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FICCI, a leading industry body, and JLL India, a prominent real estate consultant, have initiated a joint appeal for the establishment of formal training and certification programs for property brokers. The proposed training is aimed at bolstering the brokers' expertise, which would subsequently empower clients in making informed real estate decisions.
The call was led by Vineet Nanda, the Chair of the Regional Urban Infra Committee at FICCI. Nanda presented a white paper on the topic to Arun Kumar Gupta, ACS, Town & Country Planning, Haryana, affirming that despite the introduction of the Real Estate (Development and Regulations) Act, 2016, or RERA, only 30% of channel partners across the country are registered.
Nanda also underscored that the team members affiliated with the channel partners lack adequate skills. Drawing parallels to other investment areas such as stock, commodities, and financial markets, where formal certification courses are mandatory, he argued for a similar need in the real estate sector.
He suggested that the state government should play a more active role in regulating the sector, including promoting education initiatives and collaborating with universities offering certified courses. Such actions would not only enhance skills and income but also generate new employment opportunities.
The collaborative white paper by FICCI and JLL India pointed out a significant increase in real estate agent registrations—from 33,270 in January 2019 to 71,514 in January 2023—across the country under the RERA law. The report underlines the integral role of real estate agents/brokers in the rapidly expanding sector, which is witnessing substantial domestic and global investment interests.
The document underscored the importance of developing real estate sales professionals, acting as intermediaries in each transaction, through comprehensive training programs. These programs should instill a deep understanding of the current real estate sector regulations, and build communication, marketing skills, and proficiency in social media and other digital tools.
The report encouraged the inclusion of an accreditation or certification component in the training programs, allowing brokers to establish themselves as industry specialists. The report also drew light on the limited number of government and commercial entities that offer skill upgrading for brokers. Nonetheless, in most developed nations, real estate brokers undergo structured training and certification programs before earning a license.
In conclusion, the call for formal training and certification of property brokers resonates with the need for expertise and informed decision-making in the burgeoning real estate sector. It would undoubtedly contribute to individual brokers' professionalism and the overall growth of the industry, warranting serious consideration and swift action from the state government.
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