BANGALORE: The National Association of Realtors-India (NAR-India), the national umbrella organisation of realtor associations, is holding its fifth annual convention this year at New Delhi. The convention, also being attended by heads of global realtor organisations, will have discussions on customer service, legal knowledge for brokers, broker-developer interface, finance and tax, excellence in business, real estate investments, emerging challenges, international brokerage practices etc.
More than 1,000 realtors from all over India are expected to attend the meet. The focus of this convention is to build better global and national networking, and create awareness on the need for an organised real estate sector. Farook Mahmood, Founder President, NAR-India says. “The main takeaway from the convention will be better service for the buyer, with well-informed agents who will be able to cater to his demands with value for money.”
The heads of global realtor bodies are bullish on the prospects of Bangalore as an investment destination. An 18-member delegation from Malaysia, Singapore, Hong Kong, USA, Dubai, Brazil, France, and Belgium was in the city to assess the potential firsthand, ahead of the convention.
Speaking on the potential of Bangalore as an investment destination, Flavio Gonzanga Nunes, World President, FIABCI, says, “Bangalore is a thriving market. The government is investing heavily in infrastructure here. A city with good infrastructure retains its population and attracts more people. The devaluation of the currency will encourage Indian citizens living abroad to invest here. All in all, it’s a booming city with upcoming good infrastructure, large working population, several developers and brokers – all the ingredients for a good, sustainable real estate market.”
Leo Attias, President, FNAIM International, says. “Investors want to invest here for high returns. There are many joint venture and integrated development projects in Bangalore. This is a unique and secure idea for the future.”
Baryalai K Shalizi, representing NAR-USA as Liaison to NAR-India, says, “Bangalore is growing rapidly. The weather here is pleasant compared to other parts of India. Developers offer projects comparable to the best in the world. Also, there is dramatic appreciation potential here. It is lucrative for people to invest here, especially from America where the realty market dropped.”
Zachary M Benjamin, NAR Global Manager (International Market Development), points out, “Although the infrastructure in the city is still a work-in-progress, the fact that it is being addressed, and you can find a project with familiar-looking architecture and infrastructure makes it comfortable for Westerners. The combination of business opportunity, investment opportunity, and a Western way of life in the city is attractive to Americans who are looking to do business in India.”
Hendrik Nelde, Vice President, World Council of Brokers, says, “The IT business is active here and will draw investments. Traffic is chaotic and the roads are difficult, but I see the government is working on it. Some of the projects I saw here are of high quality. For an investor, these are important factors. I also get the impression the city is pretty safe.”