Development of a nation is directly related to the accomplishment of public infrastructure projects. They cater to the objectives of sector-specific demand and accrue benefits in other related fields. These architectural engineering projects contribute to the overall development, which is complex to measure in tangible terms alone, but call for establishing indicators for measuring intangible benefits as well. Delay in projects is considered to affect the tangible cost benefits. It is, however, a limited perception of delay consequences. The cost of delay (CoD), therefore, can be determined by considering the overall impact of tangible and intangible benefits of such projects. This paper brings out the framework for determining the CoD for the selected case study of a metro rail project. It reflects the consequences of delay in overall development prospects and high-level infrastructure objectives by establishing the CoD. The cost thus established can serve as the basis for mobilizing additional resources and strategic decision making in the best interest of overall benefits. The outcome of the study creates an opportunity to manage metro rail projects by mitigating the negative consequences of time overruns.