Islamabad is becoming a city of grand housing projects, gigantic corporate offices and a hub of aesthetically pleasing malls. It has become a dreamland for those, who want to invest their hard earned money on something profitable and most importantly on an authentic project. We know, it is hard to resist investing in such enticing projects but how can one be sure that a project is worth investing? One of the most important and instant ways to check out the worth of a project is to see whom the project actually belongs to; its “developer.” Real estate developers are the initiators and supervisors of real estate projects. They are the ones who synchronize all of the activities required in the success of a real estate project, whether it is a shopping mall or a whole housing society.
Now the question arises, “How can one find a good real estate developer?” Real estate developers are the masterminds who actually generate ideas and convert ideas on paper to real estate properties. They play multiple roles in the real estate projects from the creation of an idea to its execution. So basically, they are the imaginators, creators, and controller of the whole project from its commencement till its completion. Now you know, why you would like to see who the developer of a project is, before making an investment? If you are interested in investing in the real estate sector then this post is for you. In this post, we will provide you with some great insights about what to look for in the real estate developer of a project before you decide to invest! Without further ado, let’s get straight into it.
Who is a Real Estate Developer?
It is safe to say that real estate developers are the king of the real estate market, as they take the responsibility of developing plain land into mesmerizing housing societies, jaw-dropping infrastructures, spellbinding buildings and gigantic shopping centers. Development or construction of a property is a full-fledged process that brings relatively lesser valuable lands or buildings to extraordinary use by enhancing its worth. Real estate developer mainly performs following tasks:
- Buying a new plain of land and developing it into a housing society worth living
- Buying a piece of land and constructing buildings over it to create valuable masterpieces
- Renovating the old property and putting it to a better and more valuable use than its past
The real estate developers’ main motive behind carrying out all the above mentioned activities is to add value to the real estate sector and reaping profits out of the added value.
Types of Real Estate Developers
To explain the role of real estate developers better, we divide the developers into two basic types based on their roles and activities performed in Pakistan.
1. Developers who convert Raw land to a Developed Housing Society
Many real estate developers acquire plain land and develop it to convert it into residential housing societies. The development process includes installing gas and water pipelines, electric connections, sewerage lines, leveling the land and building roads for transportation. Major activities involved in the planning of a housing society include acquisition of land, collaborating with high-repute organizations for planning and execution of the society and ensuring timely execution. This type of developers usually operate at a large scale; take big risks and deliver a place to the society that is worthy of calling home.
One of the big names in this type of real estate developers in Pakistan is Habib Rafique (Pvt.) Limited. Most recently, HRL is coming up with Pakistan’s first ever smart city, Capital Smart City, located at the M2 motorway just an hour’s drive from Islamabad. Check out the details of the project Capital Smart City by Habib Rafique Limited. Capital Smart City has been one of the most popular projects among the upcoming housing societies in Islamabad. Check out why Capital Smart City has been so popular in the market in our recent blog.
2. Developers who construct buildings on a designated plot
Second type of real estate developers is the one who converts a plot into a fully functional building. These types of developers are involved in construction activities such as construction of a house, plaza, shopping mall, apartment building, etc. They often sell units of the building such as apartments, shops or office spaces usually at installments. If you are looking for constructed houses, apartments, villas or shops, they are the ones who will provide such products.
Ovaisco Builders is a classic example of this type of developers in Islamabad. Their recent projects include multipurpose buildings called “Gulberg Rabi Center” and “The Magnus Mall” in Gulberg Islamabad and an apartment complex called “Islamabad Square” in Multi Gardens B-17. These exceptional projects have built a great portfolio for Ovaisco Builders. Check out the project pages by clicking on the name of the project for details. A snapshot of the projects is presented below.
Top Five Attributes to look in your Real Estate Developer
A sound developer ensures fast pace construction work and timely possession. Now the real query is how can a common person evaluate which real estate developer’s project is best and worth investing? How can you assess the soundness and reliability of a real estate developer? Don’t worry! We are here to reveal some of the salient attributes that one should look for in a real estate developer before investing in a project backed by him.
1. Ability to Deliver
We already mentioned in some of our earlier blogs that the soundness of a developer is highly correlated with the ability to deliver the project within the promised time period. How can you judge the ability to deliver? Well, through their past performance and delivery of past projects. More on that later!
The “ability to deliver,” however, depends on many factors, most important of which is having a strong team. Yes! Like any other industry, the real estate industry is gigantic and behind a real estate developer, there is a fully equipped team who plays a vital role in the success of any project.
Following are some of the members that constitute a real estate developers’ team and ensure the project is delivered within the promised time:
- Incredible architects and urban planning engineers to design the project
- A foresighted consultant who can advise on the important decisions
- Financial experts who evaluate and ensure financial viability of the projects
- A well-experienced project manager to streamline the flow of the project
- Skilled contractors and a team of skilled labour to get the work done
- Sales team who raise the required funds and deal with selling agents
- Real estate agents who sell the project in the market and handle sales through customer services
- Marketing team who build the worth of the project in the market
- A strong management team who take care of the documentation and accounting and many more
All of the above mentioned tasks are supervised by the mastermind, the real estate developer, to make sure the project is executed the way it is planned. Before you confirm your purchase in your favourite real estate project, do evaluate if the developer has the ability to deliver the project. You can do that by evaluating the scale of the developer’s earlier projects, timeliness and quality of earlier projects and the goodwill of the developer in the market about their team and connections.
2. Portfolio of a Real Estate Developer matters!
Yes! Do some homework. Dig into the past of the real estate developer. You can do so by looking at the profile of a real estate developer and doing research about their recent or upcoming projects. The ability of the developer to deliver the project on time and under budget is reflected in the existing portfolio, so keep close eye on this aspect. By doing so, you will have good enough information regarding their capabilities and expertise as a developer.
3. Sound ranking of a Real Estate Developer
Goodwill in the market is one of the essential assets for a real estate developer. Goodwill of a developer is a result of the trust that people put in him depending on his portfolio, team and reliability. Real estate industry involves large monetary transactions which necessitates the presence of trust in the responsible party. Therefore, the good standing of a developer in a market means a lot about his soundness. So, before you put your lifetime’s savings into a real estate project to buy a house, plot, shop or even an apartment, make sure you invest in a project affiliated with a reasonable developer who has a good ranking in the market.
4. Experience of the Real Estate Developer
Experience and past track record of timely projects matter a lot. The more experienced a developer is, chances are the more strong connections he will have. Hands on experience in a field enhances the sense of foresightedness and proactiveness in a developer. Real estate developers get the sense of how the real estate market works, what types of projects capture the interest of investors, and what type of project is suitable in a certain area. Based on their experience, they often enjoy first mover advantage by coming up with completely unique projects. Experience also enables them to execute creative ideas in the best possible manner. Only experience can teach this to a developer, so make sure you don’t miss out on investigating this point while looking for a sound developer.
5. Affiliation with International Names
Connection and collaborations with well-established national and international names matter a lot in building credibility of a real estate developer. To get recognition in the international market, our developers have to prove themselves by incorporating international standard rules and regulations in their policies. This attribute adds to the trust factor of a sound developer. Habib Rafique Limited, a well-known real estate developer delegated the task of planning Capital Smart City to Surbana Jurong from Singapore. In addition to that, Peter Harradine, international golf course designer is assigned with the task to supervise and design the 18-hole signature golf course in Capital Smart City. This is the reason why massive investment is being observed in Capital Smart City.
Real estate industry is gigantic!
Real estate industry is gigantic, with a lot of parties involved in it and it won’t be wrong if we say that real estate developers are the ones who take initiative, as they are the one who plan the infrastructure and convert a simple space into more valuable one such as housing societies, corporate offices, commercial buildings, etc. They are the ones who keep close eyes on International trends and make sure to bring exceptional projects to their homeland. Therefore, the role of real estate developer in the real estate industry is simply irreplaceable.
Are you wondering about where to get the information about the real estate developers of your favourite project? Your real estate agent is the best source! If you have a real estate agent whom you trust enough to protect your interests, inquire about the developers of the project before finalizing the deal.
At Islamabad Projects, we provide free consultation to our followers. We make sure to provide reliable and current updates to our followers straight from the developers, so that our real estate investors and end-consumers can make well-informed decisions. You can send us an email at email@example.com or call us at +92 334 5557734 get information about any real estate project that you are interested in.