An Overview of Real Estate Industry

1. An Overview of Real Estate Industry Due to rapid-scale urbanization, the real estate industry has witnessed a significant boom. In fact, for the last few decades, it has become one of the major contributors to the growth and development of the economy. The term 'real estate' refers to producing, buying, and selling property. Real estate is a form of real property that includes land along with other permanent improvements attached to land, be it natural or manmade buildings, homes, structures, roads, water, trees, utility system, etc. Real estate may be a skyscraper in a city or a patch of unimproved land. Types of Real Estates: There are four main types of real estate based on purpose and utility. Residential Real Estate Residential real estate includes any property that is used for residential purposes like single- family dwellings, villas, apartments, condominiums, townships, villas, cooperatives, and so on. This is the most common type of estate that the majority of people are familiar with. Commercial Real Estate Commercial property refers to land and buildings which are exclusively used for business purposes. This type of real estate includes restaurants, office spaces, stores, shopping malls, schools, restaurants, hospitals, parking lots, hotels, etc. Varun Thapar, a renowned entrepreneur, owns several landmark and commercial heritage buildings that are the city's pride.

2. Industrial Real Estate Any land or buildings used for industrial activities like production, manufacturing, distribution, storage, and research and development are referred to as industrial real estate. Such properties include factories, warehouses, transportation, logistics, power plants, constructions, etc. Piece Of Land The land is considered the foundation of any real property. It indicates vacant land, undeveloped properties, and agricultural lands like orchards, farms, ranches. These types of properties are acquired and developed by real estate companies to increase the density and value of the land. How does The Real Estate Industry Works? The real estate industry has six main areas which interact with each other. ●Developers purchase land and construct buildings that add value to the land. Then they sell or lease the finished products to end-users. ●Sales and marketing firms work with developers to sell these newly developed projects. They get a commission for marketing and engaging their sales agents to sell the real estate units. ●Real estate brokerage firms employ a group of agents who establish a connection between sellers and buyers to purchase, sell and lease all types of real estate properties. ●Property management companies help the real estate owners in day-to-day operations like rent collections, performing repairs, and managing tenants against a fixed charge. ●Real estate lenders like banks, government institutions, credit unions provide financial support to the property owners and help them find the best loan options available. ●Real estate professionals include accountants, interior designers, lawyers, construction workers, contractors, etc., who work in the industry and help in the proper functioning of many issues. Varun Thapar, the vice-chairman of KCT Group, has been working relentlessly to deliver their customers the best real estate experience.