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Press release

2 DEC 2019

A commitment to professionalism and transparency

RICS and NAR India commit to greater professionalism and transparency in delivering property transaction and advisory services.

On 28 November 2019, RICS and the National Association of Realtors India (NAR India) signed a Memorandum of Understanding (MoU), whereby NAR India members working on transaction advisory services can undergo a one-year qualification-linked training program.

This program, known as the Emerging Leaders Program on Real Estate Management, has been specifically designed for real estate agents and channel partners, based on RICS' competency framework, which directly links to the RICS-qualifications framework (AssocRICS/MRICS).

"In a profession where barriers to entry are low and quality checks are few, buyers are sceptical of transparency, information sharing and professionalism in the market. There is no doubt that a real-estate regulator is essential to protecting consumer interests," said Nimish Gupta FRICS, Managing Director of South Asia, RICS, during the signing of the MoU. "However, self-regulation by practicing professionals can go a long way in redefining the consumers 'realty' experience. Therefore, professionalism at the start of a transaction, driven by requisite skills and competencies, will help address the poor image of the industry."

"Today consumers are more informed and aware of international best practices and are increasingly demanding to work with professionals who have the pre-requisite knowledge, competence, ethics, credibility, quality, and consistency to deliver as per their expectations," continued Mr Gupta. "This is what makes the agreement between our two self-regulatory bodies historic. Now, real estate agents will bring greater credibility to the market through professionalism, pride, and transparency in practice."

Signing the NAR-RICS MoU
Nimish and Tarun signing the MoU

With real estate brokers coming under the ambit of RERA, self-regulatory bodies, such as RICS and NAR India, have a bigger role to play in creating market assurance and building customer trust and confidence. Like in many other parts of the world, the onus should fall on brokers/agents to act as a fair and honest mediator to guide and assist buyers/sellers during property transactions and ensure transparency, speed, and precision.

The intent is to create communities of professionals that are self-regulated by RICS and NAR India, thereby bringing more structure and credibility in the brokerage/transactions market, in addition to the rules and procedures, as prescribed under RERA.

This MoU is a significant development as both institutions see synergy being brought about by running education programs to elevate real-estate standards and combining the expertise of NAR India and RICS. We strongly believe that this program will help many of our members enhance their knowledge and professional skills and, in turn, make them better 'realtors'. We are excited with the prospect of this partnership."

Tarun Bhatia, President Elect, NAR India

RICS also believes that consumers should be able to use a property professional (estate agent) who is suitably regulated to a minimum level through the following model:

  • Standards: There should be a suite of principle-based, over-arching codes, which apply to all property professionals. Globally, RICS-qualified professionals are required to follow the Real Estate Agency and Brokerage standards for the sale, letting, leasing and management of real estate.
  • Supervision: Various self-regulatory bodies can be, must be authorised, or are approved by, the regulatory body to act as supervisory bodies for different areas of practice.
  • Redress: All property agents should offer consumers access to an independent redressal mechanism (by way of their registration with self-regulatory bodies or RERA).

A revolution is now under way in the accumulation, interpretation and transmission of information, which is changing the nature of real estate. It is evolving into a business where information is available and knowledge creation, as a service to the consumer, drives success. Professionals will have to think strategically, which requires discipline and focus in order to differentiate and position themselves in the industry.

This agreement between RICS and NAR India will enable these professionals (real estate agents) to do just that. The training program, which is a one-year bespoke (face-to-face and distance learning) program, has been modelled on RICS' competency framework and will lead up to RICS' qualifications (AssocRICS and MRICS). The program will commence in February 2020.

The intent is also for both organisations to exchange information and share knowledge through leadership forums and networking sessions on topics of mutual interest. The partnership provides a great opportunity for joint-research reports to be produced that could lead to influential thought-leadership initiatives.

About NAR India

NAR India is the top representative body and advocacy group for those in the real estate transaction advisory. NAR India was formed in 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 realtors in India.

For more information:

RICS press contact

Ms Anjali Shrivastava
Head of Communications & External Affairs, South Asia, RICS
+91 124 459 5407

Media agency contact

Mr Abhinay Rajput
+91 7042363039