The present scenario in India, particularly in metro cities has restricted the horizontal growth, which led to the vertical growth for building construction. Today, fast track construction is a rapidly growing economy, brings rising costs and therefore time saving in construction can compensate significant proportions of the overall construction cost. This paper presents a study on, time and cost wise feasibility of steel framed composite floor building. A case study considered for this work is 10 storied multilevel cars parking building. A major feature of this building is post-tensioned composite steel beams having span of 16 m. Considering same plan, floor area, floor to floor height and loading conditions, this existing building is designed and constructed by other two ways viz. precast concrete frame with precast concrete floor and steel frame with precast concrete floor. While designing the above structure with precast concrete frame with precast concrete floor, one additional column is introduced in between 16m span lengths to the overall plan to suit the design criterion. The Microsoft Project-2003 used for time scheduling and the optimum time required at different stages of all these three buildings are calculated. The total cost of each structure is calculated as material and construction costs of each structural element only. The results shows that steel frame with composite deck floor saves 55.3% construction time than precast frame with precast concrete floor and 14.3% compared to steel frame with precast concrete floor. However, this required extra 23.10% of direct cost and 12.99% of net cost for precast frame with precast concrete floor while 0.52% and -2.34% for steel frame with precast concrete floor.