The Tier I cities are the right place to start a real estate business. The industry is currently experiencing a big boom. The growth in economy and the increase in the income capacity of the Indian consumers are solely responsible for the growth in the industry. The cities like Bangalore are now in a constant rate of growth. Currently, the city is expanding in its own terms and including the suburbs within its perimeter so that the high demand for new lands can be met. It means that starting a real estate business in Bangalore can be a great opportunity.

Starting a business in real estate industry

It has been estimated that the current industry will touch the level of US$ 180 billion within two years. Becoming a part of it will bring a great fortune in the near future.

As a realtor

The construction part of the industry is the most lucrative one. In this division, you will have to venture to find the provisions such as land, building material, human resources, etc to give shape to a new real estate project. Realtors plan an important role by creating the bridge between the real estate construction company and the clients. The customers will use the realtors to find the right property in the city and possess it.

To become a realtor in the first place, you will need to make certain arrangements in term of legal matters.

• Business registration

First, the registration of the company is of utmost importance. Registering as a private limited company or as a limited liability partnership can bring a good fortune as the customers will be able to trust your work. The existence of a registered company name is very important to become a legit player in this competition.

• Service tax registration

The real estate consultant or agent will need to register himself under the Service Tax Act. As per the act, a person rendering a particular service related to purchase, lease or sale of a real estate property in terms of commission should get registered. The act says that those who have or estimating an income of INR 9 Lakh per annum needs to get the service registered as they fall under the tax bar.

• Real estate agent license

The third important step is gather a license for certifying yourself as a registered and licensed professional. As the real estate industry in Bangalore is getting more organized. It means that a real estate agent will have to pay INR 25,000 to gain a license. A company will need to pay INR 50,000 to gain a license to render service in the market.

Check Before Start your Journey

Step 1 Research and Evaluate- Research about projects price and evaluation, and check the location and  necesseary things before  to start.

Step 2 Pick and choose a specialty- firstly choose a product on residential or commercial properties. and also set your budget for marketing and others and then start your work.

Step 3 Obtain the required licenses and registration- You can must apply for all necessary licensed and registration docouments. 

Step 4 creat out a Business plan- Work on a business plan according to your marketing and sales budget.

Step 5 Put together a brilliant team- Hire only fresher or minimum exp. empolyies because the freshers work better than experience person. 

Summary

These criteria need to be maintained in the first place so that the real estate business can be initiated. After meeting with the legal formalities, the business will need a specific zone to render the services. Choosing a location and setting up a physical platform are mandatory to bring confidence in the clients. This is how one can initiate a real estate business in Bangalore. Godrej launched a new project in Bangalore Godrej Aqua residential apartment.