Cost Intelligence · External Calibration

Developer Residual Market Benchmark

The third independent calibration layer for Vasundhara Homes. We infer the market value of the constructed building by separating land value from completed-house sale price, then remove a 15% selling-price profit margin.

Core rule: House price − land value at the relevant date = implied building value. Building value ÷ carpet area = market-implied building selling rate. Construction reference = selling rate × 0.85. A current land quote must not be silently subtracted from a historical house price.

Raipur · cleaner ordinary reference

₹2,488

VIP City / carpet ft² after margin; exact carpet still inferred.

Aurum · historical candidate

₹2,040

2019/20 same-project candidate; parcel/configuration match remains unproven.

Indore · ordinary reference

₹2,002–2,408

Victoria City, depending on the portal's reported carpet configuration.

Indore · premium

₹3,740–4,165

Omaxe City-1; pool/furnishing/high built-up intensity.

Residual matrix

City	Development	Land basis	House	Area	Reference after 15%	Class
Raipur	Aurum City Greens	Historical: 1,000 ft² = ₹15L 2019-09-08 archive listing	₹39L	1,000 salable area 2019/20 project listing	₹2,040/ft² historical candidate only	B candidate
Raipur	VIP City	1,500 ft² = ₹36L	₹72L	1,500 super-built-up; carpet inferred 1,230	₹2,488/ft²	B
Indore	Victoria City	810 ft² = ₹44.5–44.6L	₹87L	1,500 carpet variant	₹2,403–2,408/ft²	B
Indore	Victoria City	810 ft² = ₹44.5–44.6L	₹87L	1,800 carpet variant	₹2,002–2,007/ft²	B
Indore	Omaxe City-1	1,000 ft² = ₹50–55L	₹99L	1,000 carpet; ~2,200 built-up	₹3,740–4,165/ft²	A
Indore	County Walk	800 ft² township reference = ₹50.4L	₹88L	1,450 carpet/built-up	₹2,204/ft²	C

Aurum — one-pass historical conclusion

The historical pass found a dated Aurum plot record published on September 8, 2019: 1,000 sq.ft at ₹15 lakh. A separate Aurum City Greens bungalow listing gives a 1,000 sq.ft salable-area 3-BHK at ₹39 lakh, with possession stated for March 2020. urlHistorical Aurum plot listinghttps://chhattisgarhproperties.com/property/aurum-city-greens-22-acer-tc-approved-layout-project-with-premium-plot-location-at-new-dhamtari-road-raipur-chhattisgarh/ urlAurum 1,000 sq.ft bungalow listinghttps://www.homeonline.com/sale/aurum-city-greens-bungalows-new_dhamtari_road-raipur/68E37B39/pdet/

Historical candidate
₹39.00L − ₹15.00L = ₹24.00L implied building value
₹24.00L ÷ 1,000 = ₹2,400 selling value/ft²
× 0.85 = ₹2,040/ft² construction reference
Same project and period, but surviving records do not prove the two listings are the identical parcel/configuration. Retain as Class B candidate calibration only.

Why the old ₹1,334 number is retired

The earlier ₹1,334 figure was generated by subtracting today's ₹1,650/sq.ft plot schedule from a historical house listing. That violates the time-alignment rule. The current Aurum plot schedule remains useful as current market context, but it is not a 2020 land value. urlCurrent Aurum plot schedulehttps://www.homeonline.com/sale/aurum-city-greens-new_dhamtari_road-raipur/302EA13A/pdet/

Preliminary interpretation

The residual layer now has enough evidence to participate in three-way calibration without pretending to have a definitive construction rate. Raipur ordinary-house evidence clusters around the low-to-mid ₹2,000s per carpet/salable sq.ft after the assumed selling margin, while premium Indore evidence can sit materially higher. The observations remain segmented by specification and confidence class.

Next build step: residual market evidence will now be compared against the bottom-up engineering model and tender/SOR evidence in a dedicated three-way calibration layer. No single source will be averaged into a convenient ₹/sq.ft number.

Dataset: data/cost-intelligence/evidence/developer-residual-market-benchmarks-mp-cg-2026-09.json · Status: external calibration / research layer · No residual observation is presently production-authorized.