An Initiative by IIT Delhi Alumni

Real Estate Project Initiation home work

Real Estate Project Initiation home work

The Real Estate projects is the complicated configuration of inter dependent activities so it is imperative to plan and manage each activity at right time in the correct manner. The detailed market feasibility study required to be conducted by experienced professional agency to evaluate and highlights the present and future development prospects in terms of Infrastructure, economic, commercial, industrial and residential projects, type of population, Government policy and future plans, study of master plan, land value, availability of construction materials, skilled and semi skilled manpower, cost of construction and sale price of final products, financial projections, approvals and construction period along with other relevant parameters. The developer can decide the location and type of project with product mix and development strategy. Define objectives with clear scope sets up strong base for managing construction projects along with realistic project schedule asserted to prevent slippages during design, planning, construction, commissioning and handing over.

The land procurement, team building, training & skill development, prequalification documents of consulting firms and selection, appointment of Architectural, structural engineering, building services and project management consulting firm to develop concept & schematic drawings with the complete eco system as per regulatory framework and guidelines to achieve necessary approvals.  The topographical survey, soil test, water test, materials test, tensile strength of reinforcement and other required test to be conducted by the specialised agencies. It is essential to setup well equipped site office, ensure requisite allocation of funds to match the progress schedule, capital procurement,  apart from timely decisions and necessary approvals to run the activities smoothly.

Leadership competence is about human resources planning, hiring, training and motivation to inspire during  life cycle of the project with the delegation of authority, responsibility and accountability to achieve the targets. An effective project manager promote teamwork, delegating tasks, resolving conflict, setting goals, and evaluating performance. The first cut plans, internal discussions among all concerns, thorough checking and auditing, corrections, mockups, testing, finalisation of design and thereafter detail engineering and working drawings and tender documents. NIT, prequalification of contractors, bidding, documents are reviewed, analyze short listing and award of works for civil, structural, plumbing & firefighting, Electrical & fire detection, HVAC, IT & Telecom network along with a project initiation document. Value engineering is integrated into the project management methodology to optimise the cost during design, planning and construction stages to maintain the budget and cash flow.

Procurement of departmental purchase of materials or equipment at appropriate time. Pre-Qualification & Selection of Contractors and Suppliers. The temporary structures including boundary wall, site office, covered and open storage, labs, workshop and other necessary provisions needs to be develop. The inventory management system should be establish to minimise wastages and easy flow of materials.

Project management is an art of directing and coordinating human and material resources throughout the life of a project by using modern management techniques and software to achieve predetermined objectives with full satisfaction. The Project management professional needs to establish strong coordination and communication mechanism among  the owner, Project Manager, architect, structural engineer, services consultants, contractors and specialised agencies associated with the project to develop best suited strategy for design, construction and successful implementation of the project within the budgeted cost, time & desired quality and progress information reported through regular site progress review meetings during the entire project life cycle.