There is good news for home buyers, with the government confirming that the Real Estate Regulatory Bill approved by the Union Cabinet last month would be introduced in the monsoon session of Parliament. Stating this, the Housing and Urban Poverty Alleviation Secretary, Arun Kumar Misra, said that the Bill would now be sent to a Parliamentary standing Committee for consideration and suggestions. Misra was speaking at the Annual Convention of National Association of Realtors (NAR), India. Making it clear that the Bill will not lead to a rise in the price of real estate, Misra emphasised that the prime objective of this legislation was to bring in more accountability and transparency in the industry. “The Regulatory Bill clearly says that when you start selling property, all the licences and permissions should be in place,” he said.
Misra told the NAR members that the role of brokers and dealers has also been defined in the Act, and asked the members to promote professionalism in their industry. Prominent developer Sam Chopra, CEO of Remax, and President of the Delhi-based Association of Property Professionals, said that the aim of the Convention was to emphasise how a broker could become a real stakeholder in the industry, and form the most important link between developers, buyers and even the government. “This Convention was very successful; while we had hoped for a participation of 500 members, 850 members have come in. Our goal is to educate, train and bring more professionalization within the real estate broking community,” he said. NAR-India is also focusing on the mandatory Licensing and Certification of brokers, as is being done by SEBI and IRDA in their corresponding industries, says Chopra. The brokers are an important face of the industry, and need to come together to give better service and satisfaction to the buyers, he said.
Prof. Dr. P.S.N. Rao, Founder and Chairman of NAR-INDIA, stated that the central theme of this Convention was ‘Customer Orientation’. He said that the objectives of the Association are to bring real estate brokers under a common umbrella, improve awareness and skills and create networking opportunities for improving business. Rao also said that NAR India’s mission is to mediate between the regulators/government, the producers/developers and the consumers, in order to bring about reform in the industry and contribute to economic development. With partnerships at the domestic as well as the international level, particularly with NAR Global of USA – a 105-year-old organization with over 1.1 million members – NAR India is well-positioned to meet its objectives.
Speaking at the event, Manish Mehta, Vice President India Homes, said that an aim of NAR-India was also to create a national level organization that generates and disseminates authentic information on the Real Estate market. It is important to improve transparency, he asserted.
Naveen Raheja was of the strong belief that the Real Estate industry should work more on self-regulation.
NAR India was established in the year 2007 as the apex national level association for realtors (real estate brokers) in India. In the last 5 years it has grown rapidly, and has over 25,000 member representatives spread across 26 cities. International delegates from the USA, France, Brazil, Singapore, Ireland, Germany, Dubai and several other countries also participated. The participants were real estate brokers, developers, IT companies, analysts, housing finance companies, investors and many others interested in Real Estate. NRIs and PIOs also found this Convention very useful. Indian School of Business (ISB) from Hyderabad was the Knowledge Partner.