1st ever 'National association' of Indian Realtors

4 Replies7419 ViewsLast Reply: 11 years ago
manpreet
New Member
Started 11 years ago
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Dear all,
It is fantastic to see the unity among Indians in the real estate sector too. The actual aftermaths could be seen only after observing the change in trendz this association brings. But let me make you aware wid the recent update I read.


The real estate agents profession is unregulated in India. As a result, there are no standards in terms of service conditions or charges

Real estate agents across India have come together to form a national association for the first time, aiming to self-regulate their profession and to bring international practices to a predominantly unorganized sector.

To be called, National Association of Realtors India (NARI), the group has been registered under the Registrar of Societies Act as a not-for-profit organization. It has also tied up with US-based National Association of Realtors, which has more than 800,000 members and also has the trademark rights to the use of ‘realtors ’.

“There is a lot of discrepancy in the real estate business” because of the way agents function, said Farook Mahmood, founder president of NARI and managing director of Bangalore-based Silverline Realty. “We hope to evolve a uniform code of ethics for the members and also have provisions for punitive actions.”

An integral part of the new body is the certification course. This course, to be made compulsory for all its members, will contain real estate mathematics, code of conduct and knowledge of real estate issues. The preliminary version of the course material, with some local content added, runs into 500 pages.

“It is a great step as more and more real estate companies are getting listed, and there will be a need for greater accountability and transparency,” said Arvind Parekh, chief executive officer of corporate strategy and finance, Omaxe Ltd. “They will have to work in the interest of the investor and the end user. This move will also help in weeding out the shady real estate agents.”

At present, regional associations from seven cities, including Chennai, Bangalore, Pune, Mumbai and Hyderabad, have agreed to take part in the national-level association. The plan is to increase participation to 10 cities by the end of first year of operations. The association also plans to establish an office in New Delhi withiin two months.
The real estate agents profession is unregulated in India. As a result, there are no standards in terms of service conditions or charges. The regional associations formed in the last seven or eight years in major cities have tried to address this issue. For example, one of the admission criteria of the Chennai Real Estate Agents Association is regular filing of income tax returns, according to Abdur Ravoof, secretary of the association.
The national association, according to Ravoof, “will bring all agents under one umbrella, with common ethics and code on an all-India basis.”

“The best regulation for any industry is self-regulation where the norms are set by the players themselves,” said B.P. Dhaka, chief operating officer (Madhya Pradesh and corporate governance) of Parsvanth Developers Ltd. “Real estate industry already has bodies such as Credai (an association of developers) and National Association of Real Estate Development Companies. For any trade, it helps when the industry is better organized.”

Source: livemint.com
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  • Pinnacle
    Member
    11 years ago
    NAR comes to INDIA

    Its been almost 4 years that NAR (National Association of Realtors), USA, wanted to bring about some credibillty to the Brokers in India.
    As we are all aware, Construction as an Industry doesnt enjoy the status of INDUSTRY which has been long overdue. Add to that is the woes of Brokers not having any legal status as professionals while conducting business.
    This was harmful for both the customers and the brokers themselves.
    Unscruplous fly by night operators became brokers and fleeced cleints as there are no standard structure for brokerage fees.
    At the same time, when cleints duped brokers of their fees, brokers dont have recourse to legal remedy to recover the fees. As a result, bad debts for brokers are a way of life with no options for recovery.

    Local brokers association have always existed, but that did not have a great impact on the national scenario. I have been part of a local association in Mumbai for the last 8 years and reaped the benefits of being a part of the community that is getting organised.

    So when NAR intended to come to India, we immediately saw the benefits that would accrue to the realty community. I among with 30 other brokers were part of the first batch who took the NAR course in india and qualified to become Realtor(R).
    After that i completed 2 courses - CIPS (Certified International Property Specialist) and TRC (Transnational Referal Certification).
    These and other course offered by NAR is a tremendous oppurtunity for local brokers to get the coveted Realtor(R) Tag and add value to his business. Not only do these courses make them more productive and systematic in their work, but it opens a worldwide window of oppurtunities for brokers to do business all over the world. They become eligible to refer overseas clients and recieve referals from fellow Realtors(R) all over the world.

    With NAR coming to INDIA, the local broker now gets an oppurtunity to go global.

    Please feel free to ask for any more inputs members would like to have on this. I would be more than glad to contribute here
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  • Aadesh
    New Member
    11 years ago
    Please clarify

    After reading the above posts, I have a question in mind, if you please answer:

    Unscruplous fly by night operators became brokers and fleeced cleints as there are no standard structure for brokerage fees.
    At the same time, when cleints duped brokers of their fees, brokers dont have recourse to legal remedy to recover the fees. As a result, bad debts for brokers are a way of life with no options for recovery.


      Is a member/broker of NAR legally protected against clients duping them?
      And if a broker under NAR takes to unethical deals whom do the clients approach?
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  • Pinnacle
    Member
    11 years ago
    NAR - What will change ?

    Originally Posted by Aadesh
    After reading the above posts, I have a question in mind, if you please answer:


      Is a member/broker of NAR legally protected against clients duping them?
      And if a broker under NAR takes to unethical deals whom do the clients approach?

      Dear Adesh,
      As of now, there are no laws that cover the real estate transactions, from the Brokerage Point of view, under its gammit. Therefore a broker will not be protected under the existing laws if the client dupes the broker. However what is changing is the pressure from such National Level body to the powers that be, to modify the law and incorporate the necessary changes.

      The NAR has a code of ethics which every member has to abide. Any member who violates the code of ethics, which among other things covers the conducting of business, is liable for penal action including termination of membership. Add to this is the existence of a grievance mechanism, which addresses such issues.

      Hope this covers your query

      Dear Adesh,
      As of now, there are no laws that cover the real estate transactions, from the Brokerage Point of view, under its gammit. Therefore a broker will not be protected under the existing laws if the client dupes the broker. However what is changing is the pressure from such National Level body to the powers that be, to modify the law and incorporate the necessary changes.

      The NAR has a code of ethics which every member has to abide. Any member who violates the code of ethics, which among other things covers the conducting of business, is liable for penal action including termination of membership. Add to this is the existence of a grievance mechanism, which addresses such issues.

      Hope this covers your query

      Dear Adesh,
      As of now, there are no laws that cover the real estate transactions, from the Brokerage Point of view, under its gammit. Therefore a broker will not be protected under the existing laws if the client dupes the broker. However what is changing is the pressure from such National Level body to the powers that be, to modify the law and incorporate the necessary changes.

      The NAR has a code of ethics which every member has to abide. Any member who violates the code of ethics, which among other things covers the conducting of business, is liable for penal action including termination of membership. Add to this is the existence of a grievance mechanism, which addresses such issues.

      Hope this covers your query

      Dear Adesh,
      As of now, there are no laws that cover the real estate transactions, from the Brokerage Point of view, under its gammit. Therefore a broker will not be protected under the existing laws if the client dupes the broker. However what is changing is the pressure from such National Level body to the powers that be, to modify the law and incorporate the necessary changes.

      The NAR has a code of ethics which every member has to abide. Any member who violates the code of ethics, which among other things covers the conducting of business, is liable for penal action including termination of membership. Add to this is the existence of a grievance mechanism, which addresses such issues.

      Hope this covers your query

      Dear Adesh,
      As of now, there are no laws that cover the real estate transactions, from the Brokerage Point of view, under its gammit. Therefore a broker will not be protected under the existing laws if the client dupes the broker. However what is changing is the pressure from such National Level body to the powers that be, to modify the law and incorporate the necessary changes.

      The NAR has a code of ethics which every member has to abide. Any member who violates the code of ethics, which among other things covers the conducting of business, is liable for penal action including termination of membership. Add to this is the existence of a grievance mechanism, which addresses such issues.

      Hope this covers your query

      Dear Adesh,
      As of now, there are no laws that cover the real estate transactions, from the Brokerage Point of view, under its gammit. Therefore a broker will not be protected under the existing laws if the client dupes the broker. However what is changing is the pressure from such National Level body to the powers that be, to modify the law and incorporate the necessary changes.

      The NAR has a code of ethics which every member has to abide. Any member who violates the code of ethics, which among other things covers the conducting of business, is liable for penal action including termination of membership. Add to this is the existence of a grievance mechanism, which addresses such issues.

      Hope this covers your query

      Dear Adesh,
      As of now, there are no laws that cover the real estate transactions, from the Brokerage Point of view, under its gammit. Therefore a broker will not be protected under the existing laws if the client dupes the broker. However what is changing is the pressure from such National Level body to the powers that be, to modify the law and incorporate the necessary changes.

      The NAR has a code of ethics which every member has to abide. Any member who violates the code of ethics, which among other things covers the conducting of business, is liable for penal action including termination of membership. Add to this is the existence of a grievance mechanism, which addresses such issues.

      Hope this covers your query
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  • mishthi
    Guest
    11 years ago
    Great info

    It’s great to read such informative posts from the Industry specialists. Thanks Ram for sharing your precious views among all of us. Your posts have always been informative discussing actual scenario going on in the industry wherein i guess every forum member is able to acquire some knowledge. :)
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