We, the humans have been instrumental with countless masterpieces throughout the world. The rise of placid skyscrapers throughout the world is one of the common examples of this beautification. The beautiful buildings that appear as if kissing the sky and make us stretch our neck; the pleasing house near a seaside we longed to own, etc., are all duet to the exemplary efforts of real estate developers. Some of the beautiful examples in this regard include the tallest building Burj Khalifa in Dubai, iconic bungalow of Mukesh Ambani's named Antilla and many more such beautiful buildings.
What is the business all about?
Real estate development also known as property development or land development, involving business activities that include purchasing land, developing land, constructing the property, renovating the property, selling and trading the property developed or bare land. All these activities are properly managed by the companies through their employees and thus giving the idea a physical existence. The difference between a real estate development and construction is that construction is just a small part of the real estate development whereas real estate development includes many activities apart from the construction.
How does a Real Estate Developer work?
The working of a real estate developer is divided into small project which is finally integrated into a large property. The typical flow of activity is as follows:
- Purchasing of land
- Obtaining regulatory approvals
- Finance for the project
- Developing the property as per the desired plan
- Marketing the property to the target customer group using a variety of marketing strategies
- Managing the property and other allied activities
- Selling or renting the property in small tranches to outright purchaser.
These developers are thus burdened with maximum risk and have the opportunity to enjoy maximum profits. To reduce the risk, some developers indulge in only a part of the whole process and thus develop a niche working and excelling in the same.
What are the recent trends in of Tier-2 cities?
In recent times, apart from Tier-1 cities, real estate developers are stretching out to city outskirts or Tier-2 cities such as Kanpur, Noida, Varanasi, Ghaziabad and many more. These locations are low on investment requirement and with the rising rural disposable income, these locations provides higher demand as compared to the city properties. A large number of reputed developers are focusing more on projects like township in Kanpur Road rather than the expensive real estate properties of the main cities.
The developers involved in such projects need to work with high quality of construction technology and make decisions, extensively focused towards the customers, such that the trust of the customers is kept intact and value is created for customers. Many a times the customers are so impressed with a particular real estate developer work that they become repeated purchaser for a long time. A strategic plan is required to carry out all these activities. These developers are formed with the guidance of their founders who are renowned persons in the locality and thus the developer firm enjoys firm leadership and rich experience which helps the firm in completing the projects.
How does a Tier-2 city real estate development project function?
The township in Kanpur Road though being on outskirts of the city but provides good connectivity to stations, airports, schools, markets and many such important places such as access to the main city of Kanpur and Lucknow itself . Development of such properties from reputable developers give rise to the local economy and thus providing employment and business to a large number of local workers and suppliers. Also such properties are developed by highly qualified and experienced team of professionals with vast industry exposure by using the latest innovation in their field.
With the advent of rising disposable income of small city population, there has been a surge in real estate development in city outskirts and Tier-2 cities, such as the township in Kanpur Road. This has given rise to reputable developers working towards providing quality work and value for the customers using their expertise.
