Whether you’ve taken out a home loan to buy a new house or you’re looking for strategic investment opportunities for your savings, real estate has always proven to be a valuable asset. However, real estate has been getting a bad reputation as shady developers are duping house buyers and investors into financing a failed project and using the money to fund other projects.
To keep builders in check, several real estate governing bodies have been set up to protect the rights of investors and house buyers. Every governing body serves a different role in shaping the real estate industry and ensuring that all business practices function ethically.
Here are some of the top governing bodies that every citizen must know about to guarantee safe, legal dealings in the real estate sector.
Under the guidance of the Ministry of Housing and Urban Affairs in 1998, the National Real Estate Development Council (NAREDCO) was founded as an autonomous self-regulatory body. It was a revolutionary move which aimed to give the government, real estate industry and the general public a legitimate platform to address their concerns and find effective solutions for these issues.
They aim to raise the standards of operations related to building, construction and marketing in the real estate sector. They participate in the formulation of national policies for fiscal reforms and work towards boosting economic development by acting as a catalyst in the Indian Real Estate Industry.
Established in 199, the Confederation of Real Estate Developer’s Associations of India (CREDAI) was mandated to pursue the cause of housing and habitat providers. This knowledge sharing network gives access to the latest industry data, technology advancements and industry benchmarks for its members.
It was instituted with the vision to assist the government in creating an urban infrastructure model, achieve surplus status, facilitate skill development and essentially contribute to the country’s GDP. It aims to enhance project aesthetics and execution knowledge of their members. It hopes to get all developers to sign a transparent Code of Conduct to harness credibility and earn the respect of every stakeholder.
3. NAR INDIA
The National Association of Realtors- India was founded on the motto of ‘Connect, Collaborate Cultivate’. It believes in connecting agents by becoming the collective voice of realtors and creating a network which aims towards creating collaboration an inspiration and thus, cultivating the resources to expand business on a global level.
More than 10,000 customers are connecting with NAR India every year to buy, sell and rent houses. They offer highly-qualified realtors in every area to help their members find the right agent who caters to all their needs and helps land the best deals.
AIREAA was stablished in 2010 with the mission to provide guidance to real estate agents by becoming a part of a legal governing body and give home buyers the confidence of dealing with a professional realtor. Their goal is to establish, maintain, finance or raise funds to conduct seminars and carry out research for the Real Estate Trade and subsequently promote the economic growth and development of the nation.
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