Real Estate Basics
The term "Real estate" refers to immovable property like land and buildings. It is also known as "Realty or Real property". While in common law parlance the terms real estate and real property are used, civil law jurisdictions instead refer to immovable property.
Real estate has now developed into a major area of business owing to a vast development in private property ownership. Buying real estate requires a large investment in terms of money, and hence requiring the professional help of experts who value the real estate.
The real estate sector has been booming all over the world and also in India. A large number of real estate developers and marketing companies provide efficient services to individuals, business men and corporates.
Types of Real EstateThe real estate can broadly be categorized into
- Residential Property: This included flats, mansions, independent builder floors, penthouses etc used for personal living of individuals.
- Commercial Property: This includes property for business like office buildings, restaurants, shopping centers, hotels, parking lots and stores etc.
- Industrial Property: This includes use of land for industrial purposes, such as manufacturing, factories, warehousing etc.
Real Estate Services Offered There are a number of services being offered in this sector. These are:
- Real Estate Appraisal - Professional property valuation services being offered by companies.
- Brokerages - Professional services provided for assisting buyers and sellers in property buying, selling, renting, leasing etc. transactions
- Real Estate Development - Professional services provided by companies by improving land for use by adding or replacing buildings, residences, offices, entertainments parks etc.
- Property Management - Professional services provided by individuals or companies for managing a residential, industrial or commercial property for its owner.
- Real Estate Marketing - Services provided by companies for managing the sales side of the realty business.