How to start a real estate business Full information – Starting any business is always a task full of effort, we get success only by going through many efforts and difficulties. But if we work continuously and whole-heartedly in a business, then success may be found a little sooner. Therefore, before choosing any business, it is absolutely necessary to have complete knowledge about it.
Today we are going to share information about real estate business with you through this article, so let us know the whole process of starting this business:
What is the real estate business?
Future of real estate business:
The real estate business in India is growing all-round, and even today it is establishing itself as a big and profitable business like other big businesses. It is estimated that by the year 2020, this business could grow to 2000 crores, which is quite good.
Changes in real estate business:
Many people did not give real estate business as much value as it deserves. But recently many improvements have been witnessed in Indian real estate. The implementation of the Real Estate Act (Act) has led to the introduction of concepts such as real estate investment trust (REIT) and title insurance.
Due to these, Indian real estate is now taking shape to become a more transparent and customer-friendly business. It is a pleasure for both, whether they are customers who own a home or property or who want to step into this field to start a real estate business.
Real Estate Business Registration:
Before starting a real estate business, you have to decide whether you want to start your business in this field personally or as a company or partnership, etc. In addition to doing business personally, if you want to start a business in a company or partnership, then you have to register your business with the right authority.
To make your business financially stable, making a financial budget is very important, it is a difficult task but the right kind of financing is very important for the future. If you want to start a business personally then you can start a business by investing your capital, But if you want to start your own company then you will need more capital. For this, you can take a loan from a bank, but remember that a bad loan can make your business worse in the future. Therefore, before taking a loan, know all its terms and conditions.
The implementation of the new Real Estate Act (Act) has brought a big change in the world of real estate business. Now before setting up a real estate business, you will need to register under RERA for the respective state where you want to work. This can be done easily by contacting a consulting firm.
Registration can either be hard work or it can be done easily with the help of a good consulting firm. A good consultation firm is able to get your registration done within a day or two. After registration, you will get RERA number which you will have to give in all future deals.
Taxes in the real estate business
For business activities, different taxes apply. So first you have to be aware of them. If you have to work as a personal agent, you have to pay income tax, because, for registration under RERA, it is required as a mandatory document.
If you have included any company etc. in your business, then you will also have to apply for the GST number, which is important due to the recent Goods and Services Tax being implemented. This is now a mandatory step as all financial activities should be in accordance with the central government.