Low-cost housing refers to those housing units which are affordable by that section of society whose income is below than median household income. This depends on three key parameters—income level, size of the dwelling unit, and affordability. This paper aims to point out the various aspects of predestined building methodologies by highlighting the different available techniques, and the economical advantages achieved by their adoption. In a building the walls, floors, and roofs are the most important sections, which can be analyzed distinctively based on the needs, thus, improving the speed of construction and reducing the construction cost. This paper also aims to cover the use of local materials in the different components of building to make them low-cost available solutions for low-income groups. To own a house by middle and lower income groups in today’s economic trends is very difficult. Therefore, it has now become a necessity to adopt cost-effective, innovative, and environment-friendly housing technologies for the construction of houses and buildings and availing them at low cost comparatively. In order to come up with viable solutions this paper compares the construction cost for traditional and low-cost housing technologies and it was observed that with the use of technology and reuse of waste material as building material the cost of construction can be minimized to an extent. It was observed that if the filler slab can be used as an alternative to the conventional slab the cost of construction can reduce by up to 25 %. With time more studies are going to identify the reuse of waste materials like fly ash, rice husk, etc as building materials. After realizing the true potential of these waste materials as a building material in the construction industry the cost can be minimized to a greater extent. In addition, the building up of cooperatives to supply those alternative raw materials rather than importing from somewhere else would help in reducing the cost by 20 to 30%.