Real estate is any property consisting of the land and the buildings on it. A flat is a real estate because one does not buy just the structure alone. They also buy part of the land upon which the structure is built. This is known as the owner’s Undivided Share in the Land or USL. Thus, the ownership of the land upon which the building is built is divided amongst all the flat owners. If the value of the land increases over time, so does the value of the flat.