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I am planning to build few furniture on open terrace, furniture like picnic table and wood chairs.
one carpenter recommend me teakwood but price of teak wood is very high, any recommendation on which type of wood to use for exterior use?

Any Out door furniture need to be painted , Teak is not a viable option.
good quality furniture is made of
Oak , Sappeli, 2200 \ Cft
local woods around 1000- 1500 cft
Acacia
Matti \ saaj
Treated Rubber wood 1800 cft
800 - 400Rs
Mango , Ficus and other jungle wood ( predominantly used by Commercial furniture manufacturers, including those that air ads a lot recently)