Developing a real estate project from scratch is a major challenge, given the significant investment involved and the expectations placed upon it. The purchase of land, its study, design, construction planning, and subsequent stages entail a series of requirements and details that must be considered before taking any action. To determine the viability of a plan, it is essential to conduct a feasibility study—a determining factor for making sound decisions. In this article, developed by the team at Arquigestión, you will find the necessary requirements, as well as key concepts to understand the logic behind this requirement, from the macro to the micro level.
Contrary to popular belief, a numerical study based on the urban planning regulations permitted by the Territorial Planning Instrument (IPT) for the project's location is not sufficient, as various variables (such as morphology) can condition the land's effective capacity. This is where a feasibility study becomes crucial. It reveals the maximum effective construction capacity of a property based on urban planning conditions, Master Plan restrictions, and current regulations, applied specifically to the property under study and its characteristics. Specifically, it defines the space the building can contain in terms of volume and surface area. Consequently, this allows for an accurate assessment of the maximum value to pay for the land.
To carry this out, one must be familiar with the urban planning provisions and regulations of the area indicated in the Certificate of Prior Information (CIP), in accordance with the respective Municipal Master Plan. Some of the regulations considered include: land use, maximum building heights, slope lines (rasantes), density, setbacks, and maximum coefficients for constructibility, ground coverage, and upper floors. The information contained in the CIP is vital for an accurate study, as it may present additional data and/or restrictions to urban planning regulations, such as the classification of the roads it faces or potential public utility encumbrances.
