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Transparency in the Indian Real Estate Industry

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Transparency in the Indian Real Estate Industry

Last updated: June 14 2008
13 | Posts
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  • #11

    #11

    Re : Transparency in the Indian Real Estate Industry

    Qualified Real Estate Agents

    Dear Steve,

    You have raised a very valid & pertinent point. India is supposed to be a license regime where you require a license even to piss. Yet, in the real estate industry which contributes 8% of GDP, nobody requires any license and nobody is accountable to anybody. It is high time this is changed and real estate forum must form a pressure group which pushes the government to introduce this legislation which has been pending for a long tome.

    Any uneducated, unscrupulous person can today operate as a real estate agent & customers cheated by him have nowhere to go for justice. I would like to mention that there are good institutes like Indian Institute of Real Estate ( affiliated to NAR, USA), imparting education in real estate & I, myself am an alumnus of this Institute.

    The basic course from such institutes must be made mandatoty for issuing the license for real estate agents. Only after this, the malpracises will come down

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    • #12

      #12

      Re : Transparency in the Indian Real Estate Industry

      need licencing or laws from govt.

      dear sir
      as u all discussing about licence or rules 4 real estate sector in INDIA, d situation become more critical, like people goes one more step 4 licencing but Uncertainty remain same in pricing & more.

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      • #13

        #13

        Re : Transparency in the Indian Real Estate Industry

        Originally posted by steve001 View Post
        Educated, Licensed Realtors! Will this even happen?

        Greetings everyone!

        I just came across this great forum on the Indian Real Estate Industry. I have visited many web portals that let you add your property requirements so that the real estate agents can contact (hound) you.

        However, I fail to find anyone addressing the real issue of transparency. Who are these real estate agents? What are their backgrounds? What do they actually offer? What is the guarantee that they will not cheat you and finally pass on the right information?

        Isn’t it about time that the Indian government passed a legislation/bill to make it mandatory for Real Estate Agents to be qualified and have a license. (Like in the USA and other developed countries).

        Are there any real “Real Estate Dealers Association”?

        Thanks
        Hi Steve.
        Steve, I believe the question of transparency is not limited only real estate dealers, but also applies to real estate developers. They are the biggest mafia. Even if we have say registered real estate agents, but what about the practices of accepting the cash/ black money, selling false promises, cartelization of prices etc. These things are done on the behast by the real estate agents. Do we have any guidelines/ regulations for real estate developers and even if we do have guidelines/ regulations, whether they are being followed. The govt/ state govt and the central govt is not serious enough to enforce even the basic guidelines/ regulation. They turn there back against deviations committed by developers and take up case only when it is taken over by Courts through PIL.
        Some times back I was interacting with a local Developer in Mumbai region having land bank in excess of 1000 acres with regard to Maharashtra govt decision to sell property on the basis of build up area and not on the basis of super build up area (i.e. including staircase, common area etc) and a Recent High Court judgement about not charging for parking area. His reply was they are stupid organs which make silly noises when they are not paid enough (i.e. bribe).
        He said if they are not allowed to charge for the super build up area, than they will jack up the prices of build up area by 20% to 30%.
        So should be go regulating agents or should be bring these developers under regulations?

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        • #14

          #14

          Re : Transparency in the Indian Real Estate Industry

          First i want to make it clear as far delhi is concered the price of land will not decrease,It will increase with everyday thats i am not saying because i am a builder,I can give you all relevant proof as well.
          Secondly we have a registered west delhi real estate association,the associstion fights not only for the real estate agent when they dont get commision but also fight for anyone who feel they are being cheated.
          Moreover you must buy a deal through real estate agents,They are more beneficial as compared to their 1% commision.You cant get a good deal without a agent in between that i can assure you.everybody has their views,some will not agree with me.But what i am saying is practical as we are in this field for over 20 years now.being a builder we will not sell any flat or buy a plot without an agent in between.

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