Now onwards, property brokers will be the part of Central Advisory Council

Central Advisory Council

Recently, the central government of India has made a crucial amendment in the CAC (Central Advisory Council) and according to new amendment real estate agents will be the part of Central Advisory Council, which is involve in helping the government to understand the issues related to the Indian real estate sector.

This new amendment has made the property brokers or real estate agents, a key stakeholder with homebuyers and builders in the real estate industry. However; in a separate development government is pertaining the same bill in the Rajya Sabha Select Committee, with an aim to add the functions of the REAA (Real Estate Regulatory Authority), which will be formed under the new proposed Bill and it will also include the protection of interest of allottees, promoters and agents. It is proposed to form a council under the aegis of the amended in the Real Estate Bill, whereas; the Minister of Housing & Urban Poverty Alleviation will be act as the ex-official chairman of the same body. The new group will provide active advice to the central government on different facts such as; protection of consumer interest, implementation of the Act,, recommend policy and foster development as well as growth in the real estate sector.

However; officials are expecting that soon new council will come in existence and it will act as the main mover in for starting the debates on critical facts and figures of the Indian real estate industry. According to the statement of the Sanjay Bhargava, Founder of realty advisory company Bombay Homes, “After including the real estate agents, central government will get the better understanding on many of the issues which are related to the satisfaction and transactions in the real estate sector because agents are the persons who directly interact with customers in comparison of real estate builders or any other official authority”. Apart from that real estate agents are happy with new amendment because now onwards they can highlight the key issues on which government can work. However; many different broker bodies are suggesting to set-up the registration format and minimum criteria for property brokers where they need to have minimum educational qualification, if they want to raise their voice and concern for the real estate sector.

However; the Real Estate (Regulation and Development) Bill, 2013 is seeking to establish the RERAs (Real Estate Regulatory Authorities), at the state level so that every state can regulate the development of real estate sector in country. The main aim of RERAs is to make sure that there is consumer protection and standardization in the business practice of real estate sector of the country.