Real estate is property consisting mainly of the structures and land on it, and its accompanying natural resources like water, minerals or plants; immovable personal property of this kind; or an equitable right vested upon the owner of real estate, buildings or land in general. Real estate today is vast in extent and includes such diverse categories as apartment complexes, condominiums, residential farms, ranches, office buildings, warehouses, shopping centers, resorts, hotels, motels, and manufacturing plants. In most cases, these real estates are leased for a fixed period of years, and there are many who invest on a piece of real estate for rental or as an investment. This industry is very dynamic, and one can find huge investments made by individuals, multinational companies, authorities and even by institutions. In the United States alone, the revenues of real estate are estimated at almost $50 billion dollars annually.
The real estate market in India includes both residential and commercial properties. It is estimated that almost fifty percent of the total number of investment properties are in the form of apartments, houses, and commercial plots. These properties are used for different purposes and may include flats, room suites, row houses, villas, bungalows, plots with multiple units, industrial spaces, industrial warehouses, office spaces, shopping malls, shopping areas, industrial lands, agricultural lands, etc. Thus, the real estate industry works in all dimensions, and the industry itself caters to all segments of the society and economy. There are many new developments taking place in the field of infrastructure and construction and urban development.
The real estate developers seek help from developers of this kind to develop large estates, and in this process they sometimes use the services of lawyers and accountants, while taking care that all legal formalities are handled properly. The developers of real estates use land as the sole real estate asset, and therefore, this asset is termed as personal property. In certain cases, the land is held as a joint property by more than one person, who actually holds the entire property. However, it is always advisable to consult an attorney in case of any doubts.