How to start real estate business in india
The real estate market in India is flourishing at the rapid pace of all time. It is one one of the promising sector in India, From the size of 120 billion us dollars in 2017, it is expected to reach 1 trillion US dollars by 2030. Due to its massive growth lot of people are attracted to this market.
Due to all the above aspects and growth in the real estate sector in India. A lot of people are looking to enter into this sector as there is a lot of opportunity in the sector. So there is a lot of questions among people who are looking to enter the sector, so today we are going to explain how to start a real estate business in India.
Step 1 : Researching about real estate market
Like any other business, we need to understand the real estate business as a whole. Before investing our time and money into real estate we should know all the in and out of their business. For that, we can consult with the people who are already into the real estate business, or else we can also get a decent amount of info through the internet.
Step 2 : Enter a specific Domain
As there are a lot of options available to opt into the real estate business. You could either go into commercial brokerage, residential brokerage, or land investment. For the start, we recommend going with the specific domain as it would become easier to look after one domain.
Step 3 : Register for required licenses.
It was easy in the early days to get register as a company. But with the latest rules and regulations implemented by the government of India, one needs to be clean with his paperwork along with his past history for company registration.
From registering your firm (as a Private Limited or Limited Liability Partnership) to obtaining service tax registration, real estate agent license, and GST registration – all are crucial and mandatory. in recent days you will hardly find any real estate agent who lacks all the above papers.
Step 4 : Be ready with business plan.
Now that you are done with the required registration and licenses. Now it’s time to make a detailed business plan. Put all the knowledge and how into building this plan and ensure that the challenges, which you have identified are duly addressed. You have to be prepared with business structure, budget, funds, and team hiring should also be included in a business plan.
Step 5 : Put a team together
This is one of the most important steps to set up a business that is building a good and efficient team. As a business owner, you cannot do and everything on your own, and there is no need to do all the things on your own. you can manage things from the peak but you should have the members to do the work for you. Don’t go to lavish while hiring, hire the people who fit for the role they are hired for and they know their job very well.