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Real estate development is a long and tough road to hoe so it is important that management and the board of any organization are equally committed to the project and share the same vision for its outcomes. This shared vision and commitment will help focus the organization and its professionals on what is important. It will help to reduce distractions and smooth over the bumps in the road that are inevitable in any real estate project.
Various factors but mainly on the Idea it is being used for, the location and the well implementation of the organized plan.
There are various types of real estate projects and, for such to be successful, many different parameters must be met.
A more adequate response may be found, searching on the Web, with detailling the type of real state project you consider.
There is no one answer to this question but without doubt the first key aspect is location. The project has to be in the right location to maximise return on capital. For example if it a retail project that is expected to attract the best retailers then it has to be situated with the right demographic profile close by. It also has to be served by good transport links for customers to access easily and quickly from either road links or rail links. The quality of the actual development also has to reflect the quality of the tenants that you have opted for. This might be reflected in mall finishes , the quality of shopfitting and the correct layout to make it easy for the customer to shop the centre especially so in a multi level scheme which has to have the best vertical communications between floors through escalators and lifts etc. Once completed and opened the important factor then is to maintain standards so you guarantee repeat visits. A Shopping Mall sometimes needs to think of itself as either a 4 star or 5 star hotel and make sure the standards applicable in a hotel are maintained daily in the Centre.
i hope this short note helps.
1 - Innovative and unique idea that distinguishes the projectز
2 - the project fit the time and place.
3 - Good management
A successful real estate project depends on:
1- Starts with carrying out the feasibilty study to ensure the accepatable return on investment.
2- Manage and control the project designs, construction and hand over making sure that the cost, quality and duration are properly controlled to meet the objectives set.
3- Manage and control the revenue and cost of the operation (asset management)
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Real estate Projects entails Capital Investment which in circumstances are huge. The Capital Investment along with periods of execution runs into Years.
The various phases like intitiation, planning and execution takes a lot of time and there is every possibility of Cost and time overrun. The finacial capacity of statekholders and creditworthiness along with the lines of credit are very critical for its througout success.In this respect the Scope of the project that were initially formulated has to be continuously aligned with the revenue projections.
The Sale stage is very critical as because if there is revenue mismatch along with pattern of payables everything comes under serious setback.
The NPV method which takes care of the Net amount that could be generated along with the organization IRR are the tools that the organization has to use very meticulously.
Some organization calculated Payback period just to be on safe side like within what time the organization can recoup the basic investments.In this respect discounted pay back method is a good analysis as that takes care of the cost of capital that that orgnizatio is looking for.
On the whole the Investment pattern along with the recoupment planning taking care all contingency will decide how successful the projects will be.
Not to forget gathering best of resources(Human resources) in the planning stage itself is prime requirement for its sucess.
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