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The property consists of land (or vacant land), structural units like buildings, and roads that come to be known as real estate. A group of such properties comes into the category of the real estate sector. The real estate sector is further divided into four different types mentioned as land, residential, commercial, and industrial. Each type of real estate sector, along with its utilities, is given below:
- Land – The fundamental type of all real property can be further rezoned and utilised as per application. It can be used for agriculture, source of natural resources, reserves for flora and fauna, etc.
- Residential – It can be used as housing for one person as well as families or groups of people. The examples for this category are houses for single members and families and houses for groups of people like apartments.
- Commercial – It is a type of building that is used for commercial purposes. Examples of this category are shopping malls, parking lots, medical stores, etc.
- Industrial – It is a type of infrastructure for setting up plants for industrial purposes. The examples for this category are manufacturing industries plants like car manufacturing, dams, etc.
Real estate impact
According to the study, real estate was found to be the most renowned sector around the globe. The growth of various countries was estimated based on the infrastructure of real estate. In India, real estate has become another major growing sector after agriculture, and it is estimated to rise up to 30% in the upcoming decade.
As per the latest statistics, the sector involved in construction and real estate has a major contribution to the overall growth of infrastructure in India. Such a dynamic reputation of real estate is governed by the different levels of proficiency and monetary resources, which results in rising in the Indian economy at a global level. In the last 15 years, the commercial sector of real estate found a recovery option from the financial crisis and is likely to grow to 102 billion US dollars from 14 billion US dollars in the next decade in India.
The impact of real estate was found in the commercial sector, and it has greatly influenced the community’s outcomes. Its impact varied from single-member to family, town to city, etc. With such a great impact, it has been the largest investment sector deciding the overall growth and economy of the country at the global level.
What is a real estate bill?
A real estate bill promotes and authorises the regulatory functions of the business occurring between promoter and buyer under the rules and regulations of jurisdiction issued by the commanding authority.
The real estate bill was first introduced by the UPA government in 2013. After a gap of nearly two years, this bill was approved on 7 April 2015 by the Union Cabinet of the current National Democratic Alliance government with certain amendments in the parliament. This bill has its prominent features given below:
- The sole purpose of the bill is the regulation of transactions of residential real estate projects between buyers and promoters. For authentication, Real Estate Regulatory Authorities (RERAs) have been established in every state.
- All residential sector projects should register with authorised officials; else, they cannot be booked by either promoter or buyer.
- According to the real estate bill, Real Estate Appellate Tribunals have been established to appeal against the orders of RERAs.
- The time limit for the decision of these cases for the regulator is 60 days. All necessary information regarding the property is recorded in an invoice known as the real estate bill book. The format of this bill book has important credentials as transactions occurred between buyer and developer, taxes, etc., regarding that property which makes it crucial and substantial.
Conclusion
The real estate sector has a great influence on the overall growth of the country’s progress at the global level. Their impact can be increased more effectively by the implementation of the bill by various means like RERA, REAT (Real Estate Appellate Tribunals), etc. Various sections of this sector, i.e. land, commercial, residential, industries, etc., need to work in a synchronised manner under the governing authorities for a better future. This bill provides transparency and an unbiased relationship between buyers and developers. Such implemented scenarios guarantee the rise of a country’s economy at the global level efficiently.
