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‘NAR-India makes real estate agency a global business…’ |
The recently-formed National Association of Realtors - India (NARIndia) has ambitious plans of facilitating property investments in India from individuals and corporates abroad. The association, with its global network, makes sourcing property options and information on markets here available to investors all over the world. Farook Mahmood, Founder member, NARIndia, outlines what this association will do for the property market here, in an interview: |
What does NAR-India entail for consumers in India? |
The consumers will get the benefit of standards and business processes put in place to ensure value for money. These standards and processes are meant to bring transparency into the property business. This, along with a code of ethics and practices, drawn up to create national standards, makes NAR-India a credible entity to do business with. Many individuals selling or renting out property prefer to transact directly with potential customers as they feel a real estate agent may be expensive. You see many advertisements that say 'brokers excuse'. NAR-India aims at dispelling this notion. The business processes structure it will bring in will be geared to get people transacting in property - purchase or rentals - the best deal. The structure will entail evaluations of price, negotiation, documentation, liaising between parties, finance and such issues that bring value for the customer. |
How will this body help the real estate agents? |
Real estate agents who become members will be logged in to a network of members across the world through an IT platform. They will be listed in an online directory. Members of NAR and NARIndia will then be able to tieup for referral business.This will mutually benefit both.This translates to being a global real estate agent without having to invest in offices abroad. Multi-nationals abroad looking for space in cities here will be able to source options through their local real estate agent as he can tie up with a member here to find a suitable property. This makes it easy for multi-nationals to find suitable property on the one hand, and creates business for real estate agents here too through referral fees. So, a citybased real estate agent in India will have access to the property markets abroad. There is no membership fee involved, only an affiliation to a real estate agents' association. |
Will NAR-India play a role in attracting real estate investments to India? |
NAR-India will play a significant role in facilitating property investments here by attracting individual investors abroad. Many people abroad are looking at buying property in India as an investment option and for future self-use. They will get access through a NAR member there to a large number of NAR-India members here for more options across the country.They can also source information directly from the NAR-India website. It will disseminate information on the economics of investing in property in India - potential returns on investment, real estate values in different cities, macroeconomic outlook, property trends etc. |
How does a real estate agent here become a NARIndia member? |
NAR-India comprises associations of real estate agents from different cities across the country. Any real estate agent who is a member of an association that has become a member of NAR-India is enrolled. Membership will be restricted to associations and not individuals. An association, to get membership, will have to follow business practice standards specified by NAR-India. |
(Dated: 10/02/2007) |