First plan (1951-1956)

The first Indian Prime Minister, Jawaharlal Nehru presented the first five-year plan to the Parliament of India on December 8, 1951. The total plan budget of 206.8 billion INR (23.6 billion USD in the 1950 exchange rate) was allocated to seven broad areas: irrigation and energy (27.2 percent), agriculture and community development (17.4 percent), transport and communications (24 percent), industry (8.4 percent), social services (16.64 percent), land rehabilitation 4.1 percent), and other (2.5 percent).

The target growth rate was 2.1 percent annual gross domestic product (GDP) growth; the achieved growth rate was 3.6 percent. During the first five-year plan the net domestic product went up by 15 percent. The monsoons were good and there were relatively high crop yields, boosting exchange reserves and per capita income, which went up 8 percent. Lower increase of per capita income as compared to national income was due to rapid population growth. Many irrigation projects were initiated during this period, including the Bhakra Dam, Hirakud Dam, and Mettur Dam in South India. The World Health Organization, with the Indian government, addressed children's health and reduced infant mortality, contributing to population growth.

At the end of the plan period in 1956, five Indian Institutes of Technology (IITs) were started as major technical institutions. University Grant Commission was set up to take care of funding and take measures to strengthen the higher education in the country.

Contracts were signed to start five steel plants; however these plants did not come into existence until the middle of the next five-year plan

New Technology and Innovation in Real Estate

New technology is one of the keys to more competitive real estate markets. In industries throughout our economy, the Internet has brought extraordinary new opportunities for increased competition, giving consumers better access to information about products and services and lowering costs and prices. In recent years, web-based business models have emerged in markets such as travel and lodging reservations, stock and insurance purchases, and book and music sales, to name a few. New competition from these new business models has been good for consumers, resulting in increased choice, lower prices, and savings in personal time and effort.

New business models can offer the same kinds of benefits for buyers and sellers of real estate, in competition with traditional "brick and mortar" office brokerages in which customers interact only through individual brokers. For example, some brokers have begun providing information on homes for sale to their customers through the Internet. Using the Internet can allow web-savvy buyers to become educated about neighborhoods and examine suitable houses more efficiently than using a traditional broker. Home buyers can research neighborhoods and houses working on their personal computers, on their own schedule, and at their own pace, before spending time with an individual broker. This saves time brokers would otherwise spend searching through home listings or showing homes the buyer has not had the chance to explore more fully in advance.

In real estate, the cost of providing brokerage services appears to have decreased. But consumers are paying more. As the U.S. home sale price has climbed, the dollar amount paid for brokerage services has climbed right alongside it, because commission percentages have remained high. In fact, from 2000 to 2004, fees paid for brokerage services grew by roughly 50 percent, to over $60 billion in 2004.

Buyers as customers

In most states, until the 1990s, buyers who worked with an agent of a real estate broker in finding a house were customers of the brokerage, since the broker represented only sellers.

Today, state laws differ. Buyers and/or sellers may be represented. Typically, a written "Buyer Brokerage" agreement is required for the buyer to have representation (regardless of which party is paying the commission), although by his/her actions, an agent can create representation.

Find real estate in accordance with the buyers’ needs, specifications, and affordability.

Take buyers to and shows them properties available for sale.

When deemed appropriate, prescreen buyers to ensure they are financially qualified to buy the properties shown (or uses a mortgage professional to do that task). Assist the buyer in making an offer for the property.

Real estate brokers and buyers

Services provided to buyers

Buyers as clients

Buyers as clients With the increase in the practice of buyer brokerage in the US, especially since the late 1990s in most states, agents (acting under their brokers) have been able to represent buyers in the transaction of for sale by owner with a written "Buyer Agency Agreement" not unlike the "Listing Agreement" for sellers. In this case, buyers are clients of the brokerage and sell your home without an agent can be made possible.

There are brokerages who represent buyers only and they are known as Exclusive Buyer Agents. The main advantages of obtaining the service of an Exclusive Buyer Agent is that they avoid conflicts of interest by working in the best interests of the buyer and not the seller, avoid homes and neighborhoods likely to fare poorly in the marketplace, ensure the buyer does not unknowingly overpay for a property, fully informs the buyer of adverse conditions, encourages the buyer to make offers based on true value instead of list price which can sometimes be overstated, and works to save the buyer money.

A real estate brokerage attempts to do the following for the buyers to buy a house fast of real estate only when they represent the buyers with some form of written buyer-brokerage agreement:

At first, find real estate in accordance with the buyer’s need, specifications, and cost. Takes buyers to and take them to show the properties available for sale. When deemed appropriate, pre-screens buyers to ensure they are financially qualified to buy the properties shown.

Negotiates price and terms on behalf of the buyers and prepares standard real estate purchase contract by filling in the blanks in the contract form. The buyer's agent acts as a fiduciary for the buyer.

Due to the importance of the role of representing buyers interest, many brokers seeks to play the role of client advocate are now seeking out the services of Certified Mortgage Planners, industry experts that work in concert with Certified Financial Planners to align consumers' home finance positions with their larger financial portfolio.

Pursuance of Real estate developer

Real estate development is a process where the entity makes the improvements to the real property thereby increasing its value. The developer will develop the business model by specific building typology or by geographic preferences. Generally, in real estate investing business the real estate developer may be an individual, but most of the cases, he may be a partnership limited liability company or corporation. The person who have involved as a principal in the business transaction is called to be the property developer by occupation.

The real estate developers specializes in specific product typology like residential single family, residential multi family, urban mixed use, retail, commercial office and industrial area. Special professional courses are offered for the people by number of academic institutions to create masters in real estate development.

Mortgage in Real Estate Market

In real estate investing, mortgage plays the dominant role among real estate brokers, buyers and sellers. Mortgage is one of the important terms used in the real estate transaction and almost for sale by owner and buyer requires mortgages to sell or buy the property.

Today, more number of companies started providing mortgages for the people who requires in different interest rates. Investing in property is not an easier task and nowadays, it becomes more complicated. Real estate investing fetches more demand among people and every single moment the land value gets increased. As per the business transaction, the term mortgage loans refer to a source of capital used by individual and companies to purchase or improve the land and building. More financial institutions, banks and mortgage lenders are providing fruitful services to the industry in graceful way. For investors, profitability can be enhanced by using a strategy to purchase the land at lower price.

Real Estate Economics

Real estate economics is an application of economic techniques to the real estate markets. The real estate market describes, explains and predicts the pattern of prices, supply and demand of real estate properties.

Real estate economics is one of the important terms used in the real estate market for sale or purchase of property. Before moving for a purchase of house property, the buyer should have to analyze the basic progressions, demand, supply and value for the property.

To facilitate the sellers and buyers, nowadays, people started offering sell house online is provided. Investor can have a look at various properties available in the market and considering the demand and supply, they can negotiate the process.

In a real estate investing market, more number of people is engaged to successfully execute the process. The people engaged in sell house fast or house purchase are owner/user, owner, renter, developer, renovators and facilitators. The basic characteristic of the market includes durability, heterogeneous, high transaction costs, long time delays, profitable investment and immobility.