Everything you need to know about development. What is “Development” and who is a “Developer”? What does developer mean?

The list of borrowed words included in the modern Russian language is constantly expanding. Many people ask the question: “Who is a developer?” The English verb “to develop” means “to develop, develop.”

A developer is a specialist who leads the development, promotion and further sale of real estate, going through the entire path of the project from the very beginning.

The main goal of such activity is to obtain maximum profit from the transaction.

In Russia, development began to emerge at the beginning of the 21st century, when the construction market after the crisis began to develop at an accelerated pace. But in those years, not a single company could offer quality services. Later, the market reoriented from the number of buildings to their quality and, accordingly, the high cost of sale or rental.

By 2005, a separate business area had emerged - development, which controlled the entire development cycle, and now it has unprecedented demand for its services.

A real developer is a professional in all areas related to real estate.

Developer functions

The scope of activity of a developer is quite wide and his functions are based on knowledge in various fields:

1. Assessing a potential deal. It is important to conduct a competent analysis of the location of the site where the future construction project will be located and its commercial opportunities. Research the market and the availability of all offers for the most effective use of the planned structure. Resolve the issue of the probable purchase of land and further support of the operation.
2. Design and calculation of investments. Prepare the necessary engineering and technical documentation, obtain a construction permit.
3. Attracting investors. Calculate the financial liquidity of the project, the amount of necessary cash investments for its implementation. Investors need to prove the economic attractiveness and the presence of minimal risks of loss.
4. Reasonable distribution of finances. The developer is required to avoid possible losses and competently monitor the implementation of the entire process.
5. Resolving emerging issues with state and municipal authorities.
6. Conducting construction until the facility is fully commissioned. Supervise all work carried out, accounting and consumption of materials, try to minimize investments, but increase the cost of the building itself. Find a middle ground in this.
7. Management of all available resources - people, finances, materials.
8. Obtaining maximum profit from sales.

The developer also conducts marketing research and uses advertising techniques that will ensure the main success of the deal.

Development is a process during which an entrepreneur transforms or creates a property, increasing its commercial value.

Differences between a developer and a builder

In European countries they are not used to the term “developer”. Developers are involved in the real estate sector.

According to the legislation of the Russian Federation, a developer is a legal entity that owns a plot of land and attracts finance to build any real estate on this site on the basis of an official construction permit.

The functionality of the developer does not imply such a diverse number of tasks to be solved and a wide range of activities.

Types of development

Depending on financial management, there are:

• development on a fee basis - the entrepreneur receives payment in the form of a percentage of the final cost of construction, without taking on financial risks;
• speculative development - in addition to all the tasks performed, it itself is the main investor, the riskiness of such projects is covered by increasing income;
• construction for a specific purpose, which is not making a profit.

The latter type is not always distinguished.

This area can also be divided depending on the type of real estate:

• residential development;
• suburban;
• commercial;
• land plots.

Development company its structure

Any real estate today is a profitable way to invest money, especially housing. In order to increase the value of a property, conventional construction is not enough. Development companies arise as a response to modern market demands, satisfying the requirements of society.

The company can be based on either one legal entity or a group of individuals engaged in investment and development activities. The scheme may vary depending on the chosen direction of work.

Typical structures include:

1. Production group – construction, commercial, sales management.
2. Administrative and management group - legal and financial departments, accounting, human resources department.
3. Technical and administrative group.

High-quality interaction of all links in this chain ensures professionalism and high demand for the company’s work.

The difference between European and domestic development

The main difference is that Western development is based on the need to create a property, based on marketing research. In our country, a project is developed for a specific plot of land available.

There are still few development companies in Russia that can compete with foreign ones, but this concept is becoming increasingly famous due to the growing urban planning and Europeanization of modern society.

In the video about development

The role of developers is becoming more and more noticeable. They can organize dramatic changes, for example, the construction of a building on an empty plot from scratch, or less noticeable ones, but sure to increase the potential of the property. Transformations are carried out in different ways.

Developers are entrepreneurs and generalists: in law, finance and construction. Consequently, there are few of them and the cost of their services is quite high.

What is development and who is a developer?

Hello, dear readers of the KtoNaNovenkogo.ru blog. Development is a term that came into Russian from English (from development). In direct translation this word means development.

If we approach the consideration from the practical side, then this term refers purely to the world of real estate.

Development is a commercial activity associated with the construction of new buildings, restoration and reconstruction of old ones.

The specific goal of the developer (the person who does this, i.e. a real estate specialist) is to make a profit.

What is the difference between a developer and a builder?

First of all, let's look at the name itself. Although the word developer sounds respectable, it is hopelessly outdated. In addition, not only those who directly invest money in construction call themselves developers, but also those who develop the project.

Accordingly, they distinguish several types of development:

1. Speculative– classic commercial development. The entrepreneur invests personal funds in construction, independently hires specialists, and solely assumes all risks and dividends.
2. BTS development
   The easiest way to explain this is with an example. A businessman-investor has, say, a million dollars, but no free time. Then he turns to a construction company and says: I need to build a small shopping center with ten boutiques, two cafes and one grocery store.

That is, he personally does not develop anything, but gives specific goals to the hired employee. In this case, it is correct to say that the businessman is an investor, and the construction company is a BTS developer.

Fee-development– this is something between speculative and BTS development. Suppose the same businessman from the previous example does not know what exactly he should build. He calls his builder friend and says: “Listen, I have a million here, I want to invest in real estate. Come up with something, I’ll pay 50 thousand.”

That is, the Fee developer develops the project himself, just like a speculative one, but at the same time remains an employee, like BTS.

Interesting: Individually described species are rare. The most popular variety is a mixture of speculative and BTS development, when an investor entrusts the development of a project to a third-party company, but at the same time makes personal adjustments.

Development process as an example

The theory can take an endless amount of time to understand, so let’s look at how exactly the development of a commercial real estate project, called development, takes place.

Stage 1. Assessing financial feasibility

The main goal of development is to make a profit. Therefore, the first thing to evaluate is the financial side. In reality it looks like this:

The information is provided as an example and is greatly simplified.

Analysis of the area and potential clients
The same businessman specifically decided to build a shopping center in a city with a population of one million. The first thing he looks at is the area. To build real estate you need a lot of space, so special attention is paid to abandoned factories, farmsteads and non-residential premises, which can be purchased from the state at a bargain price.

In addition, in parallel with searching for a place, the investor contacts friends and studies the demand for retail space. Let's say he called seven friends, two of whom are interested in opening locations in a new shopping center.

The collected information about the availability (or absence) of space for construction and the interest of future clients is enough to make a decision on the feasibility of construction.

Stage 2. Design

The collected information about investors was enough. The land has been purchased. It's time to create a specific project. For this purpose the following specialists are involved:

1. Builders
   At the initial stage, engineers collect data on the area and draw up lists of required materials and equipment. The investor purchases materials for the foundation and rents equipment.
2. Economists
   Economists analyze people's behavior and, accordingly, count money. At the pre-construction stage, an assessment of the city’s population is carried out, and preliminary conclusions are drawn about which goods will be more profitable to sell. Moreover, economists calculate the optimal amount of investment and draw up a business plan.
3. Designers
   Everything is simple here: designers make sketches of what the center will look like. Most often they come from the same construction company as the builders themselves.

Stage 3. Financing

In short, financing is exactly what comes to mind first. The uncle gives money and with this money an object is built. If you delve a little deeper, the managers and financial department negotiate with everyone else and transfer money to them as construction progresses.

By the way, there are several common misconceptions, so let’s look at what NOT to do when financing:

1. They don't hand over money
   Investors have always kept a close eye on their finances. Now it has become especially easy to do this. The process of buying, say, a steel plate looks like this: a foreman calls a steel mill, they ship the plate to him and give him an invoice, he goes with the invoice to the accounting department, and from there the accountant (usually the investor’s trusted representative) transfers the money. The possibilities of fraud are reduced to a minimum.
2. They do not create a unified financial apparatus
   The opportunity to “warm up the hands” of minor officials still remains, since up to several thousand people are involved in the construction of the same shopping center. Therefore, in the accounting department, the calculation is recorded not as “Ivanov’s salary, Petrov’s salary, Sidorov’s salary,” but as “builders’ salary for August.”

Let’s assume that 50 people build a pit for 2 months and receive 15,000 rubles per month for this. The total salary is 1,500,000 rubles. She is transferred to a low-ranking accounting department that distributes the money. The number of these compartments varies depending on the scale.

Stage 4. Construction

Construction consists of two substages:

Basic
By basic construction we mean clearing the area and erecting the building. The body is an empty concrete box divided into compartments. No windows, no doors, no tiles, paint or automation.

Ennoblement
The term refining can be replaced with the more understandable word grinding. Sanding is the job of painters, plasterers, carpenters and electricians. In our example, lighting and Internet are installed in the shopping center, sliding doors are installed, tiles are laid out, walls and ceilings are painted.
Moreover, geodetic work is underway to decorate the area around the building. Surveyors arrange entrances, parking lots and places for future advertising.

Stage 5. Commissioning

Already at the basic construction stage, the developer signs long-term contracts with major brands. Smaller businessmen who want to occupy a place in the shopping center contact brokers and also establish agreements.

Usually of two types:

1. Rent
   Lease can be long-term or short-term. The longer the rental period, the less money it will cost each month.
2. Purchase
   Most often, retail space is leased, but if an investor offers a decent amount, a complete sale of the retail space is possible.

Stage 6: Operation and Management

Even after the full launch of the facility, the developer continues to control his property, look for new partners, contact marketers and brokers, pay salaries, etc. This activity also refers to the concept of development.

Interesting: in the CIS region, laws in the field of development are not formulated precisely enough, which leads to constant financial fraud.

By the way, there are many nuances in the work of each specialist that only the developer himself knows about. What this is cannot be explained in simple words, but if you say it as clearly as possible, then:

Every developer must be able to quickly assess risks and change the course of development.

Let's sum it up

As you can see, there is quite a lot in common between the concepts of development and construction. Let’s go over the basic facts again in order to remember for a long time what exactly this term means:

1. Development is a real estate business whose main goal is to make a profit.
2. A developer is a specialist in commercial real estate. It is important not to confuse a developer with an investor, since the developer can be an employee.
3. There are three types of development: with own funds, with partial attraction of investments and only with investors’ funds.
4. In classical economics, there are six stages of development: analysis of opportunities and purchase of land, project development, project financing, construction of the facility, commissioning, post-operation maintenance.
5. To engage in development, you must have a large start-up capital or specialized education.

This is where the short story about development ends. To obtain more detailed information, it is worth talking with entrepreneurs and builders.

By the way, watching the video will allow you to understand the meaning of the process even better:

What is a developer and what do developers do?

Business District > What is a developer and what do developers do?

Recently, questions regarding the construction of office or residential space have often arisen in the business press or on television, and the terminology is often used in these discussions "developer", and "development activity".

When a person says they are in the real estate development business, many people often have no idea what that means. Some people think that this person is a realtor or real estate agent, others imagine an architect or developer.

Indeed, many people who are not familiar with the features and specifics of the construction business would like to understand what a developer is, what developers do, and also wanted to learn more about the internal organization of development companies. Therefore, it is necessary to understand the question of who developers are, give an interpretation of this concept, as well as give examples of developers and clarify the question of what it means to be a real estate developer.

And to begin with, it is necessary to start with the initial provisions, and then clarify the details of this business.

What is a developer

Development(from English to develop, translated as “manage, develop”) or development activity is a type of business activity associated with construction, as well as changes (reconstruction, restoration, etc.) of existing buildings, structures and structures of a capital nature or land plots and ultimately leading to an increase in their market value.

Accordingly, the question of what a developer is in simple words can be answered this way:

Developer is a company or person that buys and develops houses, buildings and land for the purpose of selling them and making a profit from them. The developer manages the investment project, during the implementation of which he is interested in minimizing risks and maximizing profitability.

Real estate developers are actually entrepreneurs who create a new building. They go out and buy the land, put a team in place (architect, engineer, etc.), get the necessary building permits (with the help of their employees, of course), finance the deal, and then hire the builders who actually create and implement the project. .

What do developers do?

Real estate development can be considered as the engine that drives growth in the real estate industry. Real estate developers purchase properties on which they plan to develop their real estate projects, be it commercial or residential.

These two broad categories cover everything from retail, office and industrial development to single-family and multifamily developments. The options are as endless as your imagination, but your experience and education will help you grow and succeed in this sometimes fickle and always challenging industry.

Implementation of an investment project by a developer

The process of implementing an investment project in development activities includes several stages.

1. At the first stage, land plots for construction are selected, a detailed business plan is prepared, as well as a feasibility study for the profitability of the project. At this stage, a thorough analysis of the market and an assessment of the expected financial results from the implementation of the project are carried out.

2. At the 2nd stage, the developer receives all the necessary permits and approvals for construction or coordinates all the terms of the lease agreement. All of these actions are carried out before the start of the project implementation process.

3. At the next stage, the object of the investment project is directly acquired. The source of financing for the acquisition can be either equity or borrowed capital. As a rule, developers try to shorten the construction period to reduce their costs.

4. Next, the developer needs to begin organizing design and construction work. For which other organizations may be involved, the largest development companies have their own divisions for this work. To minimize risks at this stage, the developer must constantly monitor the progress of work.

5. At the last stage of the investment project, the developer sells the finished property. In some cases, the development company retains ownership of the property and leases out the space. In this case, object management does not end at this stage.

Developers are like orchestra conductors. They don't play any instruments, they just direct the performance.

But at the same time, developers take on 100% of the responsibility and risks of the project. If a building is unprofitable and doesn't break even (because you can't sell apartments or rent out office space), it all falls on the developer (and his investors). All other team members are paid based on the services they actually perform.

This difference is what can make building a property so profitable, but without risks there will be no profit. This is what distinguishes builders (developers) from developers. Many are put off by these possible risks. But as a rule, you can get more profit as a developer.

But it is also necessary to understand that developers ultimately pay more attention to the already built environment. This is the sad reality of this industry. Although architects spend much more time than the average developer thinking about how to make buildings and cities great, they probably don't have much in common. Because if they thought about it, we probably wouldn't have so many terrible buildings in our cities. However, this is true because architects do not take this risk.

The most famous developer

The most famous developer in the world is rightfully considered the American billionaire, now US President Donald Trump. He managed to create many stunning real estate projects, including skyscrapers.

As a world-famous project, one can cite the example of such a facility as the Trump Tower, which is located in one of the prestigious areas of New York - 5th Avenue. The height of the skyscraper is 202 m, and the estimated cost is about 318 million dollars.

Development activities can bring enormous profits, but they, in turn, are associated with high risks. In order to be a successful developer, you need to be able to recognize potential opportunities and anticipate truly profitable investments.

Development company - what is it?

If we explain in simple words what a developer is, we can say: this is an entrepreneur engaged in development, i.e. making a profit through the creation of commercial real estate. Features of the profession and analysis of its profitability are discussed below.

Let's understand the concepts: main features

The name of the profession and type of activity came to us from the English language, so it would be correct to first determine the interpretation of the concepts based on the origin of the words:

1. Verb todevelop means “to develop”, “to build”.
2. Noun development means “development”, “creation”, “building”.
3. A noun developer in this context can be meaningfully translated as “an entrepreneur who builds and develops.”

Thus, if we talk about it in simple words, we can immediately say: this is an entrepreneur whose activities are directly related to real estate. It can operate as an individual entrepreneur or as a legal entity. At the same time, there are several signs by which you can always identify this particular type of activity:

1. Always engaged in the development of an initially underdeveloped place. For example, he is building a hypermarket, an office center, and a parking area on almost empty land.
2. This entrepreneur buys or rents a plot of land at his own risk and raises funds for the construction of commercial real estate.
3. He himself makes a decision on the feasibility of constructing a building, and does not act as an intermediary, sponsor, etc.
4. Then he fully implements the project and sells the building (or other object) in order to fully recoup all costs and make a significant profit.
5. Unlike a realtor, he does not provide intermediary services. His business is based on the development of a project from scratch to the stage of commercial payback with the goal of subsequent sale. Although he can sell the property before it becomes profitable.

NOTE. Development is often associated with commercial rather than residential real estate. Although in practice it is not always impossible to draw such a clear boundary.

Video commentary on the topic:

Types of business

As a rule, this is a legal entity belonging to a medium or large business (based on the company’s annual revenue turnover).

Business related to the construction, development and subsequent sale of commercial real estate is divided into 2 large categories:

1. Fee-development. This is a commercial activity in which the builder and the customer participate. The latter entrusts the former with a reward for certain services. The developer must select the optimal land plot for real estate construction, draw up a feasibility study for the project, facilitate the conclusion of contracts, construction, etc. Essentially, we are talking about delegating some tasks.
2. Speculative development– i.e. speculative development. In this case, he himself initiates and implements the project. A significant difference from the first type is that speculative involves doing business at your own peril and risk. And in the first case, the company simply fulfills the order of another legal entity.

NOTE. Sometimes there is another type of this business - the so-called BTS- development. In this case, we can say in simple words that this is a person who, at the request of the customer, is engaged in the construction of a specific real estate object for specific, predetermined purposes.

On the other hand, they are classified depending on the real estate objects the company is engaged in construction:

• commercial real estate;
• residential;
• suburban;
• plots of land (land-development).

Stages of business: what development consists of

There are several approaches to identifying stages. Typically, the creation and development of a real estate property is carried out in 5-6 stages:

1. The preliminary stage is an analysis of the economic situation of a specific country and region, analysis of market conditions, the degree of development of the place, its potential, and the commercial attractiveness of the future building.
2. Detailed development of the project with a feasibility study of its potential profitability. Analysis of location in connection with the commercial attractiveness of the future building.
3. Preparation for construction work: concluding contracts, documentary work, obtaining permits, financing itself.
4. Construction.
5. Marketing, operation of the facility, promotion of its commercial attractiveness.
6. Selling and making a profit.

NOTE. If we try to explain in simple words who a developer is and connect this concept with analogues in the Russian language, then the closest term will be “developer”. However, the degree of correspondence is largely conditional. A developer is a construction company that owns a plot of land and erects a building on it. The developer often does not engage in actual construction. He raises funds, invests his own assets in the construction of a building with a view to its subsequent sale.

What should a company be able to do?

• assessment of the commercial potential of the location of the future facility;
• analysis of the current market situation in the relevant niche;
• forecast in the medium and long term regarding real estate development;
• Documentary support of the process at all stages: purchase of land, construction permit, acceptance;
• direct control over the progress of construction work, as well as acceptance of the facility;
• marketing research to determine the best way and timing for selling the building.

Those. , the company must employ several engineers, lawyers, marketers and other specialists: it is important to understand that this is such a complex phenomenon that cannot be adequately assessed by one person.

Advantages and disadvantages

The obvious advantage of this business is that it allows you to make huge profits by selling a commercially successful building that has great profit potential. However, it also has significant disadvantages:

• depending on the conditions of various markets;
• high cost of error;
• large financial investments;
• Quite a long payback period, etc.

Who is a developer and what does he do: overview of the profession + 10 best development companies in Russia

The developer profession is aimed at making a profit from the construction of commercial real estate.

There are two types of development. Fee-development: the specialist has no financial obligations, the work is paid for by the customer.

Speculative development: a specialist registers a company - a legal entity and bears full responsibility for the project. A specialist can demonstrate his professional skills in construction companies and as the head of his own development agency.

general information

What does a developer do:

• searching for a site, calculating its value – financial and commercial;
• studying the real estate market and determining the effective operation of the facility;
• forming an idea indicating the area and purpose of the property;
• preparation of a sketch and the necessary design documentation, coordination with the relevant organizations;
• registration of permits for construction;
• erection of a building;
• rental or sale of an object.

In addition, the specialist is responsible for financial issues related to the construction of the facility and its implementation. The specialist also searches for investors to implement the project, calculates possible risks and costs, and, if necessary, enters into lending agreements with banking organizations.

Advantages and disadvantages of the profession

Considering the job responsibilities of a developer, a specialist position can be filled by a person who is knowledgeable in various areas:

The profession requires versatility, so there are not many truly qualified developers on the domestic real estate market, and there is no competition in this field of activity.

Benefits include:

• high earnings;
• demand for specialists;
• the opportunity to implement interesting architectural and commercial projects.

• frequent stressful situations;
• the need to cooperate with many state and municipal organizations;
• Ability to work with large volumes of documents.

It is important! Even a minor operational error is critical because it can lead to multimillion-dollar losses. In addition, the demand for specialists depends on the economic situation and the presence of crisis phenomena in the country.

Where to get training

The development sector is developing gradually, there are few experienced specialists. Most often, developers are people who worked in the field of construction, building design, graduates of construction and economics faculties of higher educational institutions.

The closest specialties– “Management of organizations”, “Expertise and management of real estate”, “Industrial and civil construction”.

An experienced developer will need a legal and economic education and fluency in a foreign language. The main feature of the profession is that a specialist must regularly improve his level of qualifications, attend courses, and do internships abroad in large companies.

It is useful for a developer to obtain an MBA specialization in project management. You can get practical help by completing an internship in field, real conditions. For this purpose, Individual Professional Project is provided. You can also gain the necessary skills at a management school.

It is important! Many development companies offer services to train specialists in the necessary skills. This is much more effective and cheaper than investing part of your budget in searching for qualified specialists.

Salaries range from 20 before 120 thousand rubles. Capital salaries range from 60 before 250 thousand rubles .

First of all, you need to understand that the work of a developer involves serious responsibility for a project whose cost is estimated at millions. Of course, the salary fully compensates for the risk and degree of responsibility.

Given the shortage of qualified personnel, employers offer experienced developers bonuses and social packages with an expanded list of services.

The salary consists of:

• fixed rate;
• bonuses - a percentage of the cost of each object put into operation.

Top 10 best domestic developers

The second place is occupied by the Setl group holding (St. Petersburg), and the third place is taken by the PIK group of companies (Moscow).

Today the list of the best developers is as follows:

1. LSR group – 2.34 million sq. m. m.;
2. Setl group holding – 1.98 million sq. m. m.;
3. PIK Group – 1.8 million sq. m. m.;
4. Morton Group of Companies – 1.7 million sq. m. m.;
5. GC "Leader Group" - 1.13 million sq. m.;
6. GC "VKB-new buildings" - 1.1 million sq. m. m.;
7. GC "YugStroyInvest" - 1.05 million sq. m.;
8. GC "SU-155" - 991 thousand sq. m.;
9. GC "Etalon" - 852 thousand sq. m.;
10. FSK "Leader" - 763 thousand sq. m.

Way to success

1. Education and necessary skills.

People from different professions work in the development field. There is no separate course of study that provides special education. To work successfully in the field of development, you must:

• have a higher education in a specialty close to development;
• complete training courses in construction project management, finance and business administration;
• obtain a license that gives the right to operate in the real estate market, a realtor or developer license.

It is necessary to understand that a true professional must understand construction topics, be able to adjust and direct financial flows, and be a good psychologist and marketer. Such a wealth of knowledge is necessary for making important decisions related to the selection and purchase of land, financing, control of construction and sale of the property.

It is important! Experienced specialists recommend starting your professional career in the team of a reliable real estate entrepreneur. A good start would be work related to the purchase and sale of real estate. During this time, it is advisable to form personal start-up capital and take care of a positive credit history - these are necessary conditions for successful development activities in the future.

2. Personal qualities.

To become a successful developer, you must have the following qualities:

• ability to perceive and process large amounts of information;
• stress resistance;
• ability to achieve goals;
• ability to plan the work process.

A development specialist must be a leader, since the successful implementation of commercial projects will require working in a team and coordinating the work of specialists. The team requires specialists in the following areas:

3. Business and partnership relations.

The profession of a developer involves building and maintaining a large network of business connections. Partnerships are required with representatives of the banking industry, investors, architects, builders and engineers, lawyers, contractors, tenants, brokers and appraisers.

Success is largely determined by the people you work with, so you need to collaborate with the best and proven partners. By engaging construction professionals, you will be confident in the quality and timely delivery of each project. The trust of banking organizations and investors will allow you to receive individual lending conditions.

4. Willingness to take risks.

When choosing a developer profession, you need to be prepared for a high degree of risk. The task of an experienced developer is to find and make decisions with minimal risks. You also need to be able to find ways to reduce risks.

Experts recommend registering the company as a legal entity. This decision will protect you from possible financial risks. Of course, legal activity will require paying taxes and maintaining accounting records, but the main advantage is that the founder is not obliged to pay the company’s debts with his own property and savings.

5. Problem situations.

The implementation of the project inevitably involves certain difficulties. It is important to understand that for every difficult situation you need to find several solutions. There are many ways out of problematic situations:

• creative planning;
• cooperation with owners of adjacent land plots;
• optimization of the project in terms of time and financial costs.

6. Creative approach.

Any commercial project starts with an idea. The developer must be as clear as possible about what might interest people, what demand there will be for the project in the future. Professional developers always use only innovative technologies and reliable materials. It is only thanks to creativity that skyscrapers and luxury shopping centers appear in cities.

7. Working with real estate.

Experts note that activities with residential real estate are simpler. However, working with commercial real estate offers opportunities for high financial income and is less regulated by the government. This is why the most successful developers build their careers and earn capital by working with commercial properties.

How to increase income:

• research and analyze changes in the real estate market;
• control price changes - purchase properties when prices are falling and sell if prices rise;
• Be sure to invest part of the profit in the development of the enterprise, this will ensure business development and income growth.

Career has certain specifics. Experienced managers who have prepared and managed several projects are entering this area of ​​business. You can develop your business in several directions:

• open your own development agency;
• form a team of professionals;
• take a high position on the board of directors of a large, influential corporation.

It is best to start a career in this profession within the framework of fee-development - to establish cooperation with investors and carry out contracts. After accumulating your own funds, you can open your own company and conduct individual activities. Of course, at this stage of development, risks and responsibility increase, but income also increases tens and even hundreds of times.

The article was written based on materials from the sites: ru-act.com, ktonanovenkogo.ru, delovoy-kvartal.ru, 2ann.ru, goldengalaxy.ru.

190 companies in the directory

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• ALCON

  Moscow, Ukrainsky Blvd. building 72, building 4

  The ALCON group of companies was created in 2007 to implement projects in the real estate market of Moscow, the Moscow region and other regions of Russia. The company provides a full range of construction services, with...

• ArealConsult

  Gnezdikovsky Maly per. house 12/27, bldg. 2

  ArealConsult is a management company established to provide professional consulting services in the field of property management. The task of the Management Company is to make the property a real estate...

• Capital Group

  Moscow, Presnenskaya embankment, 8 building 1 MIBC "Moscow-City", mixed-use complex "Capital City"

  Capital Group Holding is one of the leading and actively developing investment and development companies with 17 years of experience in the Moscow market. From the first years, the priority direction for the holding...

• Central Properties

  Moscow, Pavlovskaya st., 7

  Investment development company Central Properties is implementing class A projects in the office, multifunctional and residential real estate segments in Moscow. On the market since 2002. Today in Cent's portfolio...

• Coalco

  125047, Moscow, Zastavny lane, no. 4

  Coalco is a leading Russian developer whose priority activity is project management in the field of residential, commercial and industrial real estate, land assets...

• Complex Estate

  117049, Moscow, Krymsky Val, building 3 building 2

  Complex Estate is one of the dynamically developing companies on the Russian development market. The main activity of Complex Estate is the development of commercial real estate in the Central Federal...

• Creative Concepts

  Moscow, metro station Novokuznetskaya, Bolshoy Ovchinnikovsky lane, building 16

  Creative Concepts, Moscow - qualitative transformation of existing facilities and attraction of investments in them, increasing the value of facilities, sale of real estate in Russia and abroad. We are actively erasing...

• Crocus Group

  Moscow, Stoleshnikov, 5

  There are companies that satisfy the demand dictated by customers. They bring profit to their owners. But they leave the right to be called leaders and go down in history to others - companies that themselves...

• Delight Realty

  Gazetny lane, 5, Moscow, Russia

  Delight Realty has been operating in the Moscow real estate market since May 1993. In cooperation with other companies of the Delight group, we provide a full range of relocation, real estate and consul...

• DOMOFABER Development

  Moscow, st. Zarayskaya, 21, office 4

  The DOMOFABER Development company began its activities at the beginning of 2007 and manages investment projects and construction of residential real estate in Croatia. Main for...

The real estate market is fast-paced, and the offers are so diverse that it will be very difficult for an unprepared person to navigate. To a greater extent, this applies to those residents who want not only to make a purchase, but also to transform it.

Development company - what is it?

There are development companies to help buyers. Their activity is to change the building, increase its area or carry out reconstruction work. As a result of such measures, not only the appearance of the building, but also the land plot will be changed.

The implementation of development projects can be carried out by a specialist competent in his field. He must know the features of the real estate market and be well versed in the intricacies. The main task of the developer can be considered a successful balance of costs, quality of work performed and the ratio of deadlines.

The popularity of land development is growing every day. Almost all people prefer to work with specialized companies that will take into account all the customer’s wishes and complete the work, demonstrating an excellent result. Naturally, such services are not cheap, but you should not skimp on quality.

A development company is work with construction projects, which is impossible without certain knowledge, skills and experience. These components guarantee the high quality of all activities carried out. Before choosing a specific development company, you need to inquire about its reputation and listen to customer reviews. A large number of successfully completed development projects also testifies to the high professionalism of the company’s employees. This will help avoid possible unpleasant situations.

How do professionals work?

Although the conditions under which development companies operate may vary, there are common points. They are the ones who indicate professionalism.

The construction business has undergone significant changes in recent years. It was supplemented with various components: design, financing, real estate activities, marketing and others, thus transforming into a development business. It includes the coordination and management of real estate development processes from inception to completion.

The main development activities include:

• 
  Acquisition of rights to assets whose development is planned. This could be land or real estate. As well as rights that provide grounds for action with assets belonging to third-party owners.
• Identification of the target market segment, development of a marketing strategy.
• Attracting the necessary resources.
• Development of design documentation for facilities,
• Construction and commissioning.
• Selling an object or renting it out.
• Legal support at every stage of the project.

Structure of development companies

An investment and development company has its own structure. It can be based either on one legal entity or on a group of legal entities that interact with each other.

Naturally, the structure may differ depending on the specifics of the activity, goals and tasks performed by development companies. But there are still basic points.

Typical structure of a development company:

• Production divisions: development management, construction management, commerce management.
• Administrative and management divisions: legal department, finance department, accounting, regime service and personnel service.
• Technical and administrative divisions.

Production units include those that are directly involved in projects.

Auxiliary units have an indirect impact on projects. It is carried out through interaction with production activities. The functions of auxiliary departments are typical for development companies. The business environment being formed should be as favorable as possible for the successful development of projects.

Features of development activities in Russia

Russian development companies are faced with an imperfect legislative framework, especially in the field of commercial real estate. The imperfection of norms and laws leads to the fact that negotiations are quite lengthy, which delays the process of working on the project as a whole.

The problem of Russian development includes the limited supply of proposals and the long period of time for their implementation.

A development company is always a risk, so investors are wary of investing money in development projects, and sources of financing are quite limited. The structure of the funds raised and the specifics of financing determine the specific features of each project.

In Russia, development is causing debate. Many companies substitute the true essence by calling construction activities development activities.

Signs of development projects

• The need for external financing.
• High investment risks and long-term
• Dependence on external factors.
• Coordination of project goals with the interests of the region and social programs.
• Implementation of an object.

OJSC "National House of Culture"

OJSC National Development Company is engaged in the sale of land in the Moscow region and the improvement of holiday villages. Many years of experience and qualified specialists ensure the successful implementation of projects. Clients can count on advice and legal support at every stage of work. which National Development Company OJSC offers to customers are able to satisfy any needs and wishes.

JSC "Constructor"

The development company "Constructor" carries out the construction of buildings, residential complexes and social and cultural facilities in the Moscow region. All housing is of high quality and comfort. The fact that this company is a division of the large Termoservice holding allows developers to carry out the entire cycle of work - from design to

1. Development

2. Full range of activities development

Project concept development

Change of permitted type of use and approval of IRD

Urban planning study with obtaining appropriate approvals

Obtaining technical specifications for engineering communications

Coordination of the Development Project (General Plan) and the Master Network Plan

3. Development in architecture

Development — a word used among Russian realtors to denote the activity of a realtor who mediates in speculative transactions not only with finished real estate, but also with unfinished real estate real estate(such a realtor is called “”).

Development means development real estate— carrying out construction, engineering and other operations on real estate, leading to qualitative changes in land, buildings and structures.

Development- this is a qualitative transformation of a land plot, ensuring an increase in its commercial value. As a result of development activities, a land plot as an object of real estate acquires a new market status significantly higher than the previous one.

So, the main goal of development is the formation and development of a land plot as a new product, prepared for investment and commercial purposes.

Development

Development organizations typically work with architecture and construction businesses through financing and brokerage activities. The activities of a developer in the housing market can be compared to the activities of a producer in show business.

The term is formed by borrowing the English word development, translated as “development, expansion, deployment, growth; evolution”, that is, in the original, a commonly used word that can be used in any context. In the Russian Federation, a “developer” can also mean a software developer, a cartridge for a copy machine, etc. A similar story happened in Russian with some other English words, for example, with the word “pattern”.

Creating practical solutions within the framework of a commercial or residential real estate project is one of the main activities of our companies.

A properly constructed concept, taking into account marketing, architectural, territorial, legal and social aspects, determines the success of any project.

When developing a business plan for the development of a project, we take as a basis marketing research and an in-depth analysis of market conditions, taking into account the slightest changes. This allows you to correctly determine the positioning and format of the real estate object, its functional purpose, the volume and type of target audience for which the project is aimed. These factors subsequently influence further real estate development.

IN process development ideas, the idea and image of the project are born, which determine its uniqueness. We focus on the most current global trends, taking into account the realities of the local market, actively use the accumulated experience of our own development projects, accurately defining all the components of a successful project from architectural and design details, the composition of future tenants to competent promotion, launch and management of the project.

Construction development organizations covers all stages of the project life cycle and includes:

Search for the most promising areas

- Market analysis projects

Development of feasibility study

Creating a business plan

Attracting funding

Architectural concept development

Preparation of architectural and construction documentation

Obtaining permits and approvals

Construction of the object

Subsequent operation or sale of the facility

Full range of development activities

The full range of development activities includes the following key elements:

Development of the concept and business plan of the Project

Change of permitted type of use and approval of IRD

Urban planning study with obtaining appropriate approvals

Obtaining technical specifications for engineering communications

Coordination of the Development Project (General Plan) and the Master Network Plan

Obtaining permission to carry out construction work

Project concept development

The word Concept comes from the Latin conceptio, which means “perception.” A concept is a system of views on a particular object that reveals an idea and forms a holistic idea of ​​the project. Each investment project requires a preliminary analysis of the market situation, justification of the chosen project concept and preparation of a business plan.

Marketing concept- determines the maximum compliance of the object with the needs market and reflects existing opportunities for its implementation.

The marketing concept consists of the following components:

Development and formation of a marketing strategy for the project

Positioning of the Project - taking into account market trends and consumer preferences. Based on the selected target audience and price niche of the Project;

Definition goods- clear formation and description of the final goods, which is output to market for sale to end customers. Both a land plot in the form of a real estate object with a development complex, and a centralized holiday village can be considered as a product.

The sales strategy and promotion program is a set of measures aimed at the successful implementation of the Project. The Project implementation strategy is based on the following defining principles:

stable orientation towards the acquirer;

high awareness of potential customers about the benefits of the offer.

Architectural - construction concept setting

We recommend the advantages of the architectural style of the village and house designs, including the set of rooms and their zoning in the house.

Technical characteristics and equipment of buildings.

Improvement of public areas

Preparation of a site development scheme (General Plan) with determination of the number of household plots.

Business plan

For an investor/developer, the key factor when deciding to implement a particular Project is its economic feasibility. The organization provides services for drawing up a business plan and developing a feasibility study for the project, including:

calculation of the required volume of investments

development of a construction schedule and development of investment funds

development of a forecast plan sales

drawing up forecast cash flow

calculation of key financial indicators for the project

Change of permitted type of use and approval of IRD

In accordance with the purpose of acquiring a land plot, registration and approval of the type of permitted use of the plot is carried out.

Obtaining a Resolution on changing the permitted type of use requires the preparation of initial permitting documents and approvals in the proper manner with official bodies and government structures.

Conducting geotechnical and environmental surveys A necessary condition for obtaining approvals under the Land Plot Distribution Act is to conduct a whole range of geotechnical and environmental surveys:

Geodetic works

Topographic survey

Geological surveys (geobase)

Radiation-ecological survey

Conducting an environmental impact assessment

The result of this stage is the preparation of a full package of permits and approvals necessary for conducting urban planning studies and obtaining permission for design and construction.

Urban planning study with obtaining appropriate approvals

The result of the stage is the approval of the location of the construction project in the urban planning plan of the district, approval of the zoning of the development area by the Urban Planning Council, receipt of a city justification, on the basis of which an architectural planning assignment for design (APZ) is issued.

As part of this stage, the Development Plan for the territory of the land plot is agreed upon and approved and permission for the target design is obtained.

Obtaining technical specifications for engineering communications

Obtaining technical specifications for communications, indicating the laying route and determining the types of necessary engineering equipment.

Coordination of the Development Project (General Plan) and the Master Network Plan

After receiving permission to design a construction project, we proceed to the architectural and engineering stage of the Project, i.e. we begin the development of the General Plan and the Master Network Plan, then go through the procedure for their approval and examination.

Receipt permits for construction work the result obtained is access to the construction site.

Development in architecture

Today, a house is no longer just a structure. Any one becomes a profitable investment, which is especially true for housing. But to increase the value of residential premises, a slightly different approach is required compared to conventional construction. Due to the need to respond to demands housing market and to adapt buildings as much as possible to the high standards of modern times with an eye on the future, the concept of real estate development arose.

Real estate development requires a special professional approach to the formation of the project itself. Therefore in process In project formation, development and construction, a significant role is played not so much by a marketer or lawyer, but by an architect.

The article discusses the basic concepts of the development process, its types, stages of development, as well as the main aspects of development analysis and the subsequent impact of projects on the urban environment.

The term "development" appeared in Russian Federation relatively recently, but is already actively used in almost all areas of science and creativity. In fact, development means development.

The variability of meanings and semantic shades of the term “development” allows it to be used in almost any field of science, giving it certain shades of meaning inherent only to this field of knowledge. In the context of construction, development means “the qualitative transformation of real estate, ensuring its increase cost", or "this is a special reaction real estate market to meet the needs that arise in society, the satisfaction of which is impossible without transforming the existing stock of real estate."

Development is a response of the real estate market to emerging needs in society, the satisfaction of which is impossible without transforming the existing stock of real estate. This transformation can take place in various forms, but its direction will always be set by changing social needs: housing will adapt to the new socio-economic situation, and search for the best options for using real estate from its point of view.

As a qualitative transformation of real estate, development is a unity of physical, economic and legal processes. Any development of a real estate property is associated with physical changes that ensure the appearance of new consumer qualities in the property that meet the changing needs of society. These changes can be dramatic (transformation of an undeveloped plot of land into a plot with a building), or may not be very noticeable externally, but they are always present, being a necessary sign of development.

In modern conditions, characterized by the dynamism of processes, an important characteristic of the physical potential of real estate objects is their ability to self-development, the transition from one type of use to another.

Development is a way to resolve the contradiction between the changing and growing needs of society for services provided using real estate, on the one hand, and the existing qualitative and quantitative characteristics of real estate, on the other.

There is also such a thing as redevelopment - reconstruction, repositioning of an existing object. This type of activity involves the creation of new objects on the basis of old ones that require modernization or reconstruction and receiving profit from this.

There are as many subtypes of development as there are types of real estate, i.e. There is development of land, housing, office space, industrial, commercial buildings, etc. Redevelopment is also divided into these categories.

There are two main types of development - fee (when developer does not bear financial risks for its work receives a fixed fee) and speculative ( developer invests his own funds in the project, builds the financial scheme of the project independently).

Fee development - development that implies work for hire, i.e. carrying out development work on an order in exchange for a certain fixed rate or from a future project. With the scheme under consideration investor hires a developer so that the latter, for example, builds a turnkey building on a selected plot of land and, possibly, fills it with tenants.

The choice of developer occurs, as a rule, through an auction. He usually does not participate in such a project with his own money. He only carries out design for the customer, necessary approvals with the authorities, construction and delivery of space. For all the necessary work, he attracts specialists (architects, contractors, engineering companies, etc.), but responsibility for the entire project as a whole lies with the developer.

Speculative development - when a developer develops and implements a project for himself with its subsequent implementation in order to obtain maximum benefit.

The developer creates commercial real estate, acting as the sole organizer of the project. In essence, the developer performs all the same functions as during fee development, but in addition to this, he is also involved in constructing the financial scheme of the project. At the same time, the developer invests his own funds in the project, which are the core of the future financial scheme. The financial scheme of large development projects is usually a complex combination of the developer's own funds, attracted investments, bank loans and pre-lease payments from future tenants. With mixed financing, the developer has a share in the future real estate property.

Depending on what principles are of primary importance to the developer, development can be income-oriented or value-oriented.

Depending on the approach to dividing the project implementation process, development is distinguished into different stages of stages:

1. 33 stages (development, contract, execution).

2. 33 stages with subphases (project concept + subphases, contract stage, project implementation + subphases).

3. 43 stages (development concept, planning, implementation, completion of the project).

4. 43 stages with phase variations (preliminary stage, design and construction work, construction, commissioning work).

Development can be divided into the following stages of development:

pre-project stage

— market analysis real estate;

— selection of real estate;

— formation of the project strategy;

— investment analysis;

— preparation of initial permitting documentation;

— attraction of credit and investment funds.

design stage

— development of a financial scheme, financing;

— formation of an architectural and engineering group;

— engaging for consultation a broker who will sell the space;

— design management;

— carrying out competition for construction work.

construction stage

— coordination of construction work;

— control quality of construction and estimated costs.

implementation stage

— market analysis, sales of space;

— control for the operation of the building and the operation of engineering systems after completion of construction.

The architect, as a specialist, is involved in the development process at the first three stages: during concept development and preliminary consideration of the project, location assessment, feasibility study of the project and the design itself. In any case, the role of the architect as a specialist is very important during the formation of the project, during its development and completion.

Much attention is paid to the pre-investment phase of a development project. If in the case of classical project management the customer usually has at his disposal a project concept or at least a vision of what he wants to implement (a residential building, an office building, an industrial building), then in the case of a development project in the broad sense the customer most often expects from the developer proposals - which project to implement in order to maximize future Arrived and minimize costs. That is why a review of the real estate market, selection of an object, and in a broad sense, a project, is a significant stage.

The choice of location is one of the key moments in the development of a development project. However, despite the complexity of the task, selecting a site for speculative development is much simpler than for a developer constructing a building for a specific company.

A SWOT analysis is also carried out, which assesses the characteristics of the project from its strengths and weaknesses in comparison with the opportunities and dangers that the market brings (S - strength, "strengths"; W - weakness, "weaknesses"; O - opportunities, " opportunities"; T - threats, "dangers".).

IN Russian Federation development has begun to develop in recent years after the emergence of customers who pay attention not only to quantitative indicators, but also to the quality of the projects being implemented.

After all, while the real estate market is not saturated, but high, everyone buys, without paying much attention to the quality of the project and its conceptuality. However, active construction of commercial real estate, primarily retail, can radically change this situation.

The classical Ukrainian development scheme, as a rule, differs from the classical Western scheme. The Western scheme is based on the idea of ​​​​creating one or another type of real estate, which arose as a result of marketing research. The basis of the domestic development scheme is the presence of a land plot for which an idea, a project concept, is developed, and taking into account all the shortcomings of the land plot, a commercial real estate object arises that will be most effective in a given location.

In general, the concept of “development” is practically unknown in LIC countries. However, the pace of development of real estate and the degree of “Europeanization” of modern society allows us to predict the widespread use of this term. The active participation of foreign organizations in design and construction activities is also obvious.

Urban planning actually does not change its meaning so radically, however, the principles of forming spaces and the requirements for them are increasing. In general, this area of ​​science is also undergoing changes due to the active participation of foreign designers and ideologists.

The role of developers as multidisciplinary specialists is rapidly growing due to the expansion of market boundaries and increasing requirements for real estate. Redevelopment—comprehensive reconstruction of structures—is also gaining great importance.

The territorial aspect of the influence of development is that the development of real estate leads to a qualitative change not only in the real estate objects themselves, but also in their surroundings. In this case, the real estate development option must be the best possible. Only in this case, the positive impact of development on the development of surrounding areas is maximum and contributes to the maximum increase in their value.

The impact of development on the environment can be both local (at the micro level) and have regional and even national significance when it comes to large-scale projects.

Sources

postscriptum.com.ua/ PostScriptum

budzem.com.ua Land portal of Ukraine

ru.wikipedia.org/wiki/ Wikipedia - the free encyclopedia

Investor Encyclopedia. 2013 .

See what “Development” is in other dictionaries:

Development- (also real estate development; from the English real estate development “improvement, growth of real estate”) is any business activity related to the reconstruction or change of an existing building or land plot ... Wikipedia

Development- (development) 1) the process of developing and improving a piece of land (for example, its development with residential complexes); 2) an area of ​​activity whose participants (developers) are engaged in the development of real estate projects, choosing a development site and attracting... ... Economic and mathematical dictionary

development- 1. The process of developing and improving a piece of land (for example, its development with residential complexes). 2. An area of ​​activity in which participants (developers) are engaged in the development of real estate projects, choosing a development site and attracting investments. Meaning… … Technical Translator's Guide

DEVELOPMENT- Such material transformations in a real estate object that ensure its transformation into another, new object with a value greater than the cost of the original object Dictionary of business terms. Akademik.ru. 2001 ... Dictionary of business terms

Development-South- SIC Development South LLC Type LLC Year founded 1995 Location ... Wikipedia

Recently, questions regarding the construction of office or residential space have often arisen in the business press or on television, and the terminology is often used in these discussions "developer", and "development activity".

When a person says they are in the real estate development business, many people often have no idea what that means. Some people think that this person is a realtor or real estate agent, others imagine an architect or developer.

Indeed, many people who are not familiar with the features and specifics of the construction business would like to understand what a developer is, what developers do, and also wanted to learn more about the internal organization of development companies. Therefore, it is necessary to understand the question of who developers are, give an interpretation of this concept, as well as give examples of developers and clarify the question of what it means to be a real estate developer.

And to begin with, it is necessary to start with the initial provisions, and then clarify the details of this business.

What is a developer

Development(from English to develop, translated as “manage, develop”) or development activity is a type of business activity associated with construction, as well as changes (reconstruction, restoration, etc.) of existing buildings, structures and structures of a capital nature or land plots and ultimately leading to an increase in their market value.

Accordingly, the question of what a developer is in simple words can be answered this way:

Developer is a company or person that buys and develops houses, buildings and land for the purpose of selling them and making a profit from them. The developer manages the investment project, during the implementation of which he is interested in minimizing risks and maximizing profitability.

Real estate developers are actually entrepreneurs who create a new building. They go out and buy the land, put a team in place (architect, engineer, etc.), get the necessary building permits (with the help of their employees, of course), finance the deal, and then hire the builders who actually create and implement the project. .

What do developers do?

Real estate development can be considered as the engine that drives growth in the real estate industry. Real estate developers purchase properties on which they plan to develop their real estate projects, be it commercial or residential.

These two broad categories cover everything from retail, office and industrial development to single-family and multifamily developments. The options are as endless as your imagination, but your experience and education will help you grow and succeed in this sometimes fickle and always challenging industry.

Implementation of an investment project by a developer

The process of implementing an investment project in development activities includes several stages.

1. At the first stage, land plots for construction are selected, a detailed business plan is prepared, as well as a feasibility study for the profitability of the project. At this stage, a thorough analysis of the market and an assessment of the expected financial results from the implementation of the project are carried out.

2. At the 2nd stage, the developer receives all the necessary permits and approvals for construction or coordinates all the terms of the lease agreement. All of these actions are carried out before the start of the project implementation process.

3. At the next stage, the object of the investment project is directly acquired. The source of financing for the acquisition can be either equity or borrowed capital. As a rule, developers try to shorten the construction period to reduce their costs.

4. Next, the developer needs to begin organizing design and construction work. For which other organizations may be involved, the largest development companies have their own divisions for this work. To minimize risks at this stage, the developer must constantly monitor the progress of work.

5. At the last stage of the investment project, the developer sells the finished property. In some cases, the development company retains ownership of the property and leases out the space. In this case, object management does not end at this stage.

Developers are like orchestra conductors. They don't play any instruments, they just direct the performance.

But at the same time, developers take on 100% of the responsibility and risks of the project. If a building is unprofitable and doesn't break even (because you can't sell apartments or rent out office space), it all falls on the developer (and his investors). All other team members are paid based on the services they actually perform.

This difference is what can make building a property so profitable, but without risks there will be no profit. This is what distinguishes builders (developers) from developers. Many are put off by these possible risks. But as a rule, you can get more profit as a developer.

But it is also necessary to understand that developers ultimately pay more attention to the already built environment. This is the sad reality of this industry. Although architects spend much more time than the average developer thinking about how to make buildings and cities great, they probably don't have much in common. Because if they thought about it, we probably wouldn't have so many terrible buildings in our cities. However, this is true because architects do not take this risk.

The most famous developer

The most famous developer in the world is rightfully considered the American billionaire, now US President Donald Trump. He managed to create many stunning real estate projects, including skyscrapers.

As a world-famous project, one can cite the example of such a facility as the Trump Tower, which is located in one of the prestigious areas of New York - 5th Avenue. The height of the skyscraper is 202 m, and the estimated cost is about 318 million dollars.

Development activities can bring enormous profits, but they, in turn, are associated with high risks. In order to be a successful developer, you need to be able to recognize potential opportunities and anticipate truly profitable investments.