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I got a 2,50,000 Rs. quote to construct compound wall of 5 ft height with 2x3 foundation, plastering and painting. The plot size is 40x60 with 40 ft sided compound already constructed by neighbor. So the total Rft would be around 150.

Please let me know if this price is nominal. Thanks in advance.

RFT cost in your case is more than 1600. That is definitely on the higher side. Should be in 1300-1500 range depending on quality of work.