Introduction

India is a fastest growing economy; industrial development is the back bone of any state. A large number of investments by overseas corporate are taking shape. Some of the corporate have presence in India, and plan for major expansions in other states, while the others are entering the Indian market as new players.

State governments

The state governments provide a wide range of incentives to industrial land buyers, to keep their interest alive. The incentives and promotions start with discounts on industrial land price, state tax and infrastructure benefits. Companies acquiring bulk land, keeping future expansion plans, they have an edge over the other buyers in terms of discounted land price. Some state governments are virtually competing against each other to attract these lucrative investments into their states.

Industrial land in open markets

Overseas corporations, who plan to set up industrial project in India for the first time, start shopping for industrial land in the local open markets. Some of the stumbling blocks faced by them are lack of knowledge on the local industrial land rules and regulations, transparency, credibility, and ownership of the land. Some property brokers, engaged lack basic working skills and policies on industrial development. This makes identification and acquisition of land a difficult process. Sale prices for industrial land in the open markets have un wanted strings attached, making little sense to the buyers. Industrial land may vary in pricing structure and command a premium on two major factors that is the location of the land and availability of options in that market.

Transfer of ownership

Identifying and buying an industrial land for a mega project is one part, transferring the property to the new ownership is a back breaking process. (Especially, if the land is acquired for the open market) Overseas nationals find themselves in a maze of rules and regulations while transferring the property and getting started. The costs of transfer of land and registration need to be calculated as this adds on to the capital expenditure.

Broker assistance

It is important to engage a good knowledgeable commercial broker. All brokers do not specialise in industrial land. It is very important to gauge your representative you hire; he should have the expertise to assist you at every step. Before short listing a broker, collect enough information through your own sources, about the local regulatory laws, price structures, and the practices. Your broker should correspond to your findings. He should guide you on the procedure and help you identify suitable sites. The broker should be able to give an analysis report on the local neighbourhood, in depth details of each site visited.

A quick visit to the local transferring and registration authority, should give a better view of the sale proceeding. A verification of the land records and status, ownership details etc can be cross checked.

For hundreds of years land investment has been used as a vehicle for making money but was often reserved for the rich. However, nowadays, with the emergence of new cheaper land markets and the ability to invest in small plots of land the market has been opened up to a whole new category of investors.

It is essential with land investment that people don’t get carried away with simply buying cheap land. Obviously a low-cost piece of land can seem appealing, however it is important to remember that your profit will only be made when selling the land and therefore there has to be some reason for the land to increase in value. A cheap land investment is great but if it has no reason to increase in price then how do you expect to make any profit?

So, with land investment there are a few important factors to consider when looking at a plot of land, no matter how large or small. The first to consider is obviously price. Is the land you are investing in worth the price today that is being asked? Secondly is how long you intend on holding your investment. You then need to compare that time with a realistic projection of what your land will be worth when you intend on exiting the investment. For example, if you only want to hold your land for 3 years but projections show that land values in that area are not likely to rise much for the next 5 years then you are investing in the wrong land investment!

More importantly you need to consider what makes your land investment so potentially profitable. Are you simply buying a cheap piece of land and hoping it will increase in value or have you done your homework? If you are investing in an area that has reason to increase in value fast then this is the true investment that brings big returns. So, look for factors that could contribute to this. For example, is your land inaccessible at the moment but that is likely to change over the next few years by the introduction of a new road, railway access or airline route? Maybe it’s cheap at the moment because the area is rather unpopulated or unappealing to tourists but the area is beginning to gain a growing amount of tourism each year and is looking to become a hot spot in the future?

Land investment can be very simple but the most simple thing is to forget the price you are paying and concentrate on what the cost you will sell at and how realistic it will be to achieve the returns you are looking for from your land investment. If you can’t see a reason why the land value would increase then you’re probably investing in something that will not give you the return you were hoping for.

If your land investment carries reasons for growth in the future then make sure you are paying the best price you can and take into account how other costs could affect your return. For example, a great priced piece of land is no longer a great priced piece of land if you have to add 60% to the price to cover legal costs, transfer fees and other associated land investment charges.

Land investment can be one of the easiest and most financially rewarding types of investment there is. The secret is to keep a cool head and select the right area by not looking at what makes the land good right now, but what makes the land look much better in the future!

Making money through investment in land can be a very healthy and almost sure profit earning venture. There are so many ways one can do it but only if you know how to do it properly. There are so many kinds of businesses one can start on his/her own land which can be helpful to them commercially as well as personally.

There are many land investors who are farmers and cultivators who used their land to harvest many kinds of food and raw products which are used locally in the market and personally as well. These products can be exported abroad as well and can be profitable enough if sold in the right markets. This local production of crops is beneficial as there is an export option as well as a local selling option. Agricultural land can also be leased for agricultural purposes. You can lease to a farmer or an entity that is involved in farming. The market for farm lands is growing as the demand for food increases.

One of the possible ways to make money involves growing hardwood timber as the supplies of hardwood are decreasing. Because of this the price of hardwood timber is increasing. If you choose to plant hardwood trees you will be reforesting and making a profit to boot!

One of the ways you can make money in land investing is to buy land at a reasonable cost and hold it until its value increases to a level where you will want to sell. You can also make money on the land by holding on to it and getting yourself a tenant. This tenant can earn you enough money to take care of things like the taxes associated with the land from the rent they pay you.

You can also choose to build on the land. It is a profitable business to build houses, apartments, and commercial buildings on the land and rent them out or sell them once they are completed. With the buoyancy in the real estate market it will not be too difficult to find clients to rent or sell to. Once your rental rates are reasonable you will make good money. If you choose to sell you may have to hold on to the building depending on what is happening in the marketplace.

When you borrow money to invest in land and make your mortgage payments the equity in the land grows. Once your equity grows then so does your net worth. With this net worth you have the option of borrowing more money to invest in other properties.

If you have invested in, or are thinking about investing in commercial or residential land you can do some capital improvements to help earn you some money. By simply adding certain features such as a roads or connections for utilities you can greatly improve the attractiveness of the land to potential buyers and be able to ask for more money when you decide to sell your investment. You can also make money leasing the land to developers for a period of years.

If a good amount of investment land is available then a person can rotate his money by purchasing and selling it out within the intervals of a few years as the lands prices keeps on increasing every year. A person can do construction and promotion of a building on the land which is available and sell the flats outright or give it on rent, whichever seems to be more beneficial to the person according to the area as well as the local market trend.

In some states when land is invested in there are certain tax breaks that become available to the investor. This is so if the land is used for certain types of purposes. Thus you can get tax deductions and other types of government tax benefits. This will help to increase the land equity.

If your land has any unique or interesting flora and fauna you can turn it into a sightseeing location and have visitors pay to explore the property. The same can be said for land with animals and birds on it.

There are many other ways that a land investor can make money from his investment. The key is to choose one that is in line with what your plans are for the land.

A good real estate development starts with the right architect. An architect is concerned not only with the concept but also the planning as well as designing of a building or any real estate development. A degree in architecture equips one with the knowledge of the building and operational codes that are to be adhered for every architectural design.

An architect is trained such that he/she transforms a user’s needs and demands into design and eventually into physical form. This implies that he/she should have complete training that will aid in the building of safe and healthy construction for people and the communities. Architects have to obtain licenses to practice architecture as their building designs and planning decisions play a vital role in the safety and security of the public.

Architects specialize in different fields among architecture i.e., land, land development, buildings, office parks, residential, landscape and the like. This specialization is a result of the increasingly fragmented, demanding and concentrated world. Thus, it is difficult for a single architect to be aware of the know-how of each of these fields and to accommodate the distinct demands of different clients.

An architect plays a very significant role in a project from its conception to its construction. The final physical form of a building or any real estate development is designed by an architect who obviously considers the desires and needs of the client. As such, it is important to choose an architect who is well qualified as well as experienced in the specialized field of your choice. An architect who has been in business for at least 5-10 years must have developed a strong foundation of relevant concepts. He/she must possess the skills, knowledge and experience needed for a decent and fascinating project. This indicates that it is essential to review an architect’s qualifications prior to selection; his/her degree, experience and license – all should be checked before one hands over the project. An important point to note is that he/she should be experienced for five plus years in the particular field of the development project and not just as a general architect.

Having said the significance of educational qualifications, it is time to review an architect’s affiliations and accreditations. An achieved architect should also be affiliated with a reliable institution, for instance, the American Institute of Architects (AIA), Royal Architectural Institute of Canada, Royal Institute of British Architects and the like. Affiliation with such institutes demonstrates an architect’s credibility and popularity in the industry. An architect who is affiliated and accredited by similar professional architectural organizations has certainly passed their comprehensive requirements. This is a strong recognition and a proof of their achievement. However, mere affiliation is not the only consideration before choosing an architect. Other relevant factors and elements should also be considered so that the ultimate decision is made bearing all concerns in mind.

Geographical area of specialty is also an important element. Some architects are specialized and well-aware of certain area(s), and as such their scope is quite limited to those areas. Although he/she may excel in architecture and the particular area(s), this does not ensure that he/she will be able to deliver equivalent results in the area of the project’s requirement. Thus, this aspect should also be kept in mind.

Certain other conditions are also relevant as they ascertain whether a project will be successful and simultaneously whether the relationship between the client and the architect is sound and pleasant. A good architect should possess good communication skills and should be responsive of the client’s questions and/or queries. This is a very important factor, which ensures the completion of the project on time and on good terms. For your relationship with the architect to be successful, the architect you ultimately select should, by all means, follow up on calls and emails and should keep his/her word on different aspects related to the project.

An architect’s connections are a reflection of his/her success and achievement as well as political and negotiation skills. One who is well connected and has contacts like city planners and those in political processes is most certainly preferred as opposed to his/her counterparts with relatively few connections and contacts. Yet another factor is an architect’s membership of local clubs as the Kiwanis, Toastmasters, Knights of Columbus, Rotary etc. An associated member is most certainly a better candidate.

Each one of the above mentioned factors are important considerations for an investor or a customer prior to choosing a suitable architect. At first, it might seem difficult to find architects with all qualifications but there are ways. You can talk to developers, other popular architects, city planning and building departments, local economic developments, chambers of commerce etc and ask for references. Similar references cal also be obtained from experienced customers, sellers and buyers. The advent and popularity of the Internet has opened previously unknown avenues for obtaining information. The Internet can be a source of information, details and contact about reputable, qualified and experienced architects. The websites of architectural professional organizations may also list prominent architects in different regions.

A good architect is the key to any real estate development. Once a solid relationship and understanding has been established with the right architects(s), the entire process of idea generation, conceptualization through to final construction becomes simpler and satisfying. A good architect is aware of all reasonable specifications and is filled with ideas that form successful real estate development strategies. Thus, it is absolutely imperative to choose the right architect – one who is aware, experienced and reputable.

The exciting thing about property development is that any one with reasonable financial backing can get into it. In this article we shall discuss the attractions of property development.

One of the principle reasons behind the growing popularity of property development is the anticipated return on investment. Unlike the stock market which is unpredictable and therefore somewhat scary, property prices in the UK have risen steadily since 1945, not withstanding a few cyclical downturns.

Therefore many people rightly believe that so long as you buy carefully, conduct thorough research, renovate in the interests of your target market and budget carefully; there is a lot of money to be made in property development.

As a result the way that property developers are perceived has changed over the years. Property development is no longer the preserve of ruthless big business but is open to anyone who can afford to pay a mortgage and building costs. As such, more and more people are quitting their day jobs to become property investors, lured by the attraction of quick and sizable profit.

As well as offering large profits, property development also provides a creative way to make money for those who want a career change. Unlike most office jobs, if you are a property developer you do not have to sit at your desk all day- quite the reverse in fact. Property developers spend most of their working day on site supervising their projects or out in the field talking to estate agents and local planning authorities.

Furthermore, as there are no specific training or qualifications required, property development really is a democracy of ability. Anyone who has an aptitude for it can be a property developer, regardless of their professional or education background.

The other reason why barriers to entry are so low is that you do not need overheads to be a property developer since most of the work is carried out on site. This means that all the necessary investment goes on purchasing and renovating the property and turning it around for a profitable sale.

I have been wrestling with the emerging field of sustainable entrepreneurship, which has its roots in the concept of sustainable development that grew out of the conservation and environmental movement of the 1970’s, so I undertook a short analysis to try to understand the concept further. A Google Search of sustainable development yields 30,600,000 web sites, references and/or citations posted on the internet suggesting significant interest in all aspects of what constitutes ‘sustainable’. The Merriam-Webster on-line dictionary defines ‘sustainable’ as “…relating to, or being a method of harvesting or using a resource so that the resource is not depleted or permanently damaged; … or relating to a lifestyle involving the use of sustainable methods…” The key phrase is ‘not depleted’ which I have indicated in bold type. This was and continues to be the essence of sustainability which has produced a plethora of social economic movements, none as more popular as sustainable development. Wikipedia [I’m not a fan of this web site, however it does serve a purpose in providing quick accounting of a subject] explains that sustainable development ties together concern for the carrying capacity of natural systems; that is the load capability of nature to support all life, i.e., natural capital, and human challenges of economic growth.

Dating from the 1970’s when the concept emerged in reference to establishing limits on developed growth, the term “sustainability” was and is used to blend ecology and economic growth, with terms such as ‘limits to growth’ and ‘steady state economy’ contributing to the environmental movement that caused wholesale changes in building and zoning codes across the nation relating to economic development, particularly land development. The idea that we have unlimited resources to be developed was challenged by the newer idea of limited resources that must be wisely developed in concert with nature has resulted in competing forces which have shaped our economic development over the last forty years. Practitioners of sustainable development consider it to have three elements: environmental sustainability, economic sustainability and sociopolitical sustainability. Special interests groups on both sides of the spectrum have laid claim to this concept to perpetuate their own agendas. However, a common sense approach, in my mind, has always been the preferred, particularly when we almost unanimously agree in today’s world that there is a natural limit to resources which must be recognized. With that said, I firmly believe that the free market has and will continue to be the best place in which to allow the blend of economic development with sustainable development to occur.

An example of how the free market is used to accomplish sustainability is the work pioneered by the Santa Fe Institute’s Dr. Brian Arthur who applied natural principles of biology to the study of economics, in particular economic growth; which has become known as ‘The Santa Fe Approach’. Arthur was very interested in explaining how economic markets work, how business forms, in terms the natural world, and how the human organization, in order to grow, must adapt and assimilate to its environment, constantly adjusting to changes. The ‘The Santa Fe Approach’ was a leading concept that helped to pave the way for a new field in economics called ‘ecological economics’. The concept of sustainable development has been furthered enriched by the new field of ecological economics popularized by Dr. Robert Costanza who founded the International Society for Ecological Economics (ISEE) and carried out much of the founding research at the University of Maryland.

The objective of ecological economics is to ground economic thinking and practice in physical reality, especially in the laws of thermodynamics and biological systems. It accepts as a goal the improvement of human wellbeing through economic development, and seeks to ensure achievement of this through planning for the sustainable development of ecosystems and societies. Ecological economics distinguishes itself from neoclassical economics primarily by the assertion that economics is a subfield of ecology, in that ecology deals with the energy and matter transactions of life and the Earth, and the human economy is by definition contained within this system. This system is defined as natural capital, which consists of all non-renewable resources such as oil, coal, gas, and minerals, and renewable resources such as ecosystems that comprise the planet, in both quantitative and qualitative terms. It involves such terms as ‘carrying capacity’ which refers to the ability of nature to support human activities, and goes to the center of what sustainable development is, and from which emerged sustainable entrepreneurship.

A recent white paper entitled “Sustainable Entrepreneurship in SMEs. Theory and Practice” by Evy Crals and Lode Vereeck, defined sustainable development as the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce, their families, local communities, the society and the world at large as well as future generations. From sustainable development, according to this white paper, came sustainable entrepreneurship defined as the continuing commitment by businesses to behave ethically and contribute to economic development while improving the quality of life of the workforce, their families, the local and global community as well as future generations. All right then; sustainable entrepreneurship can be considering a more holistic approach to undertaking a business venture. But how does this relate to the true essence of entrepreneurship?

The Merriam Webster Dictionary defines an entrepreneur as one who organizes, manages and assumes the risk of a business or enterprise. Often we use business and enterprise interchangeable to refer to the same thing. The word ‘entrepreneur’ comes from the French word ‘entreprendre’, which means “to undertake”. In a business context it means to undertake a business venture. Entrepreneurship and small business are typically used synonymously, interchangeably and presented as one in the same. Actually, entrepreneurship differs from small business in four critical ways: amount of wealth creation, speed of wealth accumulation, risk and innovation. [Reference: See the Green$: Achieving Your Entrepreneurial Dream, LOGOS Press, January 2011.]

In the case of acceptable definitions of sustainable entrepreneurship, where reference is made to the common good, I would like to clarify that sustainable entrepreneurship cannot and should not be about establishing some kind of social common good, as in a communal framework associated with planned economies such as the former Soviet Union, East Germany, Cuba, Venezuela and Socialists African counties. It is an oxymoron to do so. In contrast, the common good in a free market context, is about job creation which produces disposal income which begets increased demand for goods and services. This then is accompanied by a multiplier effect that allows a dollar to flow through the economy something like 2 times or more, which further begets additional demand for goods and services, which further increases disposal income, resulting in increased corporate revenue for re-investment, capital accumulation, and business growth. This compound economic activity produces increased state and federal corporate and personal income tax revenue, which allows for infrastructure investment in public works such as roads, bridges, railways, dams, and national lands like parks, wetlands, mountain ranges, and the like.

Rather, in my view, sustainable entrepreneurship is the process of sustaining a level of entrepreneurial development as to create a paradigm shift in economic activity such that national GDP, job growth, capital investment, technology advancement, and quality of life is unmatched, unsurpassed and unequalled. I realize this seems a bit altruistic and sounds like I am talking about Utopia. But I am not. We can and should strive through local, state and national efforts to seek to establish an economic mentality that is strategically focused on entrepreneurship and authentic organic economic growth at the community level across America. We can and should incorporate the concept of sustainability into the free market consciousness and allow the consummate entrepreneur, who seeks wealth creation within a tremendous risk-reward environment, through sustained invention and innovation, to achieve success. We can least forget that it was, has and will be entrepreneurial development that made our country great. We need so more of that now.

When you are an investor, there are tons of different types of land you can invest in. You might find that investing in vacant land is a great way for you to make money. So let’s clear up any confusion that you might have and talk about how you can make a purchase.

First of all, let’s define vacant land. It’s land without much improvement. Property that has been improved with a major structure (like a house) is not considered vacant. Also, land that is totally undeveloped is considered raw land, not vacant. Vacant land might be slightly developed with fences or sheds.

So, how can you find it? You might want to think about finding a good real estate agent that knows the area you plan to invest in. They can often listen to what you plan to do with the land and make some great suggestions as far as what you should purchase. You may want to consider seeking out an agent with experience in raw land, since vacant land is a lot like raw land and many everyday agents may not be experienced with it. Perhaps you should speak with local farmers about who you should hire as your agent. They might have some experience investing in undeveloped land since they work with acreages to plant their crops and run their farms.

When you go to the bank to acquire a loan for your land, expect a little bit more of a tough road than normal. When you invest, your lending institution will most likely have a harder time accepting undeveloped land as collateral. You should speak with your agent about this problem; don’t worry as it’s pretty common.

Investing in vacant land can lead you in a hundred different profitable directions. Once you acquire the loan and then the land, there are so many things that you can do with it. Just make sure that you are getting advice from the right people.

Commercial property development is the “in thing” now. The rewarding return on investment has made this business a highly popular one; while investing in the residential real estate market has become passé.

Now what makes it so lucrative? As stated earlier, one of its major attractions is a more secure return on investment especially vis-a-vis the unpredictable stock market. Since 1945 the real estate market in the US has seen only a few recessions, and has mostly shown a steady growth.

What makes commercial property development even more exciting, is that anyone with reasonable financial resources can work at it with few risks involved. Not only does it ensure good profits, it can make a money-spinning career for those who have the knack for it. And that is without any prior training, qualifications or business background.

However, investing in the commercial real estate market is a different ball game altogether than the residential market. You first need to know about the mortgage basics. Commercial real estate creditors’ area of focus is the property itself, its condition and it’s earning capacity. They are generally not too concerned about the individual or company that is buying or refinancing the commercial property. Though credit scores do matter, they are not as important as in residential property deals.

Also, you must get hold of a good commercial mortgage broker, one who will get you in touch with lenders with a variety of credit schemes. After you get such a broker, you can either seek the help of a commercial real estate agent to find a suitable property for investment, or do it yourself. If you are a first timer it is better to seek the help of a licensed real estate agent and licensed broker as well.

But if you do it yourself – do it well with proper research, renovation plans for the property and sound capital backup. Also, know about the market or economic cycles, while you deal with development property. Those who propagate the market cycle concept insist that one should buy development property in market recession time, and sell when the cycle is in growth. However, there are many who cite various pros and cons of this theory.

Moreover, most veteran property developers invest in property irrespective of the cycle. There is no steady pattern in macro-economic cycles that can be predicted with great accuracy. It is not always possible to have cash at hand when the cycle is at its peak. There are many layers to the property market. Which in turn, has many sub-markets. These market layers also have different cycle patterns at different times which cannot be generalised at a given time, and hence is a very complex equation. Commercial property development is also related to supply and demand.

When there is more need for housing, property will have to be developed irrespective of the cycle.

As a rule, a regular property developer depends on a financial viability assessment and ‘due diligence’ analysis of a development plan. If these indicate sufficient profits vis-à-vis the risks involved it is considered a viable project. This is the general rule, though the macro-economic factor is often also taken into account in such analysis via such factors as the effect of interest rates and inflation on a particular development project.

All in all, the process is complex and is to be implemented with a great deal of care and caution. But once you get a hang of it, nothing could be more money making than commercial property development.

There is a right way and a wrong way to purchase “control” land before you actually exchange the funds. This is crucial, critical to your developments success! You need to have this information to use in your feasibility study to determine the viability of the project. Once you have ‘control’ of the land, (which we will show you how to do with no risk of losing money or no money down) you need to be able to determine what you can build on this land which is determined by the appropriate governmental bodies in your area. You would already have a very good idea of this by following my guidelines for doing your market research. But unfortunately, sometimes the area size is not enough to be able to accurately determine how many ‘units’ can be build on this land. Your architect will have to accurately determine this for you. This is quite a simple process for the architect and than you will have to move onto obtaining a Development Approval. This is something True Developers do very early in the process. By doing this they are in effect minimising their risk at the earliest stage of the development.

So in the above mentioned article, I wrote how you don’t buy land first!!!! You do your research to determine the land’s ‘development capacity’ and once this is achieved as mentioned above, and you know for sure that you can development X units on this block that cost you X dollars, therefore providing yourself with the land cost per unit, you are able to set about lodging the appropriate forms with the governing body to obtain Development Approval. This is your number one aim. With out it say good bye to your development and your research and your hard work that you did to get to this position. It is important to follow the step by step process for making your development application ‘rejection proof’. There is some detail to doing this, but a briefly, you must first study the building development regulations within your ‘patch’, you must study the building development forms, you must have copies and studied your zoning maps and building height regulations, and you must know what you want to build! Once you have this under control, you must have plans detailed to lodge with your application to the local authorities stating what you plan to build. There are several item that need to be considered here as well, such as:

* Land boundaries and the relationship between them and Building set backs.

* The land area/gross building floor area ratio.

* Unit number/visitor car parks required on the land ratio.

* Car access to and from the site from the road.

And many more other issues that need to be taken into account. This is what determines how viable your project will be. So, getting back to the initial question of its viability, so if you do not know that you can build the amount of ‘units’ on the block of land you have hopefully not purchased, but have ‘control’ of, you will not know its viability and therefore you are setting yourself up for going broke!!!

You need this information to determine how much you have paid for the land per unit, as these and many more issues determine the financial feasibility of the development.

On the 1st September, 1988, the Jamaica Real Estate (Dealers and Developers) Act, 1987 came into operation.

Broadly speaking the two main objects of the Act are:

1) The licensing, regulation and control of persons engaged in real estate business as real estate dealers or salesmen.

2) The regulation of dealings in Jamaican land in development schemes.

The Jamaica Real Estate Board

This Act, establishes the Real Estate Board which is the statutory corporation specifically created for administering the provisions of the Act. The status of the Board is such that before the Minister makes certain Regulations he is required to consult with the Board. This body, while possessing wide powers in relation to its various functions, like any other statutory body must act within the general provisions of the law and paiticular1y according to terms of the relevant Act.

The Schedule to the Act prescribes the Board’s constitution and operating procedure. It outlines the functions, duties and responsibilities of the Board and requires the board to give account of its activities.

Decisions of the Board are not necessarily final and conclusive and certain decisions regarding registration of dealers, salesmen and developers are subject to appeal to the Court of Appeal.

The Board is required to afford to every applicant under the Act an opportunity to be heard if refusal of the application is being considered, the role and powers of the Board’s Inspectors are discussed below.

Inspectors

Matters relating to the appointment and powers of real estate inspectors as it relates to monitoring.

The powers of inspectors are fairly wide consisting of power to

(i) Require information

(ii) Require the production of documents

(iii) Enter and search premises, subject to warrant

These powers must be exercised in a reasonable manner and it will be observed that the Act:

1) Allows time for requested information to be supplied

2) Requires that there be reasonable grounds before an Inspector directs production of document

3) Requires an Inspector to produce his identification card on request

4) Makes a warrant issued by a Justice of the Peace a pre-condition for entry to premises.

It should be noted that Inspectors act not on their own behalf but as representative of the Board in order to ensure compliance with the provision of the Act and assist the Board with the discharge of its functions.

Regulation of Real Estate Business

Nature of Real Estate Business

Describing what is meant by “the practice of real estate business” for the purposes of the Act. An understanding of this is important because the control of property business is one of the main purposes of the Act. This means that not everyone can get up and begin advertising homes for sale in Kingston Jamaica.

The practice of realty business involves the carrying out of a number of land-related activities on another’s behalf in exchange for some form of reward or benefit (monetary or otherwise) that is, compensation or valuable consideration. Not all categories of such activities are necessarily regarded as Jamaica property business under the Act and it excludes certain categories of persons from necessarily coming within the scope of the Act, briefly these are:

1. Attorneys (that is, persons conferred with power to act under a power of attorney)

2. Attorneys-at-law acting within the scope of their profession

3. Court officers

4. Persons with certain duties regarding Jamaica property, for example, administrators (of estates of deceased persons), executors of wills, receivers (for example, in relation to companies), trustees.

5. Persons dealing with land which they partly own

6. Other public officers carrying out their official duties

7. Building managers as regards rental of units in the relevant complex.