Ok.trying to reduce the weight. Here's the new calculation.
Motor with gb 1g
Lipo 20mah- 0.7g
Rx-0.3g
Airframe-0.50g
Actuator-0.2g
2.7g+0.3misc
New weight is 3g!
Would practically weigh all the things and post a pic here.

Weight of electronics.

Excellent liran rc

Thanks gaurang

Close up of electronic connections.

Making the gearbox. Gears are taken from old broken servo motor.

Mounting the rx. The board is glued to the to the stick by CA.

Actuator is made by using magnet wire from electronic coil. The coil is around 50ohms.Magnet for the actuator is from old micro brushless motor.

you are awesome.very nice build log keep it up brother.all the very best for the maiden.

Control surface (rudder) is cut from 0.5mm balsa wood and the magnet is glued to the rudder.

Thanks shijin sir. Maiden will be done tomorrow. 

Control surface attached using thin cello tape(acts as hinge).

Awesome job mate!!  Waiting to see the flight video!!

Meet2ami, flight test will be done today.  

Total weight.

I am impressed. Too good

Wow! Tried to fly it in my home, just awesome! Tight turns. Will upload the flight video today!

Sundram Sir,  flew as expected!

Update: removed the gearbox to direct drive as there were some issues with the prop. Now I am using a cheerson quad's prop.

Here is the maiden

That's super fast Super cool. 

Kiran I could say you have crossed another mile stone here in Rcindia. Congrats for the maiden. Very good job. Keep it up. I am sure soon we all will see a sub-gram plane from you. Nice video.

Regards

Outstanding achievement!
Both build and flying.

awsome built kiran

.....its so fast ! surprising that its still holding together after the flight !!!

i'd like to build one of these ! nice one 

  Sundram sir.
Thanks  GD:) Actually, even I am planning for sub gram plane in the near future.
Thanks, Iyer Sir
@Jana Thanks. Your builds are too good
@bmblb sure you may. Thank you