|Empire Realty - Nashik|
What is Real Estate? What defines the term Real Estate? Some of you are well versed with this concept of real estate; however, there are some of you for whom this is an entirely new concept. So, let us try to understand what Real Estate is before we step into the importance of real estate.
Real estate is the piece of property which comprises of the building constructed on it along with the natural resources such as crops, water, minerals, or any stationary property with similar attributes. There are a few segments of Real estate if we consider the Indian context. These segments are:
Now that you know what real estate deals with, let us understand some of the important factors and outputs of the real estate industry in India.
- Real estate in India has become one of the fastest growing industries in the world and has come a long way. It has been not only drawing attention of many of the top builders and developers in India, but has also attracted many of the investors from across the world. India, being a developing nation, is now a major attraction for people to make a property purchase or invest in property with the growing real estate market across the country.
- India is still a preferred destination across the globe for builders and developers, investors and Non-Resident Indians (NRIs) and is favored by the investor-friendly government policies which encourage a healthy increase in globalization.
- Huge population of the country and the gradual increase in the income of the people along with the rapid growth and urbanization in the country has added to the growth of the real estate industry in India.
- With the expansion of the cities and towns in India, the increase in demand for infrastructure and space for educational institutions, healthcare facilities like hospitals and tourism has lead to generation of job opportunities in the real estate sector of the country.
- The real estate sector of the country is known to generate approximately 6.3% of the Gross Domestic Product of the country. This solely speaks of the revenue generation due to the real estate sector.