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Real estate development is the process of making improvements of some kind to real property, thereby increasing its value. Real estate development may be undertaken by an individual, a partnership, a limited liability company, or a corporation. The two major types of real estate development activity are land development and building development. In land development, real estate developers typically acquire raw land (property with minimal improvements or infrastructure) and improve it by adding utility connections, roads, earth grading, and employing the legal strategies necessary for further development of building improvements. Building developers usually purchase raw or improved land or existing structures for the purpose of constructing building projects. The buildings are then sold to others or retained as assets to produce cash flow.
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