Rates for Electrical work

[sk1976]

Hi,
What is the best way to fix the contractor rates for Electrical works?. I hear that the contract could be fixed in the following ways

Option 1: per square contract. All electrical work till the meter to be completed in this and the rate is around Rs 1000 per 100 sqft.

Option 2: Detailed item wise contract. i.e., rates per switch point, plug point, etc..

For the external work(i.,e.,) from meter to the electrical pole and all other liaisoning work with Bescom, additional mount has to be paid

Could you guys share what is the best option based on your experience and also share the rates that is prevailing now??

Thanks in advance,
Selva