WHAT IS REAL ESTATE?

I keep getting asked this question.. especially, when I meet new joinees into Real estate as well as seeking youngsters…. the older ones always pretend that they know much more, even though many would just know how to spell Real estate.

I am no comprehensive authority to be delivering the last word, though, I have been part of the real estate industry in India, and have been part of buying, selling, leasing, advisory & finding of deals. Let me try & answer the question.

Legally speaking, Real estate is a fixed stationary asset, including the land on which any building or other asset is created. It may be known under different legal terms in different parts of the world. In some places, it is known as Realty,property, real property, immovable property etc. It can include land, building, house etc.

There are other connotations too, used by many a practitioners in the real estate industry who literally use the English word “REAL”, as in true form, and glorify the trade. I may or may not agree with many, but, any estate which is real, is real estate… there has to be a measurable existing land or built up space (may or may not include the fixtures & fittings) which can be referred to real estate.

Since it is classified as an asset, it needs to have some specific ($) value too.

You can talk to me more on this on menon@certesrealty.com OR connect@ramesh-menon.com, if I am required to contribute in any ways.