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6th Term - Real Estate Development

6th Term - Real Estate Development

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Published by Shreedhar
About the Real estate Developments and Building construction Procedures
About the Real estate Developments and Building construction Procedures

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Published by: Shreedhar on Jan 13, 2011
Copyright:Attribution Non-commercial


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S.R.P**- 6
Term Real Estate Development Page 1
The Possession Process & Alteration Policy
MCM616: Real Estate Development
Handing over of the built space is an important step towards Contract Closure
and forms part of the Project Close
It should be viewed as a phased professional activity and not just one ofhanding over the possession of the premises to the owner.1. Contract closure is performed at the end of every contract.a) Whether or not project objectives are met successfully, orb) Contract is terminated for whatever reasons.2) In Project Management the contract is deemed complete when all its items are met, evenif the buyer and seller are not completely satisfied with the work. However, this methodologyresults in dissatisfied customers and thus this view has to be changed by adopting aprofessional approach in the manner of close-out.
Design for Handing Over
1) Assign role, responsibility and authority for handing over.2) Document all deliverables as per acceptance criteria of the customer.3) Create process for creating satisfaction by clearing deficiencies observed by thecustomer in a time-bound manner.
anding Over of Documents
-\ 1. Agreement for sale2. Development agreement3. Receipts of payments, including initial booking receipt and receipt for clubhousemembership etc.4. Sale Deed5. Development/ construction agreement.- Handing over possession document.
Other documents handing over:-
1. All guarantees/warranty cards of OEMs.2. Rules & regulations booklet or other handbooks for owners.3. Handbook about the integrated facilities management system available.4. Documents pertaining to Utilities (electric etc. ) connection.
S.R.P**- 6
Term Real Estate Development Page 2
5. Relevant drawings
architectural, structural, services (both internal & external) inrespect of water supply,sewerage and drainage
Asset Class & Type
- The handing over process will differ in its details for different classes of assets i.e.residential, commercial etc.- The handing over process will also differ in details for the type of built space beinghanded over within a particular asset class for e.g. within residential asset class, it willvary for apartments and villas.
While handing over the physical possession of the premises a joint inspectiondocument should be created which should also have a check list of the essentialfeatures of the property.
This is important to avoid later claims by the customer especially so when thecustomer further allows his own workmen to carry out the interiors work subsequently.This exercise is also to list out items not yet provided by the developer.
Check List of Essentials
1.2. ional check of plinth/carpet area ( if requested by the buyer).3.4.any.Inventory of all fittings & fixtures (numbers and condition)1. Water supply and sanitary fittings2. Electric fixtures & fittings
including light fittings, fans, switches, MCB panel, geysersetc.3. Mirrors and glass4. Kitchen items5. Sewerage
manhole covers and inspection chamber covers etc.6. Overhead Tanks
Manufacturer make and serial number etc. condition of seals, meter reading at thetime of handing over in respect of:
Electric Meter
Water Meter
Gas Meter
S.R.P**- 6
Term Real Estate Development Page 3
Telephone (instrument and sockets)
and polish stains, discolouration, damp patches, undulation and cracks -major and minor,scratches, breaking, chipping or wear out of tiles, insufficient or no polish of marble or wood,this is in respect of: -Walls 1. 2.
Ordinarily the QMS audit prior to handing over should be able to capture informationabout all the defects and deficiencies in finishes, condition and operability of thedifferent features of the building.
Some other problem areas worth taking care of are: working of toilets and kitchenincluding blockage of drains with sand, debris and other construction waste. As apractice plumbers seal the nahney traps with bags to prevent the drains from gettingblocked but do not remove all of them later on.
Placing of Locks
-in (mortice) locks are provided then all the keys (usually three) should be handedover and details of make, no. of keys and serial number should be recorded.
Developers permit limited modifications to the built space as per customerrequirement in respect of the internal layout which does not require any structuralchanges.
They also permit change in sanitary fittings, wall and floor tiles and kitchen platformsand furniture. All this is at a cost to the buyer.
However, no alteration is permitted in respect of the building elevation and façade,including balconies as well as in the surrounding external environment.
Reasons for denial
1.2.3. osts.4.

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