Development – the implementation of transformations of the real estate object, which ensure its transformation into another, a new object, which has a value greater than the value of the original object.

The material and material transformations performed include:

– carrying out construction or other works during the construction of buildings and implementation of landscape projects on land plots;

– changing the functional purpose of buildings or land plots.

Development presupposes the organization of these changes and management of the investment project in the real estate sphere. In this case, a legal or natural person who manages the changes of real estate (developer) carries out:

– selecting a cost-effective project;

– obtaining all necessary permits for its implementation from the relevant authorities;

– determining the conditions for attracting investment, developing a mechanism and forms of their return, if necessary;

– searching for and attracting investors;

– selecting contractors, financing their activities, and controlling their work;

– selling the created real estate object or transferring it for the operation to the end-users.


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