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The current construction practices require a great effort to balance the factors such as money, time and quality. Value Engineering is a proven management technique that can make valuable contributions to value enhancement and cost reduction in construction industry. Many a time, Value Engineering (VE) is confused with cost cutting exercises in construction industry. The essential difference between conventional cost cutting and VE is that it involves reducing the cost by improving the functionality through lesser consumption of energy in terms of manpower, materials, and machines. However, it was found that the benefit of VE is much greater if multidisciplinary teams of engineers were involved which would also influence the design team that is normally the case in construction. Value Engineering is one of the most effective techniques to identify and eliminate unnecessary costs in building design, construction, operations, maintenance. The methodology is composed of three main stages, Pre-Study of the Value Engineering, value engineering job plan, and post study of the value engineering. In this critical literature review, how the principles of Value Engineering are applied in building construction projects is explained, in order to reach out better quality with lower cost.