A Study on the Factors Responsible for Delay in Real Estate Projects

INTRODUCTION

A Real Estate Project manager works like a leader, administrator, facilitator, mediator and coordinator. He builds a team and leads it in order to complete a Real Estate Project within the given time and budget. He should have the good communication skills to coordinate with his team members. He should also be pro-active so that if he comes to know that the Real Estate Project is delaying or going over-cost then he can take appropriate steps to complete the Real Estate Project in time and under the specified budget. He should use the available resources in an efficient manner so that the Real Estate Project can complete in a specified schedule and budget. Besides these, he must also have the knowledge of Real Estate Project integration, scope, time, quality, human resources, communications and risk management. A Real Estate Project manager is an important member of the team of the Real Estate Project management. He is responsible for the preparation of documents such as Real Estate Project study report, Real Estate Project‘s Project report etc. for the development of a Real Estate Project. He is also responsible to develop the design of the Real Estate Project. He has to follow engineering guidelines and standards while developing a design for the Real Estate Project. A Real Estate Project manager controls the overall activities of a Real Estate Project and tries to accomplish the Real Estate Project within the specified time-period and budget. For a Real Estate Project to be completed within a specified time-limit, it is necessary to maintain a good co-ordination Real Estate Project personal. A Real Estate Project manager is responsible for completing all the steps of a Real Estate Project from its beginning to the termination of the Real Estate Project. It is believed that if only one Real Estate Project manager is assigned only one Real Estate Project at a time then he can work more efficiently as he gets the full freedom to take decisions according to his skills. On the other hand, if the responsibility of accomplishing a Real Estate Project is given to more than one Real Estate Project managers then the probability of increase in budget and time-schedule is increased because their way of thinking may contradict each other thoughts. After getting the Real Estate Project, a Real Estate Project manager builds his team and makes some work plans to accomplish the job. After that, he uses the available resources to complete the Real Estate Project in time. He has the responsibility of accomplishing the Real Estate Project in time and within the given budget. If he feels that the Real Estate Project is delaying

budget. He must use engineering standards and policies to develop a Real Estate Project and must use the given resources wisely.

The common terms of a Real Estate Project management are: a) A Real Estate Project b) Real Estate Project Management c) Real Estate Project Success d) A Real Estate Project Manager e) A Real Estate Project Management Plan For a successful Real Estate Project management, several characteristics are needed, that are: • To understand the value of the Real Estate Project management. • To understand the nature of Real Estate Project. • Features of Real Estate Project processes. • Roles and activities of a Real Estate Project management. • Context in which the Real Estate Projects are performed.

The sequence of a Real Estate Project life cycle is: • Concept • Definition • Execution • Close-out Real Estate Project life cycle usually defines: 1. The tasks that are needed to be completed in each phase or sub-phase. 2. The team for each and every phase or activity.

Typically, a Real Estate Project has the following characteristics: 1. A start and a finish. 2. A time-frame for completion. 3. An involvement of several people. 4. A limited set of resources. 5. A sequence of activities or phases. So, these are some characteristics of a Real Estate Project. Every Real Estate Project has a starting point. Initially, when a Real Estate Project is complex then it is divided into some smaller parts. These smaller parts are known as modules. If a module is supposed to be large in size then it is further into sub-parts which are generally known as sub-modules. This process of breaking-down the Real Estate Project continues until the Real Estate Project becomes smaller and easier. This methodology is known as top-down approach.

The time period and approximate cost of the Real Estate Project is also estimated. And the whole Real Estate Project is supposed to be accomplished in the estimated time-limit and cost. A Real Estate Project manager controls and monitors each and every activity of the Real Estate Project and uses the available resources quite efficiently. good Real Estate Project management. These are: Time, Cost and Performance. A Real Estate Project is said to be successful if it is completed on time, within the given budget and to the performance requirements. Many tools and methodologies are used in order to control the components of a Real Estate Project. These tools are: a) Work Breakdown Structure (WBS) b) Gantt charts c) PERT/CPM (Critical Path Method)

In this structure, a task is divided into sub-task to minimize its complexity. And the process continues until the main task becomes easier.

These charts were developed by Harry Gantt in 1916. These charts are used to provide a time-limit for each and every activity of a Real Estate Project.

In this method, a graphical representation of a Real Estate Project is developed. This representation is known as Real Estate Project Network or CPM Diagram. It shows the inter-relationship between the components of a Real Estate Project and shows the sequence in which the various activities of a Real Estate Project should be performed. Real Estate Project-Oriented Company (POC) is an organization which deals with the Real Estate Projects. It assigns Real Estate Projects, monitors the quality of a Real Estate Project and program, controls the interaction between Real Estate Projects and maintains personal management in POC.

In Real Estate Project management; various activities like applying knowledge, skills, tools and methodologies are used to meet stakeholder‘s needs and expectations. In Real Estate Project management, all the human and material resources are directed and coordinated throughout the life of a Real Estate Project so as to achieve Real Estate Project objectives. Real Estate Project is a sequence of actions which are confined in time and size are in interaction with a politic-socio-economic environment. It has a specific goal which it needs to achieve.

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Research Scholar, Central Christian University, Malawi