To cut costs without sacrificing quality or performance, value engineering has been found to be a good way to do it. Value engineering is used a lot in construction projects as a way to make decisions about what to do. Value engineering has a lot of benefits and can be used in a lot of different ways, which is why more and more businesses are including the idea of value engineering in their projects. It is well accepted that value engineering should be undertaken early in the life of a project (feasibility and planning phases) in order to maximize the benefits. Some projects fail to address the notion of value engineering and, as a result, subsequently seek to achieve the project specifications in terms of cost and time but fail to do so. The purpose of this work is to shed light on how to incorporate value engineering into the structural component/item of work of a building construction project by examining a case study of an ongoing building construction project in Kolkata during the design phase and evaluating the cost savings that can be realized by substituting alternative items or components without sacrificing quality or performance.