Need of a remote repository

From my understanding the need of a remote repository is to make sure other developers in my team can get the code changes that I made and work on it and push them back to the remote repository. where the remote repository is like a cloud storage for our codes, where we can fetch others work by the help of git software into my local and progress on it. Am i correct?

Do you mean a site like GitHub? There you can store code and share with others.

so github is more of a place like where we store our codes and stuffs?

It’s a public git service:
GitHub - Wikipedia