The selection of a suitable formwork system is a crucial factor for the success of the project within a t ime. The project involves detailed study on cost estimat ion and duration analysis of a building constructed under PMAY scheme by conventional and Aluminium formwork technology. The analysis involves the quantity calculation and activity time of the building unit. Comparat ive analysis is done later based on cost and duration of both meth ods and their advantages and limitations are discussed. Now days, most projects are required by the client to be completed within minimum duration at minimal cost. This will be helpful for the contractor, the beneficiary and also the government in finishing the project within stipulated time at less budget.