What Constitutes A Property Development?

10504 Words43 Pages
1.1 Explain what constitutes a property development. There are a variety of views on, the property development process. In its simplest form, property development is the process of improving the value of land or building through the development of facilities that meet social, commercial and infrastructural requirements. It is about researching and conducting due diligence into the housing market and develop the right property to meet the demands of this market. In reality property development is complex, often taking place over a considerable time frame. The end product is unique, either in terms of its physical quality and/or its location. The development process can be divided into multiple stages which are; Initiation, Evaluation, Acquisition, Design, Permission Commitment, Implementation and Let/manage/dispose. Being an inter-reliant and intricate process that involves numerous stakeholders from many disciplines each phase of the property development process needs the influence of one or more key stakeholders. These actors include but are not limited to landowners, developers, public sector & government agencies, planners, contractors and financial institutions as a result property development could also be seen as the coordination of these processes, stakeholders and actors. Ultimately not every development is the same and therefore may need different combinations of actors and processes. Within the developments, there are some fundamental distinctions. The first
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