Real estate brokers form forum to address issues | mumbai | Hindustan Times
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Real estate brokers form forum to address issues

mumbai Updated: Jan 20, 2011 03:07 IST
Naresh Kamath
Naresh Kamath
Hindustan Times
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With the Real Estate Regulatory Body all set to come into existence in the next few months, around 900 real estate brokers have decided to organise themselves and form a collective forum.

The decision was taken in a meeting held on Tuesday where brokers decided to adopt a professional approach to their business and also institute a code of conduct for themselves.

Talking to Hindustan Times, Sangeet Kumar, CEO, 1stMumbaiproperties.com, a leading brokerage firm, said “Our forum would take up issues like licensing of the brokerage community and standardisation of brokerage amounts.”

According to experts, brokers are facing stiff competition from corporate and banking firms, which have started offering property search services.

“Brokers have no option but to improve their services as foreign firms have a full organised team to assist them,” said Vimal Punamiya, an authority in property matters.

Realty brokers have been an integral part of this industry as they facilitate 70% of sales in the market.

In case of leased properties, they corner at least 90% of the market.

The meeting also addressed the issue of sagging sales caused by the exorbitant pricing of properties. The brokers decided to form groups to undertake bulk bookings of apartments.

Vibhoo Mehra, a broker, said the move would help boost the sales of apartments.

“The developer can afford to give us discounts as we would be buying his stock in bulk. We can easily pass this incentive to our clients,” said Mehra.

The state government has welcomed the initiative.

“We certainly do recognise the role played by a broker in the realty market. Any move by the real estate brokers that would benefit the homebuyers across would definitely be supported by us,” said Sachin Ahir, state minister for housing.