The concept of Component-Based Development (CBD) is widely practiced in SoftWare (SW) development. CBD is based on reuse of the existing components with the new ones. The objective of this paper is to propose a novel process model for CBD. Importance of repository has also been discussed. A survey has been conducted to evaluate the proposed model. The results of the survey show that proposed process model can be efficiently implemented for CBD projects. Majority of the latest tools help to develop information systems by coping the needs of process models using structured or Object Oriented (OO) approaches.