Any false representation in a certain quality or service makes the broker liable for a penalty of Rs 10,000 per day
The Act states that no broker without a RERA certification will be allowed to market any project
The local brokers community feels that RERA has been silent on penalties to be imposed on builders and buyers
RERA will help the brokers to turn into transaction advisory professionals for Real Estate
Brokers play a significant role in real estate transactions and the Indian real estate has been a home for the small as well as big brokers, where they have done business in an unrestricted environment. The unorganized and unregulated broker segment in India has around 9,00,000 plus brokers operating at various levels. Moreover, around 5, 00, 000 brokers operate out of top 15 cities. As per the information gained from the industry data, local brokers who operate on their own account for as much as 60 to 70 per cent transactions in the secondary market and around 20-30 per cent in the primary market. Under RERA, the real estate brokers will need to register themselves with the authorities to be able to facilitate a real estate transaction.
The RERA blow for brokers was welcomed by big brokerage houses, but put the small brokers in worry because of the several compliances under RERA. Lets have a look at whats in store for them:
THE OTHER SIDE
Thus, RERA will help the brokers to turn into transaction advisory professionals for Real Estate. The client will have the access to all information, in terms of actual money spent on construction by the developer, the basic sale price, other charges, construction status, sales representative details, etc. The brokers role will be more of an investment portfolio manager, rather than just a sales professional!
Copyright © 2017 Rivik India Private Limited. All rights reserved.