Real estate refers to real property including the structures and land on it, and its accompanying natural resources like water, plants, or minerals; immovable personal property of that nature. The scope of real estate includes a vast area including the entire world, excluding water and underground mines. In recent years, real estate has emerged as one of the biggest sectors of the Indian economy, employing millions of people worldwide. There is a large range of real estate types, all of which have different purposes and uses.
The real estate industry works on several levels. At the ground level, there are many people who work as property managers, taking care of the various needs of the various tenants. They organize and keep track of tenant payments, ensuring that the tenants pay their rent on time. There are many people who work as property assessors, who verify the worth of the property that a tenant is occupying.
Apart from these, there are many other professionals, who are responsible for maintaining the condition of the real estate. Some of them include building maintenance contractors, who take care of the major works like roofing, repairing of windows and doors; electrical contractors, whose job is to ensure that the house has proper electrical wiring; landscapers, who take care of the garden and lawn areas; and carpenters, who take care of the interior and exterior carpentry. These are the main categories of real estate professionals, who work at different levels. A number of other categories of professionals also fall under the main categories of real estate. The list includes architects, engineers, inspectors, legal experts, and property managers, who deal with all the above mentioned categories.
On the other hand, the category of real estate includes residential real estate, which mainly deals with the supply of homes, residential apartments, and other such properties, for sale and purchase. Most of the people who purchase homes in this category do so because they are looking forward to living in those homes. It is because of the economic characteristics of these houses that people opt to buy them. These properties are usually sold on the basis of their current prices, or the expected prices in the near future.
The other category of real estate includes commercial real estate, which mainly deals with the supply of buildings, such as office buildings, warehouses, shopping malls, and restaurants. These buildings are used for various businesses and hence require extensive maintenance. These industries make use of the large quantities of space provided by these buildings, and hence the prices of these properties usually vary according to the rates prevailing in the market. Four types of commercial properties are classified under commercial real estate: office buildings, warehouses, shopping malls, and restaurants.
The residential real estate industry works on the basis of different types of housing. These include single-family homes, duplexes, condominiums, townhomes, mobile homes, manufactured homes, and renting apartments. The other classification of real estate includes agricultural real estate, commercial real estate, manufactured homes, foreclosure properties, rental properties, and vacant land. The real estate industry is also known to work upon different aspects, such as financing options, finding a good property, negotiating with the tenants, selling the property, and maintaining the property.
Single-family homes are made up of different types of housing starts, such as modular homes, stick built houses, prefabricated homes, and manufactured homes. The commercial structures are comprised of single-family homes, industrial buildings, office buildings, warehouses, shopping malls, and restaurants. The agricultural structures include farms, forestry, dairy, poultry, and other farming-related industries. The agricultural real estate industry generates high employment levels and is a significant contributor to the Gross Domestic Product (GDP). Moreover, due to the high demand for housing, the real estate industry is one of the largest employers in India.
However, with the rapid urbanization and development happening in different parts of the country, there are many people who are finding it difficult to get home loans, especially for the purpose of purchasing a home. This has led to a slump in the housing market. On the other hand, there are many people who have found it difficult to pay their home loans and meet their monthly expenditures. The rapid urbanization and development in other cities in the country are creating more job opportunities for these people, but the problem of low home affordability is still faced by many people.