The 5th Generation of mobile communication is the next big technological leap that will fulfill the needs of the information society in the coming decade. Researchers, academicians and stakeholders have come together to identify the scope and formulate the policies to be implemented for easy roll-out of 5G services around the globe. This paper reviews the work of numerous researchers and telecom standard developing organizations, with an aim of better understanding of the important design aspects of 5G-like allocation of the frequency spectrum, identified 5G services, methods of distribution of network resource with aim to attain defined Key Performance Indicators, User Equipment MIMO antenna design challenges and Base Station massive MIMO antenna requirements.