Real estate is basically property. In literal terms, real estate means physical property. It can be anything, land, buildings, water rights, rights of air above the land, or even underground rights. From time immemorial, rights over property have been considered a luxury. In historical times, only the king would posses’ property, and everything in the kingdom, would solely belong to the king. But with times, the rights over property started getting distributed, but even till date, property is considered equivalent to the amount of wealth one posses.
The real estate industry has witnessed a lot of changes in the recent years, earlier it was just land, but now land is also divided into buildings, where the land is a joint property that gets transferred from the land owner and developer to the people who will stay on that land, and will be owners of their individual flat alone. With the increasing demand for property, there is a huge increase in demand for home furniture too. People have become quite choosy when it comes to selecting their home furniture, be it living room furniture, bedroom furniture or garden furniture.
In the similar way, there are commercial spaces as well, malls, commercial complexes with a few shops, few offices, etc., There is one more concept, wherein the spaces, commercial or residential or even agricultural are rented out, wherein there is no actual transfer of property rights, but one is allowed to utilize the property at a certain fixed price, for a certain period of time.
Depending upon the development of the said area, the value of the property differs, and one buys, sells or rents accordingly. In recent times, due to growth and coming up of new sectors and industries, a new class of people has been formed, which has given a major boost to the real estate market. Like in case of India, the primary occupation is agriculture, but with a sudden boom in the IT sector, a number of people have moved to various cities for jobs, hence leading to development of those areas, which in turn boosts its real estate prices and there is a sudden rise in transportation services too as people are moving to a new place constantly. The owners of the land in these areas made a lot of money by selling their property. Basically, it’s a demand based industry, wherein the rates and importance of the property is proportional to the demand of property in that area.