Despite the pivotal role they play in real estate, property brokers, so far, did not enjoy an honorable position in the real estate industry. But through a crucial amendment made by the central government, real estate agents have been included in the Central Advisory Committee and will be responsible for assisting the government in matters related to the real estate sector.
Thus, along with the builders and homebuyers, the cord that connects the two i.e., the real estate agent, will also be considered as a key stakeholder in the industry. The council will be formed under the new Real Estate Regulatory Bill and will only be operational after the enactment of the new bill. The position of the ex-officio chairman of the council will be given to the minister of Housing and Urban Poverty Alleviation.
The council will be responsible for advising the central government on issues related to the real estate industry such as policy recommendations, protection of consumer interests, grievances redressal and the overall development of the real estate industry.
This is a major step towards strengthening the position of real estate brokers in the sector. They will not only be responsible for helping the government but also for regulating the industry at local levels and initiating debates that would possibly affect the industry in the long run. Agents have a better relation with customers as compared to the builders. They know what the customers need and want, what they prefer. So with the council of agents, it would be easier for the government to understand the homebuyers’ preferences.
The agents all over the country welcomed this move and also suggested other areas that need immediate attention. They also said that the registration of brokers should be more regulated. There should be a minimum educational qualification for the same. Real estate is the fastest growing sector, hence each and every pillar of it should be strong enough. The business practices and other regulations, therefore, need to be addressed and standardized in the real estate industry. Central Government Introduces the Central Advisory Council of Real Estate Agents
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