Last Updated on November 22, 2022 by Admin
There are many different careers in the real estate industry and even more opportunities. Working in the RE industry is a fast-growing job opportunity. There are many different ways to get this type of employment. This article discusses the real estate market in India, real estate trends, and career and job outlooks in the industry.
The real estate industry is an incredibly profitable profession, with a job market projected to maintain steady and increasingly strong growth. In 2022 after the pandemic, the real estate trends are up-and-coming, and this is the best opportunity to get involved in the industry.
What is Real Estate (RE)?
The meaning of real estate encompasses various property types, including residential, commercial, and undeveloped land. The term can be applied to both buildings and spaces within buildings used for business purposes (e.g., office space) and properties available for rent or purchase by individuals.
The word “real” is not typically used as an adjective to describe immovable property. It is included here only as it constitutes one possible meaning of the word “estate.”
As a real estate meaning some people refer to real estate agents as part of RE, but that is inaccurate. They are part of a profession known as the sales and marketing industry and may deal in other products such as automobiles, industrial equipment, and farmland, but do not deal with RE in the more traditional sense.
for the meaning of real estate, the definition is: “Real estate refers to one of three global commodity markets, namely land, buildings (immovable).“
RE is different from owning a house in two ways. First, it is the landowner, not just the structure built on top of it. Second, the owner has the right to use and develop the property as they see fit. In addition, there are many types of real estate ownership, including a leasehold or cooperative share ownership. The meaning of real estate also means the process and market for buying, selling, and renting properties.
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Types of Real Estate?
The two common types of real estate are residential and commercial. Residential real estate is for the buyer’s personal use, such as a home or apartment.
Commercial property may be used to operate a business or rent out space to another company. The most common type of residential real estate is single-family homes, while the biggest category in commercial RE is retail stores.
Rental properties are the third type, which can be apartments or houses. Finally, raw land properties have not been developed yet, but they could be with the right amount of money and resources.
Types of residential real estate
There are several different types of residential real estate, each with its own unique features and benefits. The most common type of residential real estate is single-family home.
This type of property typically includes a dwelling unit, along with a yard and any outbuildings such as a garage or storage shed.
Other types of residential real estate include duplexes, triplexes, and quadplexes, which are all multiplexes that contain two to four units respectively.
Condominiums and townhomes are also fairly common types of residential real estate. Condominiums are multi-unit dwellings where each unit is individually owned, while townhomes are similar to duplexes or triplexes in that they consist of multiple units that are attached to one another.
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Real Estate Trends in India
The global real estate consulting firm Knight Frank lists the top five trends to watch out for in 2022.
- The residential market is on a solid foot.
- The office sector has tailwinds of record Information Technology Sector hiring.
- Co-working in flexible occupier workspace strategy
- E-commerce boom to benefit warehousing sector
- Digital consumption and policy impetus to drive data center growth
The country’s central bank (RBI) is projecting GDP growth of 9.5% for Financial Year (FY) 2022 on the back of the low base of the previous year. The real estate sector is poised to benefit from this economic activity surge, with sectors like residential, office, warehousing, and data centers expected to receive the most attention.
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Industry Overview?
The Real Estate Industry in India is segmented by Property Type (Residential, Office, Retail, Hospitality, and Industrial) and Key Cities (Bengaluru, Mumbai, Pune, Chennai, and Hyderabad).
The real estate sector includes various phases of property dealings, such as developing, selling, buying, leasing, and management processes in the industrial sector, residential sector, etc.
As per the report, the global real estate market is expected to grow from $3386.11 billion in 2021 to $3741.06 billion in 2022 at a compound annual growth rate (CAGR) of 10.5%.
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The market is expected to reach $5388.87 billion in 2026 at a CAGR of 9.6%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges.
As per the report, By 2040, the real estate market in India will grow to Rs. 65,000 crore (US$ 9.30 billion) from Rs. 12,000 crore (US$ 1.72 billion) in 2019.
The real estate sector in India is expected to reach US$ 1 trillion in market size by 2030, up from US$ 200 billion in 2021, and contribute 13% to the country’s GDP by 2025. According to Savills India, RE demand for data centers is expected to increase by 15-18 million sq. ft. by 2025.
Major Industry Players
- Godrej Properties
- Lodha Group
- Sunteck Realty
- Prestige Estates Projects Ltd.
- OBEROI REALTY LIMITED.
- DLF
- SOBHA limited
- Brigade Enterprises Ltd
Kindly see this list of the 10 Top Real Estate Companies in India.
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Real estate career path
The most common path to a career in real estate is through sales. This involves working with buyers and sellers to help them navigate the process of buying or selling a property.
You’ll need strong people skills and a thorough understanding of the local real estate market. Another option is property management, which involves overseeing the day-to-day operations of properties for landlords or owners. This can be demanding, as you’ll be responsible for maintaining the property, dealing with tenant issues, and more.
If you’re interested in business, you could pursue a career in real estate development. This involves identifying potential development sites, securing funding, obtaining planning permission, and overseeing the construction process. It’s a complex job that requires excellent project management skills.
Whatever path you decide to take, a career in real estate can be hugely rewarding. It’s a great way to use your people skills and knowledge of your local area to make a difference in your community.
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Is a career in real estate right for you?
A career in real estate can be gratifying, both financially and personally. If you are thinking about a real estate career, you should consider a few things before making the jump.
First, ask yourself if you are the type of person who enjoys working with people and helping them find the perfect home or investment property. If you do not enjoy working with people, a career in real estate is probably not right for you.
Second, think about whether or not you are comfortable with commission-based pay. Real estate agents typically work on commission, so your income will fluctuate depending on how well you sell homes.
Third, make sure you are familiar with the process of buying and selling real estate. There is a lot of paperwork involved in real estate transactions, and if you’re not comfortable dealing with that kind of thing, it’s probably not the right field for you.
What are the various types of real estate industry jobs
There are various types of real estate jobs available in the industry. Each type of job has its own set of responsibilities, requirements, and skills. Here is a brief overview of some of the most common types of real estate industry jobs:
1. Real Estate Agent: A real estate agent is responsible for helping clients buy, sell, or lease properties. They work with buyers and sellers to negotiate prices, find suitable properties, and complete paperwork.
2. Real Estate Broker: A broker is a step up from an agent, and is responsible for managing a team of agents. They also handle more complex transactions, such as commercial deals.
3. Property Manager: A property manager is responsible for the day-to-day operations of a property, such as collecting rent, maintaining the property, and dealing with tenants.
4. Appraiser: An appraiser is responsible for assessing the value of properties. This information is used by banks to determine loan amounts, by insurance companies to set premiums, and by sellers and buyers to negotiate prices.
5. Mortgage Loan Officer: A mortgage loan officer helps people finance their home purchases by providing them with loans. They assess borrowers’ financial situation and help them choose the best loan products for their needs.
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Apart from the above jobs, there are other various departments in a typical real estate company, kindly check the below section to know more about this.
Each type of job has its own set of responsibilities and qualifications. For example, real estate agents help people buy and sell homes, while property managers are responsible for the day-to-day operations of buildings and other properties.
No matter what type of real estate job you’re interested in, it’s important to do your research and make sure you have the necessary skills and qualifications. With the right training and experience, you can succeed in any role in the real estate industry.
Job profiles in a typical Real Estate Company
Following are the various departments in real estate where you can apply for entry-level and experienced positions. There are several job profiles in the real estate company, from civil engineer to project manager and further to the department head.
- Construction, Engineering, and Maintenance
- Customer Experience
- Design
- Finance
- Hospitality and Property Management
- HR
- Information Technology
- Legal
- Procurement
- Project Management
- Sales, Marketing, and Business development
- Strategic Leadership
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There are many opportunities for sustainability careers in the real estate industry. The demand for sustainable buildings is increasing, and there is a need for qualified professionals to design, build, and manage them. There are many sustainability careers in the real estate industry, from energy efficiency experts to green building consultants. With the proper training and experience, you can find a career that suits your interests and skills.
Career Prospects
Real Estate in India is considered an excellent career option, as the jobs are highly demanded. The number of people who want to enter this industry is on the rise and despite most of them not being qualified professionals, vacancies still exist. As per the latest real estate trends, the job opportunities in the sector are incremental. There is a need for better training that can prepare professionals to take up ticket-sized responsibilities very efficiently.
Suppose you want to pursue a career in real estate; plenty of opportunities are available. It would help if you looked in the right places for listings.
With huge housing requirements, especially in Tier I cities and growing markets like smaller towns, the property market is ripe with opportunities.
There has been a 23% increase in real estate projects in India this year, which doesn’t even include the increasing investments from foreign markets! It is one of India’s most adventurous and profitable business opportunities today.
Many Indians are interested in buying homes to secure their financial future and have a safe space for raising a family.
Indian politics and economy are stable; hence there is less likelihood of higher volatility in the market, thereby giving buyers more confidence in investments. Employers should know that talented employees usually choose more compensation over time to avoid workplace flexibility.
As per the cnbctv18 Consultancy firm, CIRIL said in a report that the Indian RE market is poised to touch Rs 65,000 crore by 2024, and by 2025, this sector is expected to contribute to 13 percent of the country’s GDP.
The career prospects are excellent for people who want to make their career in the Indian real estate industry.
Where to Find Real Estate Jobs?
If you’re looking for real estate jobs, there are a few places to look. You can find them by searching online, going through classified ads, or even calling friends or relatives to see if they know of any companies hiring.
Some other places to explore would be at job fairs catering to those in the RE industry or contacting companies hiring and sending an application in.
These types of jobs will vary greatly depending on the company. They might require salesmanship, marketing skills, and customer service experience; you could get hired as a landlord yourself! Remember these tips when applying for jobs, as they can save you time and help with your job-hunting endeavors.
Following are a few trusted online sources where you can find real estate industry jobs.
Conclusion
The meaning of real estate is any property owned by someone or used by a person to make money. Land, buildings, and commercial property are all examples of what RE might be. The real estate industry job market is booming, and there are plenty of careers and jobs. This type of economy is a great time to get into the field.
In conclusion, the real estate trends are very encouraging, and the industry offers many career opportunities and jobs for people eager to enter. This can be a significant change in life for those looking for success and a new experience. The industry is constantly changing, so it is best to stay on top of trade organizations and educational opportunities to ensure yourself the best possible job.
FAQs
There are a few different sectors in the real estate industry, including commercial, residential, and industrial. Commercial real estate includes office buildings, retail space, and hotels. Residential real estate includes single-family homes, multi-family homes, and condos. Industrial real estate includes warehouses and factories.
The real estate sector in India is expected to reach US$ 1 trillion in market size by 2030, up from US$ 200 billion in 2021, and contribute 13% to the country’s GDP.
The job that makes the most money in real estate is undoubtedly that of a real estate agent. While there are other very lucrative positions within the industry, such as real estate developers or property managers, agents make the most money.
Real estate is a promising career option! It’s a stable industry with consistent growth over the years, and there’s always a demand for good real estate professionals. The job market is quite competitive, but you can succeed in this field if you have the right skills and experience.
The real estate industry offers a variety of career paths with the potential for good growth. For those just starting out, positions such as real estate salesperson or property manager trainee are common. With experience and success, one can advance to broker or company owner roles. There is also potential to move into related fields such as mortgage banking or appraising.
