Real Estate Sector has seen many changes in last few years after RERA and GST came in full fledge the developers have also made some variations in its working. Channel partners are the new favourites of the Developers this can be seen recently as their demand is increasing as channel partners are more successful in bringing the buyers for the developers.
Channel partners are multi-functional persons. They work better than brokers because they give advisory for buying the property and they work more professionally. They take complete responsibility of the selling the project. Buyers trust more on them because they are registered with RERA. On the other hand developers keep them happy by boosting their energy giving them high perks such as international holiday package, easy payment plans, which gives them motivation on working hard. Many B-school graduates are joining realty broking firms today or setting up start-ups that are servicing developers in major cities. Industry is getting more organised and transparent and also more reachable without hassles. Company who are having channel partners their workload gets decreased and also customers looking for property they get the right person who can give them knowledge about the property and guide them. Many developers are giving them higher incentives i.e. standard brokerage is 2 per cent, they are paying 3 per cent for projects to attract channel partners. For attracting the channel partner’s developers have kept the brokerage release on 20 percent of the down payment and have not increased the barrier.
We can see clearly that Real Estate Sector has changed, new market dynamics and strengthened regulatory environment have now more or less eliminated this unwholesome dynamic from Indian real estate. Channel Partners is a result of new era of Real Estate Sector and we can surely expect that decline in sale of housing projects will no longer be the same and soon the situation will be changing and it will be in favour of developers.
Source– Economic Times
Disclaimer – The above points are based on the personal interpretation and understanding of the RERA rulings, which may differ person to person. The readers are expected to take expert opinion before placing reliance on it.