National Association of Realtors to Launch Multiple Listing Service in India
The National Association of Realtors (NAR) India has entered into a partnership deal with Universal Consulting Opportunities, a subsidiary of Stellar MLS. This partnership agreement is aimed at establishing a National Multiple Listing Service, as claimed.
MLS to revolutionize Indian Real Estate by providing a standardized and centralized property listing system.
According to a press statement by NAR, the introduction of MLS may significantly elevate industry standards and boost the economy as the market is projecting India's real estate market to hit $1 trillion by 2030. The body revealed that the MLS would address the information gaps and reduc fraudulent practices to create a trustworthy ecosystem for property transactions.
"MLS will ensure better market transparency, smooth workflow, expand globally, and promote ancillary industries".
According to NAR, for stakeholders in both India and the US, this initiative holds immense potential. Florida, home to a large NRI population, has benefited from MLS, driving $2.5 trillion in annual residential sales. With NRIs contributing $5.4 billion to Florida’s real estate market in 2020, the MLS system could further facilitate cross-border investments and partnerships.
Amit Chopra, President, NAR India said this initiative will empower realtors, benefit buyers and sellers, and position India as a global leader in real estate innovation.
"By introducing a National MLS, we are not just adopting a tool but pioneering a new era of transparency, trust, and efficiency in property transactions. It is the first step. While it will take a few years of work NAR will approach the government and RERA for regulatory support and access to data", added Chopra.
UCO will act as a strategic advisor using its expertise to create a strong MLS framework specifically appropriate for this diversified and digitally mature ecosystem in India. This focus would include technology integration, organizational development, business strategy, and vendor management.
This collaboration positions UCO within South Asia, which complements its efforts in Europe and the Middle East. UCO has been able to work with MLS Leader (Romania), Arab MLS (Middle East), and Igluu (Czech Republic) among others thus highlighting its leadership in the global MLS adoption arena.
“NAR India’s vision aligns seamlessly with our values of transparency, collaboration, and trust. Together, we aim to empower India’s real estate market with a world-class MLS system, fostering efficiency and creating opportunities for stakeholders nationwide", said Merri Jo Cowen, CEO of UCO and Stellar MLS.
