TELECOMMUNICATIONS
Real Estate
Immovable properties of all types, basically land based properties, are termed as Real Estate legally. A real estate encompasses land and anything adjacent to it. Such adjacent items may be buildings or any other construction on the land and all of them taken together form the real estate. The term real estate is often taken as the synonym to real property. However, at times real properties may have a wider dimension than real estae since it refers to ownership over the real estate properties.
Origin
Even though real estate is a legal term referring to land and all ancillary constructions over it, even the legal terminologies differ from each other. Real estate and real property are terminologies used in common law. Civil law does not recognize real estate but it speaks of immovable property. Modern economists have recognized that lack of effective real estate laws may be a barrier for investment in developing countries. Land and buildings not only form a significant part of the national wealth in most countries but they also are the capital used for investment in most of the developed countries. However, law does not consider the immovable property or real estate as something more genuine or real than the personal property. Law speaks of right, title and interests and it moves along with the personal property and not real property or real estate.
Present trend
With the growing emphasis on private ownership, real estate has become a major business today. While purchase of real estate involves a major investment, it is essential for construction of buildings and mostly the multistoried apartments that are most popular today. Builders all over are making it a business by investing money to purchase land and creating a real estate with buildings all over. Real estate business includes today appraisal, development, brokerage, property management, and relocation services. Real estate business today can also be carried out on the Internet. There are several Internet sites like EBay that faithfully carries on the real estate and construction business over the net. As a business, the importance of real estate and construction can be fathomed from the fact that in United States alone, business of $2.9 trillion is carried on providing employment to nine million Americans.
Construction
Construction is a term mostly used in architecture and civil engineering though it has got a quite broad meaning on many counts. In engineering terms, where its use is most frequent, construction refers to building or assembly of any infrastructure on a site. The job of construction is managed by a construction manager and it involves a number of components like the project manager, designer and architect. Construction also involves effective planning and proper execution. Often the term construction delay may turn out to be disastrous for the entire project.
Types of construction
Broadly speaking construction can be classified into three types, buildings, highways and industrial constructions. Building construction may be a single construction, a multiple construction or building of mansions. However, all building construction has certain common characteristics like designing, looking into legal aspects, and financial considerations. These components vary according to the shape, size and type of construction taken up. For larger constructions, ordinarily a team is used instead of entrusting the work to an individual. Peculiarity of construction work is that there may be many stakeholders and participants in a construction project like the accountant, lawyer, engineer, architect, insurance broker, and even the grass root level worker. Highway construction is a process of adding infrastructure to the existing environment. Industrial construction is another process of adding assets to the existing assets that would pay dividends in future.
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