BRIEF HISTORY AND PAST WAYS OF WORKING -How much real was real estate ?
5th October 2017
history of real estate, Real Estate
Brief History & Past ways of working
As one of the biggest employers of human resource the real estate sector was largely unregulated.Due to this there was no control and lack of effective regulations lead to some misdemeanours in real estate.Brief history shows that developers made promises and largely forgotten their promises.History has taught us that excess of everything is bad and this lead to rising defaults in terms of delivery and soon developers found honeymoon was over .In past you could see at one time everyone was into real estate as brokers,investors and developers.You could see everyone telling something,buying something or making people buy something . Investors became brokers and in return brokers become investors . It was crazy scenario in which you must have seen doctors selling real estate. Everyone was making money and since return from real estate was so good that doctors left their practices and soon real estate had their own doctors .
PAST ILLS IMPACTING REAL ESTATE
Flaunting BMW’s and Audi’s was status symbol. You could see the that there was no focus on real business i.e selling real estate .Real became totally unreal. And by the time industry people realized it was too late. Those who made money parked money in some projects which could never see the light of the day. Life came full circle . There was no tomorrow. All hope lost.
EFFECTS ON REAL ESTATE
Effects of this we could see in unfinished projects across cities and lack of funds resulted in concrete eyesores . Dreams were shattered and many livelihoods suffered due to severe wrong bets by developers. We could blame no one as every sector goes through a learning curve. It was human greed which did all this . Greed that had no end. And people behaved in a way as there is no tomorrow. Live life king size.
Now when we try to make sense out of this past craziness and look back then we realize , real but so unreal . And you might remember that one movie -back to future . And wish we could go back in past and correct whatever we could and make our future perfect . Let’s correct ourselves and make it really real .
Real Estate Institute Of India is Real Estate Focused Industry Think Tank With The Sole Purpose Of Providing Value Inputs For Industry Benefit. Key Areas Will Be Education & Consulting . In spite Of Being Largest Provider Of Jobs In India Real Estate Was Largely Unregulated. Now With RERA Implementation Industry Is Looking At Regulated Market And Will Need More Trained Man Power. REII Is Poised To Take Leadership Position In This Domain. It Will Conduct Surveys,Research And Seminars For The Benefit Of Stake Holders.