How to become a real estate developer?

Everybody wants to know how to become a real estate developer nowadays because it can be a very lucrative job. You must know that real estate developers are responsible for managing the tasks that involve converting ideas from paper to real property and selling it to customers. For this, a real estate developer may buy land, assist with the financing of real estate transactions, work with builders to design and build a building on a piece of land and determine how to sell the land or structure to clients.

If you want to become a real estate developer, you can follow this process:

• Buy a tract of land

• Determine the property’s marketing

• Develop the building program and design

• Get all the required public approval and financing

• Construct the structures

• Finally, rent out or sell it

A real estate developer works with several different counterparts along each step of this process, such as leasing agents, contractors, engineers, city planners, architects, surveyors, lawyers, inspectors, etc. He/she generally takes the biggest risk in the renovation or creation of real estate—and receives the biggest rewards.

Becoming a land developer was very easy in India before the Real Estate (Regulation and Development) Act (RERA) was introduced. Why? Because there were no minimum or basic criteria that required to be fulfilled for being a real estate developer. There was no specification regarding no rules for the minimum area that must be built in the development, no requirement of minimum financial resources to begin a project, the minimum area of land to undertake development, etc.

So, how to become a commercial real estate developer on today's date?

Now, RERA needs builders or developers to submit the original approved plans for their ongoing projects as well as the alterations that they made. You are also required to submit details like the amount of money received from allottees, funds utilised, construction timeline, and completion certified by an Architect/ Engineer/practicing CA. This is how to become a commercial real estate developer.

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I hope now you know how to become a real estate developer.