Chennai:
Could real estate brokerage business in Chennai worth approximately
around Rs 500 to Rs 600 crore a month be regulated by the state
government to bring in transparency in the sector?
Chennai Real Estate Agents Association (CREAA) said that it is in
talks with the state government to implement the Real Estate
Regulatory Authorities (RERAs) to regulate brokerage business in the
city once parliament passes the Real Estate (Regulation and
Development) Bill, 2013.
Addressing a press conference here on Saturday, Rajesh N Dave,
president of CREAA and H L Bagra, president of National Association of
Realtors (NAR) India said that realtors are looking forward to passage
of the bill and the setting up of state level regulatory authorities
called Real Estate Regulatory Authorities (RERAs).
“We want the state government to implement RERA in the state once the
parliament passes the bill. We have also urged the government that we
want to play a role in licensing of the brokerage business in the
state,” said Dave.
He said the state government has asked them first to get CREAA
popularise in the state before making a move to become a regulator.
“Now we are planning a membership drive. But the process is a
stringent one,” said Dave.
He said that the association has only 100 members in Chennai and we
will expand but not blindly. “We will be checking the antecedents of
the real estate brokers including their political affiliations before
granting them membership. Our aim is to maintain transparency and also
faith in our members by the investors,” said Dave.
Interestingly, CREAA is also launching a new and revamped website.
Dave said that state finance secretary K Shanmugham is opening the
website.
Talking about the real estate brokerage business in the city, Dave
said that it could be approximately somewhere between Rs 500 crore to
Rs 600 crore.
He says members of CREAA Chennai charge 2 per cent of the sale for
every transaction. “For leasing of property our members charge one
month rent plus service tax,” said Dave.
Bagra said that once the bill is passed in parliament, all prmission
and approvals for developers would be online besides the ownership
document of the land. Not only that, a developer can’t sell on super
built-up area and he has to specify the carper area, said Bagra.
He said the developer also can’t charge for car park which most of the
builders are doing. The developer would also be asked to maintain an
account for the project which he is currently working. “Each project
would have a separate account,” said Bagra.
He said NAR-India has grown substantially over last five years and is
the parent body of CREAA. “We have 25 member associations in India
with an overall reach of 17,000 brokers,” he said
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