State Bank of India chief general manager O P Mishra has assured the real estate industry and the builders’ fraternity of all possible support to address various issues concerning them at a meeting with the CCREDAI-Hyderabad.
Key points of the meeting were to:
- Strengthen the relationship between the bank and developers and to discuss issues relating to home loan sanctions, project tie-ups and project funding.
- Favour more meeting with builders and the industry at frequent intervals so that various aspects concerning them could be discussed and action initiated.
- Assurance that other issues which required the intervention of the centre would be taken up.
He said the main points arising out of the COVID-19 pandemic had been addressed to a large extent through relief measures like moratorium on EMIs, charging of simple interest during moratorium period and extending emergency line of credit to builders.
Channel partners & Real estate agents have always been an integral part of the realty sector. With the unparallel growth of Indian Real Estate, developers have been rapidly engaging with Channel Partners. Earlier, Kirana shop owners, small-time brokers and the likes had an unobstructed participation in the real estate marketplace, and many of them grew on unprofessional practises & under-informing their customers.
With introduction of Real Estate Regulation & Management Act (RERA), prospective buyers now have more faith in buying the property through channel partners as they have to get themselves registered with the respective state RERA authorities under the RERA Agent category. Organised Channel partners as advisors, act as a bridge between Real Estate companies and property buyers rather than mere brokers. In Tier-2 cities like Mysore & Hubli, Channel partners, are witnessing immense growth opportunities as they have better understanding of the local requirements & trends.
Interestingly, under the RERA Act, upto 5% of the total project cost can be levied to a registered Agent (channel partners) if wrong information is shared with prospective home buyers. This has brought about transparency in the sector and has improved buyer confidence. This will inturn boost the sector and strengthen the economy further.
Channel partners are looked up as professionals who are adept with current trends & have indepth knowledge of the local markets, customer demands and the builder profiles, there by offering quality service and consultations. There role is way beyond just referring clients, to arranging for property purchase loans, property registration & finally post sales documentation.
In the current scenario, the Role of Channel partners is more that it was ever before!