BOQ for Construction Work
BOQ and Estimates for Home Loan
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What is BOQ?
BOQ Stands for Bill of Quantity.
Why is it required?
BOQ is required to understand the amount of material required for a specific construction or execution activity.
BOQ also further is used to understand the estimates for the said works.
Why is BOQ required for Home Loan?
For Home loans BOQ is required in order to understand actual expenditure that might be incurred by individuals during construction.
Valuation is the technique of estimation or determining the fair price or value of property such as building, other engineering structures of various types, land.
Exactly what is a BOQ? The Bill of Quantities, or BOQ as it is popularly known, is a document that lists all the materials, the quantities of work, and the labor that is needed during tendering or building contracts. There is a detailed description of each and every construction and repair activity, allowing a contractor to estimate how much work needs to be done and the price to be charged. Due to this, it is widely used for material scheduling, construction planning, cost analysis, and cost planning. A description of each item is matched against the total quantity depicted in the authorized drawings. A tenderer fills out the price unit by entering the amount he wants to charge for the item. It may be expressed as a rate or as a per unit price. For running metres, square meters, and cubic meters, rate and amount may vary. The total of all the items is known as the tender price. This is how it works. In construction, actual quantities are measured and compared with BOQ quantities, multiplied by rates in the BOQ provided by the bidder, and paid accordingly. BOQ Format: A general BOQ includes the following components:
Item description Quantity Rate per unit Total amount Remarks