Introduction The term ‘Real estate’ includes land, including the air above it and the ground below it and any buildings or structures on it. Also referred to as realty, it covers residential apartments and housing, commercial office places and trade centres such as hotels and restaurants, retail complexes, theatres, industrial buildings such as factories and government buildings. Real estate involves buying selling and developing land, residential and non-residential buildings for various purposes. The activities encompass construction and hosuing, too. Generally, Real Estate in related to ‘immovable property’ which is defined as following under Section 3(26) of the General Clauses Act, 1897 : “Immovable property is not a movable property …show more content…
It has now become a major contributor to our GDP as well. Post the liberalization of the economy, there is growing requirement of real estate due to commencement of several kinds of businesses. The consequent increase in business along with migration of the labour force, human resources has increased the demand for commercial and housing space, especially rental accommodation. Developments in the real estate sector are a consequence to the fast developments in the retail, hospitality and entertainment industries, economic services and information technology enabled services etc. The real estate sector is a major employer in India, being second only to agriculture. There are several connects this sector has with the rest of the economy. About 250 ancillary industries that include cement, steel, brick, timber, building materials etc. are dependent on the real estate industry. Indian Real estate sector is one of the most thriving industries of the present times owing to the landscape, huge land area, rise of disposable income and rise of tier 2 and 3 cities. The future forecast is that the rise in prospects of Indian property market is going to attract all major investors to this vast land of opportunities in the coming years thereby giving a boost to already raising foreign direct
Compensation must be provided to the person whose property is being bought. Each country should work to set a standard for what is a fair market price, to prevent any people from inadequate compensation. The value of the property must be taken into account, and the effect this will have on their way of life. If a person is, for example, losing their home, the government must provide enough money to ensure that individual is able to relocate comfortably.
The housing market is very unique as unlike other goods and services, houses have permanence, it is a fixed location good causing the rules of supply and demand to be taken to new extremes. In the case of the Toronto housing market we can view in almost real time the role supply and demand play on he ever increasing house prices, additionally the fundamental economic issue of scarcity is made extremely apparent by the limited size of the city of Toronto.
2. Provide an example of a government-created monopoly. Is it a bad public policy? Why?
Markets have a big impact on the economy of any country. In the United Kingdom, one of the main markets that effects its economy is the housing market. According to FTI Consulting LLP (“FTI”) (2012) housing is of intrinsic importance to the economy and society. Housing has a dual role as: a human need, through its functional use as somewhere to live and the influence of its attributes on people’s well-being; and an asset, given that for many it is a long term investment which represents a large proportion of their wealth. The housing market is divided into two main types, the first type of housing market is known as the rental market where tenants rent properties from landlords (Anderton, 2008). The second type of housing market is the owner-occupied market where people buy a property in order to live in it (ibid). In recent years, several non-price factors have led to the increase of property prices in the United Kingdom. These factors are subcategorized into non-price factors of demand and supply. According to Anderton in Economics (2008) “demand is the quantity of goods and services that will be bought at any given price over a period
Professor Quintero PS-102 December 13, 2016 Eminent Domain The Fifth Amendment states “No person shall.be deprived of life, liberty, or property without due process of law; nor shall private property be taken for public use without just compensation.” This reserves specific rights to any United States citizen and guarantees that the government cannot just take your property and get nothing in return. Eminent Domain relies on the inherited right of the government to seize private property and or property owned by private citizens. Does it make it ok to have what is yours and only yours just taken away as long as it is for the common good and some money?
"Real Estate Agents and Brokers." Encyclopedia of Careers and Vocational Guidance. 15th ed. Vol. 5. Chicago: Ferguson's, 2010. 235-44. Print. Ferguson's.
In our modern democratic society, many Americans have come to enjoy the freedom of traveling to various parts of the U.S. to visit our national parks and historic landmark. To get to these destinations, we travel by land, sea, and sky. Though our destinations may take us to the middle of a forest, such as in the the cases of Yosemite or Yellowstone National Parks, we are able to acquire clean water, and have access to modern sanitation. Our enjoyment of these national treasures is greatly enhanced by the relative ease of access these these places, and by the modern sanitation amenities which most Americans have grown to expect. The land upon which many of our national landmarks and roads reside were
For fiscal 2011, the real estate allocation was around 28% of its assets. The real estate portfolio of Yale was reviewed by their real estate managers and Yale’s had exercised a wide range of control and continuously reviewed the investment decision of the real estate managers. Additionally, they had pared its portfolio to focus on those managers with whom the staff was most comfortable in terms of people and execution. Since there has a lot of challenges invest in the real assets, recently, Yale’s has considering to reclassify the real assets into two groups, real estate and natural resources (oil and gas, minerals and mining, and timberland).
Many studies have shown that adolescents residing in low income or high crime neighborhoods are more likely to get involved with deviant behavior or committing criminal acts. (Deutsch, 2012) There are several neighborhood factors that affect the crime rates of the neighborhood such as overcrowding, low economic status, the neighborhood’s reputation and its residential instability. These may create a disorganized community, leading to distrust and cynicism among residents in the community. As a result, there would be a higher rate of opportunities for crimes and delinquency. (Kurlychek, 2011) Thus high rates of crimes and violence are more likely to occur at these areas.
Do you own property? Are you happy where you live? What if the government said they were taking your property, but they were going to pay you fairly and possibly help you relocate? Eminent domain is the power for the government to take private property from the owner for public use. Doesn’t seem like a great deal for the land owner, especially if it were you. While eminent domain needs no constitutional recognition for governments to use, the US Constitution states: “nor shall private property be taken for public use, without just compensation” (US Department of Justice). Governments have been using the power of eminent domain for ages, and when they use this power, it is usually to preserve, improve, or provide something for the public. Over
Buying or selling a house or an apartment is one of the biggest decisions of a person’s life. And when selling or establishing a price for real estate, people seek out real estate agents to do the dirty work. A real estate agent has to convince a prospective homeowner that he or she is trustworthy and knowledgeable. In many ways, the agent acts as a counselor to individuals and families about to embark on a huge commitment. Real estate agents have a thorough knowledge or real estate market in their community. They
Most people, today, are looking forward to buying their first property. When individuals decide to buy a house those individuals would have to look at all their options and all the advantages and disadvantages that come from purchasing a house. The economy plays a huge role in the decision whether people will purchase a house, purchase a condominiums, or rent property.
There are many papers which argue what market structure real estate agencies fall under. Coiacetto (2006, 1, Online) argues “that it is not necessarily a competitive industry and, in some instances, can be highly oligopolistic.”
There are various influences on everyone’s lives while growing up. I believe the greatest of these influences is the neighborhood you grew up in. I grew up in a quite large, welcoming neighborhood. While living in this neighborhood, I was outgoing and remarkably talkative. Making friends became second nature to me. Playing outdoors from sunrise to sundown playing sports or exploring the outdoors with my friends became a daily routine for me. I was outgoing, talkative, and active. I believe this is the result of the neighborhood I grew up in.
Every person with a job, no matter what occupation, makes an impact on society in some way, shape, or form. Some people leave their legacy by defending people in court, some saving lives in a hospital, and others planning and building works of construction. These planners have a large-scale effect on everybody in society and have an eye for detail, as well as enjoy using mathematics to ensure proper construction. That is why I have chosen architecture to be my career. An architect is a person who designs buildings and supervises their construction. A broader view of an architect is a person who is responsible for inventing or realizing a particular idea or project. Architecture varies from the pillars of the Greek Parthenon, to peoples’ homes. I often find myself marveling over the design of large-scale building projects such as the skyscrapers of New York City. Most of these buildings belong to a myriad of well-known companies such as Chase and Toshiba. That is why I have particularly chosen to become a commercial architect.