Real Estate business is the major industry within the Pattaya area. The key players in this business sector include condominium project developers. We have seen a dramatic increase in numbers of condominium project developers in Pattaya during the past five years; both new faces and well-established developers from Bangkok. This factor indicates that Pattaya has great potential for property developers to prosper.
We have all seen the glamorous side of these condominium project developers, but how many people have actually seen another side?
Being a condominium project developer, you have to encounter numerous procedures and red tape from a start to finish of the project.
This starts from land acquisition, heavy due diligence is a must for this process in order to prevent fatal damage.
There is a great difference in the due diligence required for land acquisition for a single residential unit and that required for a condominium project hence, it is best that the due diligence is conducted by a highly experienced team.
After the land acquisition, you are now moving to design development phase.
This is where you get to exercise your ideas of the project into the drawing. Developers are full of fantastic ideas of how they want their projects to be but not every idea can be implemented mainly because of the restriction under authorities’ rules and regulations.
A solid design team can design a project for you or help you filtering and developing your ideas into a project design in compliance with all relevant rules and regulations. Working with a design team who does not possess solid knowledge and experience in condominium project development will cost you massively in time and money.
Once the design of the project is developed and the drawings are complete, you will have to submit the drawings for the construction permit and conduct the EIA (Environmental Impact Assessment) report if your project fits into the category of the building required for EIA report submission.
You will need a team with concentrated experience in both administration and liaison with various committees and authorities for this step in order to avoid forever ploughing through red tape. You then may commence construction only when granted the construction permit and the EIA report approval.
Upon the completion of the construction, you will be dealing with authorities again for the application of the Certificate of Construction and Alteration (Or.6).
This certificate is required for your project’s utilisation; this allows the residents to be able take occupancy of their units. In order to get the Or.6 certificate, the building must be examined by the committee and pass every provision set by the authorities.
After the Or.6 is granted, you will enter the most important part of being a condominium project developer which is the delivery of the ownership of condominium units to your clients.
In order to do that, you will again go through more red tape and interact with more authorities. This stage of development includes the acquisition of the house particular and registration booklet for every condominium unit, the separation of the title deed for every condominium unit and the application for official appraisal price for the condominium units. The aforementioned processes involve tons of paperwork and various inspections of the project by different committees. To avoid any headache and the waste of valuable time, you should make sure to have this stage handled by a truly professional team with experience in mapping out the entire process and dealing with all relevant authorities.
Once you have the house registration booklet, title deed and official appraisal price for every unit, you are now ready to conduct the transfer of ownership of the condominium units to your valued clients.
In this ownership transferring process, you will be faced with another batch of paperwork from each and every unit owner and dealing with another authority; the Land Office.
The Condominium Juristic Person must be established and registered upon the first condominium unit ownership transfer registration at the Land Office.
The Condominium Juristic Person has the duty to carry out the management of the condominium on behalf of the co-owners of the condominium. This includes collection of common maintenance fees, arrangement for the maintenance of the common area of the condominium, exercising the legal right on behalf of the co-owners, etc.
It is always a good idea for the developer to assign a Condominium Juristic Person team that knows how to work with the developer rather than working against the developer in order to maintain the smooth operation and transaction of the project.
This is the brief procedure that every condominium developer has to encounter.
At Pattaya Business Alliance, we have solid teams with extensive experience and proven track records who are willing to assist you in every step of the way.
Contact us on 092 280 3638 or [email protected] for a non-obligation discussion.
Develop your business, let us deal with the rest!