The feasibility study or development proposal is an overall conceptual design for a building plot. It is undertaken by an architect, who carries out the preliminary investigations with regard to public ordinances (planning and development regulations), private ownership legalities (Land Registry records, easements and covenants), and any geographic/topographical considerations of relevance in order to weigh up all the development options for a given property.

The feasibility study sets out all the construction options, such as the number of apartments / houses that can be built on the plot.

Under normal circumstances, ancillary spaces (e.g. cellars and garages) are included in the planning process. The feasibility study does not usually set out detailed floor layouts at this stage. Following the feasibility study, it is possible to estimate construction costs. The broker is then in a position to publicise the sales prices of the projected properties as proposed in the concept. It is on this basis that the classic back-tested method of calculation is applied, in other words, it is possible to arrive at the relative land value.