Real Estate Evolution in India- Realty in India Market

Bangalore: Between 2002 and 2007, Indian Real Estate witnessed historic boom, record numbers of projects were launched in the same period and the introduction of Real Estate Consultants came into limelight. The real estate consultants compared to property dealers were professionals, educated people and knew the presentation level required for the projects to the end users. In term of trust there is still a lack as the dealings in Indian Real Estate are not based on transparency, in some areas there is always a demand of some percentage of cash money and on the other hand there is a concept of credit note been offered against discount to the buyer. Due to lack of trust the satisfactory service level for the buyer is at all time low. Real Estate Consultants do try to make usage of CRM but due to Inaccurate, Incomplete or outdated data even the CRM is not favourable for the industry.

A prospective buyer wants a complete assurance that his hard money is safe in the project that he is investing in. Also transparency in project dealing is what the buyer is looking for from the consultant. While buying a property the buyer is more interested in the surrounding and a place for himself and his family instead of appreciation. Locality, amenities and connectivity plays a major role for the buyer.

There is a lack of transparency in Indian Real Estate Dealings. Be it project details, amenities, connectivity or the area development. Real Estate consultants are only referred for 13 percent by their clientele. Immediate effort would be to provide licenses to those operating in Real estate dealings and keeping a database of all the consultants, keeping a track on their practices and penalizing them on their wrong doing would bring more confidence for buyers while dealing with a consultant.

A registration and tracking system in place along with strict actions against fraudulent activities by any consultant would bring more transparency in Indian Real Estate Dealings.

(Contributed by- Raj Sharma, MD, Best Property Deals)