The real sector is flourishing with the jet speed in India. With the remarkable investment of $120 billion in 2017 to the expected skyrocket of $1 trillion in 2030, the number says it all. Investors from every background are keen to invest in the biggest venture, in which millennial accounts the major section. The current scenario was not as flourishing in the past but with enhanced transparency and enforcement of better institutions like RERA, REITs and title insurance, the already established industry of housing is much secure and in better care than before.
Indian Real Estate industry comprises of varied professionals of different backgrounds and different diasporas of housings, commercial spaces & hospitals, etc. It constitutes of a bunch of members deployed on different hierarchy, from builders, architects to the material supplier from brokerage to basic agents, together they are an essential element of this proliferating industry and contributing equally to every bit of it.
Here is a guide to the newbie in this real estate paradigm so that they can invest wisely with utmost optimum returns.
- Extensive Research – Like any other profession or any new academy to take admission in, every other individual does extensive research prior to digging into the domain. Same applies to the real estate structure. As a beginner, you must to the comprehensive research & a study which is coherent and is quintessential for your heavy investment. One of the most efficient ways to get an overview is to contact with the veterans and gain significantly.
- Complete your Legal Formalities – As far as legal formalities are concerned, the buyers accelerate their trust onto the firm with accomplished legal refinements consisting of several industry laws, license & registration. From registering your firm under PVT limited or limited liability partnership, to obtaining service tax registration, the real estate agent license & GST license is all essentially compulsory. These days it is rarely seen that the real estate agents sans this legal framework.
- Work on the business plan – Now when the legal formalities & research is done, hop on to the making of a detailed business plan of your investment. In order to give it an exact model, make sure that the challenges have been mentioned along with the objective and scope of the achievement. The strategies on which you will work must be addressed in the area of fund and budget structure in order to gain maximum benefits.
- Build an efficient team – This step does not demand your real estate anatomy but a team of efficient members who can actually take your objective professionally and land onto the best results. Always hire the best in a particular field, don’t go for the extravaganza recruits. Be it sales, marketing or the project managers, building an efficient team who works professionally and do justice with the task they have been employed to, must be the priority. Furthermore, always go for experienced and semi-experienced members in the team but also train the one who joined later so that the entire company is on the same page.
- Go online – As in the 21st century, every other individual is tech savvy majorly the millennial, it is very essential to mark your significant presence on the internet as well. Before even visiting the site, the buyers take a virtual tour of your entire real estate company & also your past work. It not only saves time but it can also help in getting an apt review from the feedback section which can alter the buyer perception.
As Pankaj Bajaj, Eldeco MD says, “The key is extensive hard work prior digging yourself in real estate venture is the absolute demand along with excellent strategies & teamwork”.