The popular case study of 2017 - A real estate lesson of the
Unitech case. It has revealed some commitment failures of the owners in
Gurgaon, Sector- 70.
Let’s talk about real estate and its working so that readers
can have a deeper understanding of the issues which can come up in this
industry.
Real Estate can be defined as the land and any permanent
enhancements connected to the land, whether natural or human-made- including
water, trees, minerals, buildings, homes, fences, and bridges. Real Estate property can be
termed as real property. It is different from personal property, as this
property is not forever linked to the land, like vehicles, boats, jewelry, and
piece of furniture and farm tools.
Physical Attributes of Real Estate
Immobility: Some components of land are removable, and
therefore the topography is altered. The geographic location of any part of the
land can never be modified.
Indestructibility: Land is
sturdy and unbreakable.
Uniqueness: No two
parcels of land is precisely the same, although they’ll share similarities.
Each portion differs geographically.
Types of Real Estate
1.
Residential Real Estate: This type includes retail (re-sale) and new
construction houses. It’s the property of land used for residential functions.
The most common example is single-family homes. Other examples are
condominiums, townhouses, duplexes, triple-deckers, vacation homes, and
multifamily residents with less than five individual units.
2.
Commercial Real Estate: This type of property is wholly for business
functions, reminiscent of flat complexes, gas stations, grocery stores,
hospitals, hotels, offices, parking facilities, restaurants, looking centers,
stores and theatres.
3.
Industrial Real Estate: This type of property is used for
production, distribution of goods, research, storage, analysis, and
development. Examples are manufacturing buildings, power plants, and
warehouses.
4. Land: It
includes working farms, undeveloped property, vacant land, and agricultural
land (orchards, farms, ranches, and timberland).
5.
Specific purpose: This is the type of property employed by the general public, like a graveyard, government buildings, parks, libraries,
worship places, and faculties.
Economic attributes of Real Estate
- Scarcity: Land isn’t considered rare; the complete stock is set.
- Improvements: It can be defined as the effects on the property’s value if there are any changes made in the land. Enhancements of a personal nature (homes and fences) are remarked as improvements on the land. Developments of a public nature (e.g., sidewalks and sewer systems) are referred to as improvements to the land.
- The permanence of investment: Once the land is improved, the capital and labor utilized to build the progress represent a sizeable fixed investment. Even if a building is dismantled, enhancements like drain, electricity, water, and sewer systems tend to be permanent as they can’t be eliminated (or replaced) economically.
- Location or Area Preference: Location generally refers to the place of interest of a person regarding a given area. The choice is supported through convenience, standards, and history. This attribute is amongst the foremost necessary economic characteristics of the land.
The working of the Real Estate Industry
Real Estate conjointly refers to manufacturing, buying, and trading real estate. Being a significant driver of economic growth, this industry certainly affects the country’s economy.- The construction of new buildings is an essential constituent of gross domestic product. It involves residential, commercial, and industrial premises.
- The New Homebuilding is a crucial class. The construction of single-family homes, townhouses, and condominiums are the ones in this critical category. The National Association of Home Builders offers monthly information (data) on house sales and average costs. The data on house sales is a major economic indicator. It takes four months to deploy a trend for brand new homes sold-out.
- Real Estate Agents help owners, businesses, and investors to purchase and sell the first four types of properties mentioned above. This industry is often segregated into experts that concentrate on one amongst the types.
- Sellers’ Agents contribute by finding the buyers through their professional contacts or Multiple Listing Service. They label your property with a particular price, using a comparative list of lately sold properties called “comps”. They help in cleaning your property so that it becomes the potential candidate for the customers to buy. They also help in negotiation with the client, serving to you the best worth attainable.
- Buyers’ Agent recognizes the native market; they will find you a property that fulfills your most vital criteria. They conjointly compare costs, as it permits them to provide you guidance for affordable places. Buyers again bargain for you and convince the vendor to settle for a cheaper price. They also provide their assistance with the legalities of the entire process, along with title search, review, and finance.
Projects in Gurgaon
- Affordable Housing Projects in Gurgaon
1.
Pyramid Midtown, Sector 59, Golf Course Extension
Road (5.5-acre project sizing 587- 591 sq. Feet with 100sq.feet balcony) |2 BHK
flat|
2.
OSB Palm Heights 70, Sector 70, near SPR (Southern
Peripheral Road ( 5 Acre Project with 700 2bhk flat)
3.
Signature Golf Greens, Sector 79 (5-acre project,
1bhk and 3bhk flat with 14-floor Structure)
4.
Mahira Homes 63, near Dwarka Expressway ( 1 BHK, 2
BHK, and 3 BHK flats with a 14-floor structure)
5.
MRG World The Balcony (5.5-acre project, 2BHK
apartment)
6.
Pyramid Altia ( 5.5a acre land, 1 & 3 BHK
apartments)
7.
Rof Alante 108 (5-acre land, 2 & 3 BHK
apartment)
8. Pyramid Pide, Sector 76 ( 5.5 acres, 2BHK apartments)
- Luxury Projects in Gurgaon
1.
DLF- The Carmelias, Sector 42, Gold Links, DLF
Phase 5, Gurgaon( 7350-16000 sq. Feet)|Price by Invitation|
2.
Conscient- Hines Elevate, Sector 59, Golf Course
Extension, Gurgaon (2095-3395 Sq. Feet)|3 &4 @ BHK 2.20Cr*onwards|
3.
Grand Hyatt Residencies, Sector58, Golf Course
Extension Road, Gurgaon (4625 Sq. Feet) |Price by Invitation|
4.
Trump Towers, Sector65, Golf Course Extension
Road, Gurgaon (3525- 6050 sq. Feet) |3 BHK @ 5.56Cr*onwards|
5.
Paras Quartier, Gwal Pahari, Gurgaon (5350
&6000 sq. Feet) |4 BHK @ 5.08 Cr*onwards|
6.
Central Park- Sky Villas, Sector 48, Sohna Road,
Gurgaon (5710 sq. Feet) | 3BHK @ 10.22Cr*onwards|
7.
Sobha International City- Sector108, Dwarka
Expressway, Gurgaon ( 400-500 Sq.yd) |4BHK @ 4.45Cr*onwards|
8.
Mahindra Luminaire, Sector 59, Golf Course
Extension Road, Gurgaon (2985- 4887 sq. Feet) |3BHK @ 4.18 Cr*onwards|
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