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While property development in itself is a strategic service to the real estate sector, some innovations are under way. A few established real estate agencies are contemplating specialisation in management services.

A catchy ad which appeared in the front page of a leading daily recently claims that people need not swallow pain killers if they face some kind of real estate slum. The headaches of real estate development can be entrusted to professional agencies who will provide all-in-one solutions.

Let us first attempt at listing the headaches. The issues involved in implementation of a property development project may comprise the following:

Identification of suitable land for development.

Clearance of title of the identified property.

Appointment of architect for the drawing plan and to prepare estimates.

Obtaining approvals from various authorities.

Sales promotions and advance booking.

Finalisation of work contracts.

Procurement of materials.

Funds tie-up.

Supervising arrangements.

Maintenance arrangements.

Most of the real estate activity in our country centres around a family of promoters-builders.

Such activities are carried out by major members in the family with no specified area demarcations. This set-up has been found viable in small and medium projects whereas in bigger projects experienced hands have to be hired to assist in the execution of work.

Mega projects involving development of a few lakh square feet of area require professional management personnel to handle critical factors such as huge fund layout, time lag in execution, materials handling, marketing and maintenance.

Where do we get the experts? Isolated recruitment of professionals may be one way. However, effective implementation of mega projects will require people of proven ability. An experienced builder firm may be in a better position to plan and provide coordinated services for the successful completion of present-day issues.

Asipac, a real estate developer who release the first mentioned ad, recently held a press meet to expound its credentials to take up the various management services involved in mega projects.

The company claims to be developing the muscle power required to provide global services such as investment assistants, procurement of materials, supervising construction and the like. Its plans include recruitment of architects, engineers and fund managers with global knowhow. It is explained further that this is the existing practice in many countries and that the growing real estate sector in India will have to necessarily fall in line.

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