Best History Of Real Estate Assignment Sample 2020
History of Construction Business
Construction industry is based on very old concept related to development of building. Period up to 1500 B.C., there was use materials through raw material including stone, wood, earth such as foundation, clay and mud with the techniques such as tenon and mortise joints, wedging, restraining, wattling and plastering.
The major focus was on skeleton construction as per the culture. After this, several changes in raw materials and tools were made with specialized trades such as carpentry, stonemasonry and smithy.
After this, regulations and construction laws were considered in the real estate industry by emphasizing the standards and technical specifications.
During 15th to 18th century, new and traditional material and techniques such as stone, brick, mud – metal flashings with copper (molding, roofs, steeples), wood, iron, ornaments and decorative paints, artificial marble, artificial paints (metal oxides and metal-salts) were started to be used by the real estate businesses.
During this period, the construction was based on medieval traditions of the construction, military knowledge, development of the nature sciences and the mathematics and colonisation.
More strict construction regulations for property insurance, fire protection, quality insurance were introduced. Along with this, the construction industry also started to use other specialized trades such as carpenter, mason, joiner, plasterier, thatcher, roof tiler, smith, locksmith, glazier and stonemason to make the construction work more perfect.
It also facilitated the construction of large bridges, dams, dome and tower structures and mine structures. In 19th century, the real estate business evolved significantly due to industrialization of technologies (Fu et al., 2015).
New materials such as cements, steel, reinforced concrete, etc., prefabrication like ornaments; loadbearing structures with more specialized trades such as formwork carpenter, concrete reinforcement worker, insulation worker, ironworker, etc. were introduced in the real estate industry.
The major focus was on the specialization as the special technical school systems for the vocations and professionals were established.
Over the years this industry has gone through several changes in the past that has made a significant impact on rents, vacancy rates and property evaluations.
In previous time, the use of materials including bricks, cement and concrete to develop buildings was common, but over the time, the inclusion of advanced materials including steel, wood, sustainable materials, advanced technologies, etc. made it possible for the real estate companies to build highly advanced buildings.
In 20th century, several innovations were made in technology and raw materials that also caused innovative works in construction. For example, new materials such as reinforced concrete, steel alloys, new ceramics, plastics, aluminium, specialized composites, etc.
At the end of century, the focus of the real estate industry was on energy-efficient construction. In this period, construction law had a significant influence on the construction trades (Johansson, & Nordin, 2018).
At the same time, architecture safety, regulations, quality management started to play a significant role in making construction industry more responsive.
Real Estate business is one of the growing businesses in the world because of completing the basic need of the people related to the residential and the commercial apartments.
In the real estate business, there are different projects related to the commercial and the residential that are made and these all projects complete the office space need, house related need, etc in limited time and effective manner (Zhu et al., 2016).
At the same time, there are different professions such as buying, selling, or renting land, buildings, or housing that also come in the services of real estate and complete the need of the customers.
The business of real estate is one of the big businesses so there are different rules and the regulations that are also made and these all laws are derived from the English common law like India, USA, Canada, New-Zealand, etc. It is expected that the global construction market will grow by 67% by 2020.
(Source: Wealth Wisdom, 2012)
There are four types of real estate such as commercial real estate, residential real estate, industrial real estate and Land includes vacant land.
These are the types of real estate businesses that helps the real estate firms to get the competitive advantage and to target the maximum number of the customers (Toivonen,& Viitanen, 2016).
In the same manner, in the residential real estate, different construction and the resale homes are included. But at the same time, the one of the most common category is the flats and the single home for the family.
There are also some other categories like triple-deckers, townhouses, duplexes, vacation homes, multi-generational, etc.
In addition to this, the other aspects of the real estate business are the commercial and in this, different commercial apartments are made by the firms and in this, strip malls, hotels and offices and the medical and educational buildings.
In addition to this, different apartments buildings are made by the firm and these all buildings are included in the commercial. In this, it can also be determined that as compared to the other parts, the real estate firms earn high form the commercial department (Mladenow et al., 2015).
The business of the real estate is one of the leading businesses in the market because of increasing demand for the real estate projects in the market.
That is why; there are different countries that have high demand and the business of the real estate and help the people to complete their need related to the residential and the commercial apartment.
In the concern of the UK real estate business, it can be stated that there is an increasing business of the real estate in the UK due to high need and the demand of the commercial and the residential apartments in the UK.
After Germany, the real estate market in the United Kingdom is the largest or second-largest in Europe and it provides the lots of benefits for the GDP of the UK market.
In this, it can be determined that the overall worth of the commercial market is the 250 billion euros that are quite high as compared to the other countries and the business of the real estate business (Trade Economic, 2018).
As well as, the net worth of the domestic market is the £5.1 trillion that is also quite better as compared to the other industries and the business.
In like manner, it is also determined that due to lots of business opportunities in the UK market of the real estate, there are different international firms that are investing approx £20 billion in the UK real estate market and providing a very high contribution in the success of the real estate business.
There is also some other reason behind to increase the demand of the real estate business is the UK and in this, the low-interest rate of the UK banks such as Bank of England is also one of the major reason that influence the propel to buy and invest in the real estate sector.
The UK council also cut the stamp duty and help to buy will continue propping up developers (Mladenow et al., 2015). So, it can be stated that there is a high demand and the business if the real estate in the UK but there are also some issues because of Brexit that are also faced by the people in the UK.
It can be determined that the graph of the house price index is going down from last 6 months that present that it provides the advantage for the UK people to buy and invest in the real estate without facing any issues and the hurdle.
It can also be determined that construction output is also increasing and in 2018, it is increased as 1.6 in the last month. It shows that there is a good construction output that is a good advantage for the people to buy the house and the commercial apartment.
In the concern of the real estate business in India, it can be stated that although there is not a vital use of the different technologies and the ways by the construction manager in India for providing the better construction outcomes at the same time, after the agriculture, real estate business is one of the second largest employers In India.
There are different sub-sectors of the real estate business in India and these are housing, retail, hospitality, and commercial. In like manner, the market of real estate in India is continuously increasing and it is also expected that by 2020, the market of real estate in India will be US$ 180 that is quite high.
Housing Index in India is increased to 148 Index Points in 2018 from 147 Index of 2017. It is also determined that people are looking to invest in real estate business and looking for the housing property through real estate.
India’s infrastructure output have some fluctuation that shows the there is an issue with the construction project in India.
In the concern of the real estate business in USA, it can be determined that the business of the real estate in the USA is also quite high and this country is also a major and leading country in the business of real estate.
Additionally, it can be stated that the rate of housing sales in the USA was increasing but nowadays, it is going down as compared to the previous year’s monthly sales.
It is also determined that US construction spending has some fluctuation from last few months but at the same time, now it is on the track and effective for the real estate’s firms in the USA.
Different Ways of Construction around the World and In India
As the construction industry is one of the leading industries across the world because of this, there are different innovations that are done in this filed?
These all innovation make easy for the construction firm to complete tthe construction work on time and the effects. There are different ways and the application that are available and highly used by the firm for managing all the work of the construction and to overcome all issues and affect the project and the project chart.
Because of this, it can be determined that there are different ways that are used in the construction filed across the world (Fu et al., 2016).
In this, UK is one of the leading countries in the construction field in which, lots of construction work is done by the firm and helps the customers to complete their need related to the residential and the commercial.
At the same time, there are different techniques and the ways such as prefabrication technology, robotics, improved labour and drone based design etc that are used by the firm in the different country but at the same time, India is also one of the leading countries but there is no high use of the different ways and the techniques in this country of the construction.
There are different reasons behind not to use the different ways as compared to the other countries such as UK and USA. In this, lack innovation, cost, developing country, etc are the major reason that makes the cause of low use of the different ways for not performing well and to use the ways of the construction (Gross, & Źróbek, 2015).
At the same time, in the research of Wong et al., (2017), it is determined that the use of prefabrication techniques is also one of the best and developing techniques or the ways that are used by the different construction firm in the market and in different countries except for India.
the main use of this technology is that in the use of this technology, different material such as aluminium, concrete, steel wood, fibreglass, etc are used and these all ways make easy for the firms to develop and complete the house in the low cost that is not possible by using the other ways and the techniques (Fagans, 2017).
The use of this technology is quite helpful for the firm all firms of the construction to keep safe the lots of cost of the construction and will also help the firm to produce the valid and effective project for the customers.
In like manner, although the use of this technology is helpful for the firm to keep safe the extra cost and to provide the better result, but at the same time, there are also various issues such as high transportation cost, and high the huge involvement of the materials are the major issue that rare faced by the firm that uses the prefabrication techniques (Thangaraj, 2017).
As well as, customers are also price conscious and the use of prefabrication techniques increase the cost of the project and directly impact the customers.
That is why, it can be determined that in spite of having lots of advantage of the using the prefabrication techniques, different issues are also faced by the firm.
Apart from this, there are also different techniques such as robotics and automation that are widely used by the firm to manage the construction work and to improve the efficiency of the work in the market.
In like manner, the use of robotic technology helps the firm to complete the project quickly and effectively. There are lots of advantages of using the robotics technology across the world and in this; one of the major advantages of using the robotics technology is to provide the MIT’s digital Construction Platform.
In the robotics technology, there is a 3D painting is created by the firm that makes easy for the firm to manage all works and to make the process easy of the construction (Bock, 2015).
The use of 3D printing provides the accurate map and the design and helps the construction managers to manage the all construction project. Apart from this, India is also one of the major countries that also use different ways of managing the construction.
The reason behind not to use the better technology such as robotic and others is the lack development and the infrastructure, not highly ways of the communication, lack developed transportation, lack developed electric systems, etc. these all the issues that affect the innovation in India and to manage the all construction work as well.
In India, a Choice Group of companies is one of the major and leading firms in the construction project and mad different projects in different states of India.
The major focus of this firms to provide the better quality for the customers in the project in the affordable price and that is why it one of the leading firm in Indian market (Montero et al., 2015).
But at the same time, due to not using the technology and the innovation in the all construction project then it makes the cause for the firm to handle the customers’ base and to expand the business more.
The lack of the innovation make the cause of increasing competition level in the market and provide the sustainability issues for the firm.
From the research findings of Wong et al., (2017), it is determined that there is a lack use f the technology because of the availability of the skilled labors and the technical human resources.
It is because, in order to handle the all-new innovation and tools, it is needed for the firm to have the better employees and the skilled labor that can be helpful to handle all tools and the ways of the innovation in the construction.
Because of this, it can be determined that there is not the high use of the different ways in the construction in India as compared to the other countries such as UK and USA (Thangaraj, 2017).
In like manner, there are different countries such as UK, USA, Canada, etc that use the drone as a way of the technology and help the firm of the all construction to complete the all project successfully and to overcome the risk in the project.
The main reason behind this is that the use of drone helps the firm to get the data about the project on sites and also help the firm to manage the all work effectively by getting the full information through the drone.
In India, there is not any use of such technology and that is why there are various accidents that are occurred in India on the construction site and affect the work of the construction.
Additionally, there is also a very high negligence of government regarding the development of the new technology and the project.
It is because there are different rules and the regulations that are faced by the construction firm and created the issue for the firm to use the new technology in the construction project (Gross, & Źróbek, 2015).
As well as, in India, it is also needed for the firm to have their major focus on the society and the environment also that is why they also have to put the lots of extra efforts.
So these all reason makes the cause of low technology and unique ways of the development in the construction project.
But, there are also different technology and the innovations that are also used in the construction project in India and in this, the use of virtual technology, AutoCAD software, etc the major innovations that are used by the different construction firm in India and help the firm to complete the project on time and successfully (Brückner et al., 2015).
Thus, the use of innovation and the ways of the construction in India is limited not as much as it is in other countries.
It is needed for the all Indian constriction industries to use the different tools and ways related to the construction for the better management of the construction work and to improve the efficiency in the construction work as well.
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