CREBAI Creates Platform To Unify The Brokerage Sector Of India

The broking industry that mainly concentrates in the real estate section was struggling to gain a dimension to conduct business in an organized manner. It is on January 9 that the first NATCOM conference for brokers in association with CREBAI has created a platform to connect all the agents across the country to come together and recognize the podium which is also backed by RERA. The conference called out well-known personalities from the industry such as Amit Wadhwani, Vikram Mehta, and Gautam Chatterjee to also announce that brokers now can have an official registered broker license backed by government bodies.

“I can proudly say that this is the first time that a broker event is sponsored by a broker for the broker in India. When we were initially planning the conference we had decided that there should be a common platform for all the brokers across the country where they can register themselves under official government norms. We are grateful to Amit Wadhwani and Gautam Chatterjee who have played a major role in organizing the event. The CREBAI body is currently focusing on a 2% brokerage fee which would be provided to the brokers and we have approached the government as well to make that happen. All the brokers registered with us will also be registered with RERA. This convention has helped in addressing many important issues faced by the broker industry,” says CREBAI President, Vikram Mehta while giving the opening address at the conference.

Gautam Chatterjee, President, RERA at the conference said, “In this industry, we have always seen that brokers were never registered under an authoritative and well-recognized body. The registration provides a status for each individual broker and that bestows a comfort level for their customers. This movement should drive through the nation as a campaign and I expect to have more than 50,000 brokers registered on our platform. The brokers from their end must research about the dealings and provide value-added information to the customers. Today 52% of the ongoing projects are yet unsold and those dynamics will change soon.”

At the conference, an application called Wajood was launched which will allow all the brokers and potential brokers across India to network and communicate with one another. The market according to Amit Wadhwani is huge in India and so is the potential of brokers where they can have access to 1.32 billion people and understand the dynamics of the business and consist value-added information which can be provided to customers to gain their trust. The application is a platform to simplify a broker’s business problems like lack of clear land titles, speculation in land and real estate prices, clarity on brokerage amount and many more.

“I feel 2018 will be a year that will be a cabin divider between how real estate was sold, bought and understood for the times yet to come and the broking fraternity is shaping out there are a lot of young people who are looking at broking as a career. For the times to come ahead it is going to get more and more lucrative even when we speak about the earning opportunities that make the horizon look more clear now. Broking companies are taking shape of an ICP which will give them a dimension to conduct businesses in an organized fashion. The next 18 months are going to be very exciting for all of us.” Said Amit, Wadhwani, MD, SAI Real Estate.

The conference took place on the 9th of January, 2018 at the Sahara Star Hotel in Mumbai and called out to approximately 17,000 brokers from across the country.

Bhaktvatsal Sharma

BW Reporters The author is a journalist with BW Businessworld