1. A system for collaborative development of a web-based service, the system comprising: a processor; a managing engine, coupled to the processor, to access assemblies to be utilized for the collaborative development of the web-based service; to identify corresponding design requirements based on inputs received from a user, wherein the design requirements are to implement functionalities of the web-based service; to determine a component package corresponding to the inputs, wherein the component package comprise executable modules for implementing the functionalities of the web-based service; to receive in real-time the component package from a managing server of the managing engine ; to commit an update for developing the web-based service, based on the received component package.