Real Estate Development Project:
Project of constructing multi- storey buildings or compounds for residential, commercial or mixed purposes and their facilities or constructing infrastructure and service facilities in case of selling vacant plots of land.
Principal developer or sub-developer.
The person licensed to practice the business of development and the sale, management and leasing of real estate as a principal developer of a real estate development project.
The person licensed to practice business of development and the sale, management and leasing of real estate in part of a principal compound pursuant to an agreement between him and the principal developer or anothe rsub-developer.
Necessity of Developer Registration
- No person may practice the real estate development activity unless such person is registered in the Real Estate Development Register as a principal developer or sub-developer.
- The developer registered in the Real Estate Development Register in accordance with the provisions of this Article shall not be exempted from obtaining any necessary licenses, permissions or approvals required by any other governmental authority to enable such developer from the commencement of the business thereof.
The Required Training Program for The Real Estate Developer Profession:
Real Estate Development Program