The Cost Management as a long serving discipline throughout the life cycle of developments is an inescapable requirement for effective and efficient procurement process. Cost management is influenced by several factors, which includes organizational arrangements or procurement systems, land, financing, the environment etc. amongst other things. However, cost management has focused mainly on commercial and social development and infrastructure of major cost significance through formal systems and procedures. Low Cost Housing is significant in terms of the aggregate cost of development and the overall benefit it brings to the society. The clients, stakeholders and promoters have limited access to formal procurement systems. This is responsible for the high incidence of informal systems used for low cost housing procurement in developing countries. As a result of this, low cost housing developments do not benefit adequately from the structured approach of the cost management discipline. The overall effect of cost management is to achieve value for money and even provide a greater number of houses. This paper aims to propose a framework for a structured approach of the cost management of low cost housing. As a result of the significance of housing in society, it is regarded as a social responsibility by all nations of the world. They, together with United Nations Organizations such as UNCHS (Habitat) have over the years pursued a variety of programmes and policies aimed at resolving the issue of inadequacy and shortfall of housing stock.