The NSW Government has remodelled the method for estimating development costs, aiming to simplify and increase transparency. These revisions are based on recommendations outlined in the Independent Commission Against Corruption’s Operation Dasha report, with the goal of improving transparency and mitigating corruption risks.
Moving forward, the department will embrace the concept of ‘estimated development cost’ (EDC) across the planning system. This encompasses determining fees for local, regional, and state-significant development projects, as well as selecting planning approval pathways.
From now on, the new EDC definition will replace previous metrics like capital investment value or cost of development in various aspects of the planning process. This includes fee calculations and approval pathways for different types of development such as state-significant infrastructure, state-significant development, regionally significant development, local development, complying development, and Building Sustainability Index (BASIX) certificates. To facilitate this transition, the department is revising the Environmental Planning and Assessment Regulation 2021 and pertinent state environmental planning policies to integrate the new EDC definition. These reforms will come into effect from March 4, 2024.
For those currently engaged in development procedures, rest assured! There are cost-saving measures and transitional arrangements in place for applications submitted or under review prior to the implementation date. To ensure a seamless transition for ongoing projects.
At Archi-QS, we’re committed to providing more than just reports. We’re your partners in navigating the complex landscape of property management. With our Council Cost Reports, you can rest assured that you’re not only receiving accurate and comprehensive information but also staying up-to-date with the latest legislation. Rest assured, we will seamlessly integrate and function within the new provisions, guaranteeing that our reports comply with all updated regulations. With Archi-QS by your side, you’ll have the assurance of staying informed and compliant every step of the way.