Time Taken to Complete a Real Estate Project A Comprehensive Breakdown
In the fast-paced world of real estate, managing time efficiently is crucial to the success of any project. The journey from land acquisition to the handover of keys is filled with numerous stages, each demanding meticulous planning and execution. Understanding the time taken at each step of a project’s lifecycle can provide valuable insights for developers, investors, and stakeholders. This article delves into the typical timeline for a real estate project (it may vary depending on the size of the project, number of units, and floors), highlighting the key phases and their respective durations.
Land Acquisition and Pre-Design Activities
The initial phase of any real estate project begins with land acquisition and pre-design activities. This stage can be broken down into four main components:
- Research & Land Identification (4 months)
Identifying the right piece of land is the foundation of a successful project. This involves thorough research and site visits to evaluate potential locations. - Due Diligence & Negotiation (4 months)
Once a suitable piece of land is identified, due diligence is carried out to assess legal, environmental, and financial aspects. This period also includes negotiations with landowners to finalize the purchase. - Financing & Acquisition (3 months)
Securing the necessary financing is crucial. This stage involves obtaining loans, preparing financial models, and completing the acquisition process. - Pre-Design Activities (2 months)
Before the design phase, several preparatory activities are undertaken, such as site surveys, feasibility studies, and preliminary planning.
Design to Approval
Designing the project and obtaining necessary approvals is a critical phase that sets the tone for construction.
- Concept Design Phase (2 months)
The concept design phase involves creating initial sketches and ideas, which are then refined based on feedback. - Final Detailing (2 months)
In this phase, detailed architectural and engineering plans are developed, specifying every aspect of the project. - Permissions and Approvals (6 months)
Obtaining permissions from local authorities and other regulatory bodies can be time-consuming. This stage includes environmental clearances, building permits, and other necessary approvals.
Commencement to Completion
With designs approved, the project moves into the construction phase, where the vision begins to take physical form.
- Pre-Construction Phase (2 months)
Preparatory activities such as site clearance, setting up construction infrastructure, and mobilizing resources are carried out. - Ground Breaking to Plinth (6 months)
This phase involves foundational work, including excavation and laying the plinth, which forms the base of the structure. - Super Structure (11 months – For a 18 storey building with 6 flats on each floor)
Building the superstructure is the most time-intensive part of the construction process. It involves erecting the main framework, floors, walls, and roof. - Final Finishes (10 months – For a 18 storey building with 6 flats on each floor)
The final stage of construction includes internal finishes, electrical and plumbing installations, and exterior works to prepare the building for occupancy.
Post Completion Activities
Completing construction does not signify the end of the project. Several post-completion activities are essential to ensure a smooth handover.
- RERA Closure (1 month)
The Real Estate Regulatory Authority (RERA) closure involves compliance with regulatory requirements and documentation. - Society Formation (2 months)
Forming a society or association of residents is crucial for managing the property post-handover. - Compliances & Handover (3 months)
Ensuring all compliance measures are met, and handing over the property to the owners or occupants is the final step.
Managing the timeline of a real estate project requires careful planning and execution at every stage. By understanding the typical timeframes involved, stakeholders can better prepare for the challenges and ensure the timely completion of the project.
