One of the low-cost construction methods is using gypsum panels called GFRG panels (Glass Fibre Reinforced Gypsum panels). This technology is widely used in Australia. In India, IIT Madras has been developing the design procedure for these panels. They can be built fast, just like precast panels. Using these panels, only load-bearing structures can be built. IIT Madras claims that it cuts down the cost by 20%, with the buildings having the same life expectancy as the conventional buildings.
However, this is true only if mass construction is made. For a single residential building, the gypsum panels may prove to be uneconomical.