By 2020 real estate industry is likely to grow into a $180 billion stroke of luck. Adding on the Govt. has shown some energetic influence in development of urban housing estates and advanced infrastructure. Striking residential apartments of Jessore road is one of those up-scale, ultra luxury apartments near by the Kolkata airport territory what we have an example right now. As per the sources 25 million homes, 40 million residential units, 98 smart cities will be decorating India’s real estate industry within 2022. For a colossal manpower is required for accomplishment of the entire project.
So far Indian realty market has blamed for its unorganized process and flimflam practices. Largely people believe that this is the sector where maximum amount of black money circulates. Developers face steady problems with the project approval as it has been a complex process and itself. Brokers in this practice are mostly unregistered and associated with local bodies and a large portion of the sale is performed verbally. The broker segment in India is estimated to be a $4 billion industry having 500,000 brokers.
Real estate brokers/agents refer to those people who negotiate on behalf of one person in a transaction of transfer of his plot, apartment and asset by way of sale with any other person and earn his commission or remuneration fees. Now with the implementation of RERA 2016, all agents have to register under RERA to be actively part of any real estate transaction. In more advanced market they have to undergo 45 hrs of professional training, followed by annual continuing professional development (CPD) training and essentially pass the license exam. . An organization like Real Estate Management Institute has been introduced for broker certification purpose.
To be on the same page of global realty Indian real estate industry has been gearing up with more professional transparency, regulatory vigilance for enhanced buyers’ protection. Brokers need to be certified to complete in bigger realty market. In order to ensure no spoiler in the practice there has been a sentence of detention for purging of further fraudulence.
So far Indian realty market has blamed for its unorganized process and flimflam practices. Largely people believe that this is the sector where maximum amount of black money circulates. Developers face steady problems with the project approval as it has been a complex process and itself. Brokers in this practice are mostly unregistered and associated with local bodies and a large portion of the sale is performed verbally. The broker segment in India is estimated to be a $4 billion industry having 500,000 brokers.
Real estate brokers/agents refer to those people who negotiate on behalf of one person in a transaction of transfer of his plot, apartment and asset by way of sale with any other person and earn his commission or remuneration fees. Now with the implementation of RERA 2016, all agents have to register under RERA to be actively part of any real estate transaction. In more advanced market they have to undergo 45 hrs of professional training, followed by annual continuing professional development (CPD) training and essentially pass the license exam. . An organization like Real Estate Management Institute has been introduced for broker certification purpose.
To be on the same page of global realty Indian real estate industry has been gearing up with more professional transparency, regulatory vigilance for enhanced buyers’ protection. Brokers need to be certified to complete in bigger realty market. In order to ensure no spoiler in the practice there has been a sentence of detention for purging of further fraudulence.
No comments:
Post a Comment