Real Estate is one of the leading businesses that help in the economic growth of the country. Any sort of construction done above and below the land, air rights, and underground rights are termed as real Estate. According to Hirsh Mohindra, Real is derived from the Latin word res or Rex, which means royal since Emperors are in the habit of possessing more and more land in their kingdoms. Previously, only those people who are owners of Rea are eligible to exercise their franchise in America. Residential properties comprise of newly constructed houses for living as well as resale homes. There are several categories of residential properties, such as a building complex where there are different living apartments suitable to every size of the family, housing societies, duplexes, triple-deckers, quad lexes, homes for different income groups, homes built for spending vacations and many others. Commercial properties consist of shopping malls, educational institutions, hotels, offices used for commercial purposes. Many buildings have apartments rented out for residential purposes, which are often considered commercial because they are used to generate income. Factories, buildings used for manufacturing, and several rented out godowns come under commercial category. Real estate buildings used for research and development, storage, and distribution of goods are considered commercial. There are different land types, such as vacant land: farmhouses and large farms used for raising cows, sheep, and other livestock. Vacant land is classified into the following subcategories: Undeveloped land, underdeveloped land, and land that is developed by the subdivision. Buying and selling different properties and developing various colonies also come under real Estate as said by Hirsh Mohindra. Real Estate is one of the major components in deciding the economic growth in America and several other countries.
Moreover, the construction of new residential, commercial, and industrial properties adds to the nation’s gross domestic product. The share of the real estate business was 1.5 trillion dollars in the USA in 2018, which is 6.2 percent of America’s GDP. This shows how the business is taking the lead in the Cumming years. Home Building is another category that forms the part of the Real Estate. It mainly includes building townhouses, condominiums, and single-family homes that also falls in the same category. As explained by Hirsh Mohindra The business includes two category sellers and buyers. Some intermediate agents connect both. However, the seller agent finds buyers by using professional contacts. This, in a way, helps in the smooth continuity of the profession. Construction of properties in the real estate business helps in increasing the gross domestic product of the nation. Thus many people nowadays focus on investing in real Estate. America, the leading business hub, also includes real Estate in its developing strategy. The business comprises of factories and rented godowns as well. All this commercial activity together make Real Estate business a big Hub.