Want to start your own real estate business in India? Keep reading to learn how.
The Indian real estate sector is projected to reach US$ 1 trillion by 2030 and is expected to contribute 13% to the country’s GDP by 2025! These numbers attract many newcomers to the market. Despite established players, the real estate industry offers ample opportunities for newcomers.
Starting a real estate business in India involves several steps, from legal requirements to market analysis and marketing strategies. Here’s a general guide to help you get started:
1. Conduct Through Research
Like in any field, researching the subject is crucial before devising a successful company strategy. Starting by seeking advice from experienced professionals in the industry can be beneficial. If you approach them without being seen as a competitor, they’re often willing to share their experiences and insights, offering valuable tips for your journey in the real estate business.
Moreover, several companies across India organize seminars and training sessions for aspiring real estate professionals. Participating in these events can boost your confidence and expand your knowledge in the field.
2. Pick A Speciality
The real estate sector is diverse, offering various career paths. Research different roles available in areas like land investment, commercial brokerage, or residential brokerage. Choose a specialization that resonates with your interests and skills.
Focusing on a single area initially allows you to gain expertise and establish yourself. As you grow and learn, you can expand your business or venture into other aspects of real estate, leveraging your experience in your chosen field.
3. Register Your Business
The subsequent step involves registering your business with the relevant authorities. To start, you’ll need to register under RERA (Real Estate Regulatory Authority) in the state where your business operates. You can engage a consulting firm to assist you through this process. Upon completion, you’ll receive a unique RERA registration number as a reference for all your future dealings.
4. Apply A business License
Managing a real estate business in India involves obtaining various licenses, which have become mandatory due to legal developments and industry regulations. Registering your business requires a real estate agent license, GST number, and service tax registration. If working independently, filing Income Tax and providing documents for RERA registration are essential.
Having at least one of these licenses is typical for real estate agents. Ensure you obtain these necessities before starting your business journey. Moreover, acquiring licenses is pivotal for a strong start and helps in accessing affordable business loan interest rates if seeking a loan.
5. Make A Business Plan
Whether you plan to start a real estate business, a departmental store, or a paint factor- all this requires planning. Writing your business plan will help you see your vision more clearly and help you catch even the minute details you may skip, which can cost you money. Therefore, Brainstorm ideas and create a comprehensive business plan. Ask questions like:
- What is your business vision?
- How do you plan on funding the business?
- How do you wish to expand?
Put your industry knowledge to use and identify your challenges, business competition, targeted areas, and more. Once you write your business plan, find a mentor to help review it and point out the loopholes or intricacies you may have overlooked. Many seasoned brokers and realtors seek assistance with existing real estate companies or potential future partners.
This business plan will give you direction and help you qualify for a business loan. Take this as the groundwork for your business—the stronger the foundation, the stronger the building.
6. Expand Your Network
To thrive in the real estate sector, focus on building your network! As a beginner, engage in situations where you can forge new connections, meet people, and offer value. After establishing your business, connect with industry peers to broaden your portfolio. This expands your market presence and boosts business through your contacts. Additionally, advertise your business and establish an online presence to seize growth opportunities.
7. Make your business Online.
Remember to consider the importance of being present for your target audience on key websites. Nowadays, consumers research extensively online before visiting real estate sites, allowing them to evaluate options efficiently and save time and money.
Focus on creating a welcoming, informative, user-friendly website, effectively communicating your ideas. Utilize this platform to promote discounts or limited-time offers to attract potential customers. Explore various real estate advertising methods, from social media to magazine ads. Experimenting with different approaches can yield the best results for your business.
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