There is a lot of confusion in the mind of the people about what a real estate developer is and what is his work. If you are interested in this field and want to know more about this exciting job then read on this article and you will be in a better position to understand what kind of work you have to do. This blog is written from the perspective of a real estate developer and will help you understand the basis of this business directly from an expert who has worked in this field for several decades and has accumulated a vast experience from which prospective real estate developers in Delhi or for that matter anywhere else can benefit.
This blog is simply describing the job of a real estate dealer and it is in no way tell you about how good this sector is as an investment destination. The first thing you have to realise that a real estate developer is not a builder or an architect. Explaining it in the layman’s term, the real estate developer is an entrepreneur that makes a new building happen. They hold the reins to several departments and direct their performance just like an orchestra conductor who himself do not play any instruments bud help in conducting their performance in a highly synchronized way. If you want to become a successful real estate developer in Delhi, then you have to start your business by buying land at a good location, then build a team of architect, engineers, electricians, plumbers and so on to build the house or flats. The next step is to get the necessary approvals to build a housing complex, flats or any other buildings. Next step is to look for finances to start the project at easy terms and then contract a builder to build the project for you.
A real estate developer not only have to put together a team to ensure that the project from the drawing board to the ground but also has to assume 100% of the risk of the project. If for some reason the project fails, then he has to take the responsibility for any financial loss and has to make up the loss from his own pocket. The reason being that he is the paymaster for the other team members and have to pay them for the service they have rendered regardless of the fact whether your business is at a loss or not.
This high-risk job also has its benefits also. As the complete risk of any failed project has to be shouldered by the developer, similarly he is the single beneficiary of any profit that is incurred in the project. And since in most cases real estate business is highly lucrative the developer can earn a huge amount for every successful project (which makes it so attractive).
While the architect makes grandiose plans to build buildings and cities of great aesthetic value, they do not have much say in the actual implementation of the plan. The reason being that since the developer is shouldering the entire risk he has a greater say in how the final project will look like to make sure that it is financially viable. Therefore, if you want to enter in this high-pressure job of being a real estate developer in Delhi, then you should have the great problem-solving ability and have the ability to think on your feet. You should also have great patience and good communication and people skills. Only if you have these characteristics in your nature with great risk-taking ability, then you can flourish in this cut-throat competition.