Petition for One Nation One RERA License
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Subject: Request for One Nation One RERA License for Realtors/Brokers/Agents PAN India
Real estate is one of the movers of the economy that creates great value by starting a host of economic transactions. These transactions have a relay effect on various other related businesses. Real estate brokers are the first recipients of any economic activity and take pride in their contribution to the country’s business climate. They don’t just intend to help someone sell or buy real estate but believe in being part of a bigger chain of the prosperity of our nation.
National Association of Realtors-India:
NAR-INDIA is the top representative body and advocacy group for those in the Real Estate Transaction Advisory. NAR-INDIA was formed in the year 2008 to establish the highest standards and accreditation in the real estate industry and facilitate professional development for its members. NAR-INDIA is a Non-Profit Organisation created to be the collective voice of the Realtors in India. Organisation provides support and education for over 50000 Realtors Members and Associates all over the country through its Member Associations across 46 cities and towns in India. It also offers comprehensive resources to Realtors to provide world-class services & create value for all the stakeholders in the Industry. NAR-India is likely to grow into a 1 million strong member organisation in next few years.
The current state of real estate brokers vis-à-vis RERA:
We appreciate the fact that RERA introduction in 2016 acknowledged the Brokers as an instrumental stakeholder of the Real Estate Industry. Most of RERA regulations focussed on the Developer and Builders for whom state laws, taxes and levies are applicable for their Construction projects. Unfortunately, the Brokers were delivered a raw deal by also being asked to register with RERA in their respective states and different states charged different fee structures for RERA License. With fees ranging Rs 25000/- to Rs 2,50,000/-, it became impossible for Brokers to operate across State Boundaries. Brokers are a service industry like a Chartered Accountant, a Lawyer, An Insurance Agent, An Architect, and similar service industries and hence it is unfair to single out one service industry to be not allowed to operate PAN India under One License. GST& Demonetisation, though great measures in the long run, derailed the momentum of Realty business for a few years. Add to it the NBFC Fund Crisis and now the loss of whole of 2020 due to COVID pandemic has hit the business segment of Brokers & Agents very badly. The support for our long pending request for One Nation One RERA License for Broker based on these merits will go a long way in helping our fraternity pool in both resources and growth to meet the 5 trillion Economy vision of our Honourable Prime Minister, Shri Narendra Modi ji.
Kindly consider the following salient changes in RERA Act
1. RERA License can be issued state wise but should be applicable across the country. One Nation One License and Fee Rationalisation will also see close to a million Brokers & Agents register with RERA Authorities, which as of now is only a few thousands and the aim of the Govt. should be to bring everybody under the gambit of legal framework to make the Industry more transparent and accountable.
2. The RERA fee structure should also be standardised across all States in India. Rs 25000/- for an Individual is fine but a yearly break up and renewal should be allowed. However, Income Tax Act in India considers an Individual and a Proprietor as the same but RERA considered a Proprietary firm as a company and charged RERA Fee at PAR with companies. This is a huge anomaly and must be rectified. For companies Fee ranging from Rs 2 lac to Rs 2,50,000 is high and must be rationalised.
National Association of Realtors-India as the august body representing Realtors/Brokers/Agents in the Transaction and Advisory consulting services business will be more than glad to work with the RERA Authorities, Urban and Housing Ministries and concerned departments to rectify the RERA Act that creates a better platform, both for the Govt. and the Brokers to work towards a la common cause of fuelling the Economy via Real Estate.
The real estate brokers would greatly appreciate your kind attention and appreciate a favourable action from the Government of India on this issue considering their situation and enabling enhanced business activity for everyone.
Sign this petition as not just every Realtor, Broker, Agent but every Stakeholder of Real Estate Industry including Home Buyers, Developers & Builders, Home Loan Institutions, and all ancillary industries are impacted by this. Let us sign this petition for better laws, better governance, and better services in Real Estate sector to build a better India.
Thank you for taking action,
National Association of Realtors-India
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