A patent has been applied for Beztimate.
“After going through a bad experience during my home building journey, I figured out that there is a lot of information asymmetry prevailing in the domain. Hours of online research and fumbling through many home design magazines gives you nothing more than just theory. Moreover, there is no price sanctity. Each service provider will give you a different ‘number’ and your entire home construction budget will go haywire,” says Vineet Singh, Co-founder & CEO of Buildzar who has invented Beztimate along with other co-Founders Swapnil Tripathi and Vivek Sinha.
“This is when we thought of coming up with a tool that will not only help the customer in decoding the construction cost, time and quantity but will also help her to choose between multiple price points differentiated according to brand preferences and budget considerations,” adds Vineet.
Beztimate takes house configuration inputs from the user i.e. location of construction site and area of construction and processes the same using an advanced algorithm and real time price master, which results in a detailed cost summary and timeline of construction. Beztimate takes into account the laws and by-laws governing the area where construction is taking place, like FAR (floor area ratio), setbacks, height restrictions, etc. which may vary from location to location. At times, this varies even within a city depending upon the building planning authorities. FAR is an index which defines the basic parameters of any construction in terms of permissible height, individual floor’s area and total number of permissible floors for a given set of inputs (city plus plot area logic).
Using this logic, Beztimate estimates various construction related expenses. It uses industry standards along with detailed formulas to come up with calculations that are as accurate as possible. It provides the overall cost estimate by adding up design, labour and material costs. Beztimate also provides a construction schedule according to various construction stages involved, which may vary according to user inputs like area, number of floors, type of finishing etc. The construction schedule helps the user to get an estimate of the various works that are a part of construction and proposes a timeline for each stage.
Another feature of Beztimate is that it gives the users a choice between multiple price points that are differentiated according to brand preferences and budget considerations. Estimates in rupees per square feet are also calculated for each of these categories (price points) namely Budget, Standard, Premium and Luxury.