Topic: Professional tips for new builders and developers in Mumbai Property development encompasses a wide scope of processes and activities from buying lands to building and finally developing the facilities. This can be from high office buildings to roads and there are people involved in every aspect of this project. There are builders and also developers. There are many things required from developers especially. For one to become a successful developer, patience and ambition is required in the process. Apart from this, they need to have more knowledge of the field. Developers can be liken to investors that commits their talents, expertise and equity to convert lands from its present unappreciated state into something much higher and useful. For builders and developers in Mumbai, they have to educate themselves on the property market in Mumbai, the finance, the construction processes, the town planning and the marketing of the real estate projects. The mistake many builders and developer make is to start their career with big jobs, this is wrong, you should start with smaller ones and work your way up. Many of the challenges and mistakes that will be made at the first projects. This is important because you don’t want to ruin your property investment career before it sees the light of day. So who should be the people you talk to? Who are those to be in contact with? We are here to help you as professionals. For those to be in contact will be determined by the complexity of the project at hand. There are some team members that may be necessary for you. They are:
Real estate agents: The job of the real estate agents is primarily to sell property to you. When it comes to the development of the property, they can’t give you any solid advice. So it’s up to you to determine if you want them on your team.
Finance strategists: This is needed to help you get the finances for your development to get you development finance. Investment finance is different from finance strategist.
Accountants: This will aid in setting up the ownership right structures
Lawyers: This is needed to deal with all contracts and laws according to the city. Town planners and Urban designers
Architects, draftsmen or designers
Building contractors
Project managers
Development managers
Property Strategists: This will be your important point of contact. Property strategist plays the role of helping a property developer to research, locate and negotiate in the buying of properties. He also help in the maximizing of investment returns via property investment management.
Builder s and developers have to consider the cost and profitability of a project before embarking into it. One question that should be asked is can I afford it and will there be any profit associated to it? Before the commencement of any building or development project, there has to be an establishment of the amount to borrow and how cost will be managed. The finance of a property development is more difficult when compared to sourcing the finance itself. Author’s Bio Gustavo Ham in this piece give his professional tips to builders and developers in Mumbai who want to be top notch in this field and the team required for builders of property in Mumbai