The world of realty is in transition. Technology has come into the profession in a big way. Regulatory legislation is just about to kick in. Major players are busy aligning their operations along the latest techno-legal urges which are pressing for introducing standards for enhancement of ease of doing business.
Hundreds of realtors who joined the World Realtors Day conclave in Bengaluru were unanimous that the transition would prove beneficial for all stakeholders, i.e., buyers, sellers, brokers, developers and other service-providers and will bring more transparency and integrity into the profession. There was also a consensus that India was least affected by the downturn in realty elsewhere and Bengaluru was still the best destination for investors.
Paradigm shift
P.S.N. Rao, founder-chairman of the National Association of Realtors of India (NAR-India), feels that realty in India has geared itself for a major paradigm shift as the Real Estate Regulation Act 2016 will come into force in the sector from May 1 this year. He says the new legislation would demand discipline and the outlook for the organised operators was bright. According to him, though small operators can still be there in the secondary market and outside the fringes of the planned development areas of the cities (as RERA will impact only primary market and urban areas), majority of them may be out of the business. He foresees e-sanction of approvals to be the norm soon as the Central government is keen to improve the ease of doing business. In the backdrop of the recent Union Budget’s huge allocation for social housing, Rao predicts rosier times for realty in India.
Changing ecosystem
Ravi Verma, Chairman, NAR-India, says the customers’ perception of realtors is changing. They are now being seen as practitioners, like doctors and advocates. “Technology might have brought in portals where one gets the information. But it is a realtor who provides the insight. A product may carry a warranty, but the service does not. RERA is likely to add to the role of realtors as only licensed practitioners will be left in the field and they will be there to hold the hands of customers till the transaction is closed.” Verma says the coming years will be more challenging as the ecosystem is changing fast for the 40,000-odd realtors in India.
Professional trajectory
Farook Mahmood, World President of FIABCI, and vice chairman NAR-India, asserts that realtors are on the move on the professional trajectory, and integrity and honesty would hold the key. He says technology has come into the profession in a big way, but it only complements the role of the professionals and does not substitute them.
No dictionary term
Sam Chopra, President-Elect, NAR-India, terms the realtors as ‘a class of professionals who may soon have to pass some examination and get themselves certified’ as the profession has begin to demand immense amount of skills and ethics. He clarifies that ‘realtor’ was not a dictionary word, but a term coined and copyrighted by the National Realtors Association of America and one has to pay a fee to use it. Chopra anticipates that only licensed practitioners will be left in the field within a few years and the sector will be more organised.
He said the 9th convention of NAR-India to be held in Mumbai in September will draw around 1,300 delegates.
Confidant & consultant
Om Ahuja, CEO, Brigade Group, says the advisory role of the realtor is a key link between the buyer and the seller, and he is both consultant and confidant for the two. “Technology has not diminished their role as they are the ones who bring in the element of trust”, he commented.
