Development Commences in the First Smart City of Pakistan

The developmental process of a real estate project is a complicated process and here in this article we have simplified and broken down those phases into 3 phases.

The three phases of real estate project development are pre-development, construction, and project completion.

Early Stage

Early-stage is also known as pre-development is the first phase where the investors conduct market research while determining their requirements and demands and then confirm a potential site location for the project.

After this, the investors then work on an idea proposal or a concept design where the ideas are discussed what could be currently constructed or what other possibilities can be potentially constructed on the site. The project’s size and units are also discussed along with the restrictions that are imposed by the government.

In the initial stages of the development, the investor’s prime focus is time and motion study, research, and planning, and then permit.

However, at this initial phase making an investment is critically risky as the investor needs to assess a lot of unknowns such as by-laws defined by the government, community’s plans and policies along with other development plans and arrangements.

All such official documents can be easily accessed in hard copy at the municipal office whereas soft copy can be acquired from the municipal’s website.

Other than this permitting, infrastructure enhancement along with brand building and marketing is also a part of this initial stage of development of a real estate project.

Construction

As in the early stage, many of the major tasks of making the project officially legal are completed which in turn not entirely eliminates but rather immensely reduces the chances of risks. Therefore, with this progress, the construction process is initiated on-site.

At this stage, all the dreams and visions of the investor regarding the project are brought to life. Although, this stage takes around almost from 12 months to 18 months to complete depending upon the size of the project. Hence, the excitement.

Other crucially important happenings taking place during the construction phase are project marketing, schedule tests, project accounting, quality control tests, payment audits of contractors, vertical construction, etc.

Final Stage

The last and final stage in the real estate development project is Project Completion. Here the pre-development and construction processes are completely done with the finishing touches being done here and there.

It’s after a real estate project development is completed then it becomes alive with all its lively hustles and bustles. Although the risks that were present during the early stage and construction period are now almost eliminated, getting tenants or selling the property is the real challenge for investors as well as real estate agents.

The process of selling the property is that the buyers make their bookings with the real estate agents and then through the process of balloting, buyers are selected who then make the payment and are provided with an allotment letter and an allotment certificate. However, the possession or occupancy permit is usually given after a duration of approximately 2 years.

Currently ongoing real estate projects based in Pakistan’s capital city, Islamabad, and Punjab’s capital city Lahore are Park View City Islamabad, Capital Smart City, and Lahore Smart City respectively. And in all these real estate projects, the developmental process has been initiated and is currently in pre-development and construction stages.

Therefore, if you are planning to invest your hard-earned money in a safe and secure manner then Park View City Islamabad, Lahore Smart City, and Capital Smart City are the places for you.