Lend-development means process of lands disaggregation. It consists of set of the legal and physical actions directed on preparation of the land for the subsequent development stages for realization of concrete projects. In other words, lend-development is defined as service in liquidation of potential risks of the land.
Following classical representations, it is possible to subdivide the lands development into three stages:
-Actions with the unprepared ground area;
-Construction and leading of basic elements of an infrastructure (roads, main engineering networks);
-Division of the land into the areas that are ready for building.
This scheme is the generalized scheme of development of the land finding the expression in a full kind for large free territories. Owing to the clear reasons (presence of a ready infrastructure) during lend-development of rather small areas and during redevelopment process the second stage, as a rule, is passed.
Participants of these stages that in practice can coincide or be crossed are:
-The initial buyer of the unprepared land, which purpose is reception of speculative profit;
-The secondhand dealer who holds the land in the property in expectation of prices increasing for the further sale;
-The initial developer who analyzes the market and solves all problems of legal character, that is carries out the first stage resulted above the scheme;
-The developer – carries out the second stage of the scheme, lays engineering communications, finishes process of disaggregation;
-The builder (end user) – carries out building and embodiment of the concrete project.
Despite seeming independence of each stage, all of them are closely bound and, obviously, concrete features of realization at each previous stage impose restrictions on freedom of actions on the subsequent, whether it be legal or physical, except the first stage of pure purchase and sale of the land. From other hand, success of each stage depends on potential success of the subsequent. Therefore as potential benefits and profit for realization of the final project cause demand and cost of products of the intermediate stages. It is links of all stages, having general efficiency as the vector. Each stage, including speculative, carries out the irreplaceable role. Also in context of interrelation of stages it is possible to notice, that lend-development all over the world is highly remunerative and hazardous business. The stage “closer to the land” and further from end user, the higher its potential profitableness and hazardous. Therefore problem areas with the maximum hypothetical risks and price can appear the most attractive. All depends on professionalism of the developer, selected strategy and «risk appetite».
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