Definition of real estate in India and connecting realty to reality…

RBI DG R.Gandhi gives a speech on real estate sector in India titled as ‘Real estate and housing – a sensitive sector or Samvriddhi sector? Samvriddhi means growth..

He gives this interesting definition of real estate as per 10th Plan Com document (wonder whether Plan Com docs will be referenced in future):

The term “real estate” is defined1 as land, including the air above it, the ground below it, and any buildings or structures on it. It is also referred to as realty. It covers residential housing, commercial offices, trading spaces such as theatres, hotels and restaurants, retail outlets, industrial buildings such as factories and government buildings. Real estate involves the purchase, sale, and development of land, residential and non-residential buildings. 

Hmm.. interesting..includes air above the land…Now people might require permission to enter my owned real estate on the land…how do i prevent others from using the air above it? 🙂

And then the speech goes onto point how Govt and RBI have been over the years  trying to allow people to buy houses/real estate etc.

All this sounds good but have a simple suggestion for the polity and regulators to learn about the reality in realty sector. They should not be given any of the fancy govt houses etc to live in and be required to find their houses etc on their own. Just like most of us do.

I think then only they shall realise of the true issues in the sector. All these speeches ion housing and real sector are so artificial and unreal..

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One Response to “Definition of real estate in India and connecting realty to reality…”

  1. Himanshu Nire Says:

    A very good article indeed. Those of you interested in buying apartments in Mangalore, please pay a visit to NorthernSky Properties. For bookings call 8971446288

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