In any populous country shelter for everyone is an emerging need. This leads to a concept of affordable housing for developing countries, especially for the Economically Weaker Section (EWS). An experimental investigation has been made with an aim to suggest a cost effective construction technique in order to build an affordable house for EWS people. In this attempt, various cost effective materials such as EPS (Expanded polystyrene), coconut shell, Foundry sand, Fly ash were used. A separate concrete mix proportion was designed and adopted for every cost effective material used in this work. The slab panel with the size of1.5′×2′ and their companion test specimens were also cast and tested. Three different types of reinforcements were adopted in this investigation such as Geogrid, Mild steel rod of 6mm diameter and two layer of wire mesh having 1mm diameter with 10mm spacing on both the directions were adopted as three different reinforcements in this investigation. Finally, 15 numbers of slab panels were tested for gradually increased uniformly distributed load with simply supported condition. The cost analysis to cast every slab was made and obtained an optimum cost effective material with high strength.