I would say that those times are highly exagerated unless they're reinventing the wheel for some reason (meaning that the characteristics of your project are so particular that something already built cannot be adapted or the cost would be the same or higher)
Furthermore with the team you're saying that you contracted, these times are too high.
I mean, I could need those times to experiment and try to be a better programmer.
I may offer a lower rate just to be able to dedicate more time to try to solve the problem in a different way, to have the opportunity to challenge myself and find a better solution, more reliable and faster of what I know and do.
But if it is straight forward business, no, these time frames are not right in my opinion.
Having said this, there are some important questions here
1) Did you go for the cheapest offer? Cheap doesn't always mean bad or unprofessional, especially if you did your homework. But sometimes, it does mean exactly that!
2) Did you investigate the company? How well did you do it?
3) Did you have a previous relationship with them? If you did, were they professional and clear before that?