An Explainer: Internal Development Work

Description

In the context of a real estate project, an internal development work refers to facilities that are provided to buyers within the project. While such facilities add to the project cost, buyers are not expected to pay any additional cost for availing of them.

But how is internal development different from external development work? Basically, the development that takes place within the limits of the project is internal, while that in the periphery but not within is external development work.

While developers invest in external development work to make the lives of residents easier, internal development work is considered an absolute must in urban life spaces.

According to the Real Estate (Regulation and Development) Bill, 2016, internal development work in a project includes the following:

However, to provide these facilities, developers have to get approvals from the authorities concerned.

While investing in internal development work comes for a cost, it also helps because real estate projects with better facilities sell faster than others. For example, a home buyer would prefer to have a house in a housing society that has better parks and water supply systems.