1. Developers and Project Owners
The initial responsibility lies with developers or property owners who conceptualize the project. They:
- Conduct preliminary assessments of the site’s potential.
- Engage consultants to perform detailed feasibility studies.
- Make strategic decisions based on the findings to proceed, modify, or halt the project.
Their vision and objectives set the foundation for the feasibility evaluation.
2. Multidisciplinary Consultants
A comprehensive feasibility study requires insights from various experts
- Financial Analysts: Evaluate cost estimates, funding options, and projected returns.
- Market Researchers: Analyze demand, competition, and pricing strategies.
- Architects and Engineers: Assess design possibilities, structural integrity, and compliance with building codes.
- Legal Advisors: Review zoning laws, land use regulations, and potential legal constraints.
Their collective expertise ensures a thorough examination of all facets influencing the project’s success.
3. Regulatory Authorities
Government bodies play a crucial role in determining feasibility by:
- Planning Departments: Approve land use changes and ensure alignment with urban development plans.
- Environmental Agencies: Evaluate the project’s environmental impact and enforce sustainability standards.
- Building Authorities: Issue permits and ensure adherence to safety and construction regulations.
Their approvals are essential for the legal commencement and continuation of the development process.