Real estate development, or property development, is a business process, encompassing activities that range from the renovation and re-lease of existing buildings to the purchase of raw land and the sale of developed land
Building Development
Development, in terms of land, property or real estate, is a complex process of coordinating various activities to transform ideas and plans into physical reality. As a business process, it involves the financing, construction, renovation or refurbishment of buildings and land in order to make a profit.
The key phase in property development is deciding the nature of the development to be undertaken and whether or not to proceed with it. These decisions are based on an evaluation of the market, and financial appraisal of the proposed development, including the likely constraints, risks and profit.
The development process can be summarised as:
- Initiation and evaluation.
- Land and property acquisition.
- Design and permissions.
- Construction.
- Management or disposal.
The building development plan is a crucial factor for the success of a building project. A well thought-out plan provides the roadmap that a construction manager and other stakeholders can use to their advantage.
Better yet, it is a vital reference point when dealing with project owners, financiers, and business experts.
In the sections below, we’ve listed details on ways to design a building development plan.
