RERA could Give Recognition to the Brokers in India
Jan 08, 2018 Real Estate News
In the US, to be a broker, one has to be properly trained and certified having a broker license. It is similar in the countries as well. But in India, there is no certification, recognition or training to become a professional property broker. Often people just become broker as a part of their family business or they have good skills to convince and sell. Brokers are important in business as they act as a mediator between the developer and buyer. They also act as a guide for the buyers. With now RERA getting on track, there have been provisions to make the brokerage business organised while giving the recognition and making their image more credible.
1. Compulsory broker’s registrations: every broker will now have to get them registered with the state-level regulatory authorities. This will create more trust among the buyers and build a positive image of a broker. This will ensure that the broker has to follow certain rule and regulations and will further improve professionalism among them. Also, this broker registration will bring more transparency while making the entire market more organised.
2. More clarity: the law clearly defines a broker’s role. It states that the broker will act only as a facilitator. Therefore, the broker will have only that much information which has been displayed publically. The law states certain rules that the developers are bound to follow and stick to the mentioned timelines. As previously consumers have suffered a lot with finances hanging due to uncertainty in the delivery of the projects. The law ensures that above all there is an authority to keep a check on the developers while protecting the rights of the buyers and thus the broker also can’t make any false promises to the buyers.
3. A cleaner image: due to unavailability of information, the broker often has to depend on the advertisement by the developers and pass on the information to the buyer, which might be right or wrong. The broker had to make assumptions or predict timelines which were not certain. But thanks to RERA, things have become simpler now. All the relevant information related to developer and projects are clearly mentioned on RERA website starting from the status of the approvals as well as the timelines.
4. Pitch on what sells: the real estate has been struggling for long due to lack of consumer’s confidence. Many buyers kept waiting for price correction of the property of lower home loan interest rates. There were also other issues related to the legality of the projects that hamper the decision making process of the buyers. Therefore the law makes sure that the broker only deals with those projects that are registered with the respective authority so that they are sure of the project they are dealing with and deal with the clients honestly and transparently. This will also ensure the easy sale of their projects.
1. Compulsory broker’s registrations: every broker will now have to get them registered with the state-level regulatory authorities. This will create more trust among the buyers and build a positive image of a broker. This will ensure that the broker has to follow certain rule and regulations and will further improve professionalism among them. Also, this broker registration will bring more transparency while making the entire market more organised.
2. More clarity: the law clearly defines a broker’s role. It states that the broker will act only as a facilitator. Therefore, the broker will have only that much information which has been displayed publically. The law states certain rules that the developers are bound to follow and stick to the mentioned timelines. As previously consumers have suffered a lot with finances hanging due to uncertainty in the delivery of the projects. The law ensures that above all there is an authority to keep a check on the developers while protecting the rights of the buyers and thus the broker also can’t make any false promises to the buyers.
3. A cleaner image: due to unavailability of information, the broker often has to depend on the advertisement by the developers and pass on the information to the buyer, which might be right or wrong. The broker had to make assumptions or predict timelines which were not certain. But thanks to RERA, things have become simpler now. All the relevant information related to developer and projects are clearly mentioned on RERA website starting from the status of the approvals as well as the timelines.
4. Pitch on what sells: the real estate has been struggling for long due to lack of consumer’s confidence. Many buyers kept waiting for price correction of the property of lower home loan interest rates. There were also other issues related to the legality of the projects that hamper the decision making process of the buyers. Therefore the law makes sure that the broker only deals with those projects that are registered with the respective authority so that they are sure of the project they are dealing with and deal with the clients honestly and transparently. This will also ensure the easy sale of their projects.
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