Real estate agents will now be a part of Central Advisory Council

Q: The amendment makes property brokers a key stakeholder in the real estate industry along with home buyers and builders.

Vinay Dixit, Mumbai

2nd September 2015

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Replies (3)

The Real Estate Regulation and Development Bill, 2013, seeks to establish Real Estate Regulatory Authorities at the state level for the regulation and development of the real estate sector. It aims at ensuring consumer protection and standardization in business practices and transactions in the real estate sector.

Praveen Modi, Mumbai

2nd September 2015

Comment

Apart from property brokers, the council will have one member representing key stakeholders, including consumers, builders, architect and the legal profession. I expect the Council to be formed soon after the Bill gets passed. The Council can act as a prime mover in initiating debates on critical aspects of the real estate industry.

Krishnendu, Pune

2nd September 2015

Comment

For your kind information i would like to say that sweepers, watchmen, istriwallas and Grocery shop Baniyas are real estate agents in Mumbai ! Are they going to be included in some great council? First make sure that real estate agents need to have qualification and license to operate. Bring them under SEBI regulations, as they are involved in a major financial transaction.

Dev Patel, Mumbai

2nd September 2015

Yes, brokers are the biggest shark in the deal who catches fish and present before crocodile to swallow it. Poor buyers would have to still suffer.

Ananth KV, Chennai

2nd September 2015

That's really a good news!!!!!!

This will prove to be a crucial move by the Govt in the coming days. It will help the govt. to understand the issues related to the real estate sector.

Praveen Modi, Mumbai

2nd September 2015

Comment

Yes Praveen,
The Rajya Sabha Select Committee has added in a separate development relating to the same Bill that the functions of the Real Estate Regulatory Authority, to be formed under the proposed Bill, will include protection of interest of agents along with allottees and promoters.

Nikhil Agarwal, Delhi

2nd September 2015

It's not a good news dear......
The biggest bonus for all the big property sharks in India to loot the genuine purchasers by raising the prices of the property. This is not in the interest of the public at large but is just a grazing ground of the real estate agents with more teeth to the central advisory council for speculation.

Ananth KV, Chennai

2nd September 2015

Hi Ananth,
Whatever you are saying is right but by including real estate agents, the government will now have better understanding of several issues that relate to consumer satisfaction in real estate transactions, as agents interact with customers more than what builders do. Even various broker bodies have suggested setting up registration criterion for realty agents along with minimum educational qualification, while voicing their concern on agents being treated at par with builders.

Praveen Modi, Mumbai

2nd September 2015