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India Trip Shows Great Promise for Future

IRPF’s interest in India dates back to 2001 when NAR assessed the real-estate community and found a lack of licensing and MLS and a gap between practice in India and more developed International Standards.

Although NAR’s efforts helped launch IIRE (India Institute of Real-Estate), a non-profit trade association committed to enhancing the standard of real-estate practice in India, IRPF’s assessment of the market in 2006 revealed that local associations were fairly ineffective and that professional standards were only promoted through Indiaproproperties.com, a for-profit listing and advertising website.

From the assessment, IRPF established the need for a truly National Association with key stakeholders in the market supporting the idea, and one that could recognize and unite the real-estate community, promote higher standards of practice, and introduce professional training to brokers and appraisers in an attempt to approach International Standards.

In January, 2007, a High Level Conference was held with the support of IRPF and funded by the Reaume Foundation which validated the desire of the Industry to form a National Association. The invested interest of key figures in the real-estate industry along with IRPF’s assistance in refining the organization’s business plan, providing leadership training, and strengthening the relationships within the market, set precedence for higher standards to be implemented in India. These efforts resulted in the creation of The National Association of Realtors (NARI), modeled in part after NAR and existing with local boards. This was accomplished in a matter of five months and resulted in a Protocol Signing between IRPF and NARI.

The collaboration between IRPF, NAR, and NARI has produced a signed Protocol that outlines the imminent goal of strengthening the structure and scope of NARI by building membership, offering more comprehensive member services, operating a more democratic method of governance by providing transparency of the market, and improving standards of practice throughout India. It was determined that IIRE will play an important role in continuing to produce educational programs for members of the Association. NARI President Farook Mahmood maintained that the association would be providing educational and training services to it’s members, and in doing so would empower the real-estate community to provide services at the level of international standards.

This past September, the trip to India proved very successful not only in the Protocol Signing, but also in meetings with the Board of Directors, and various interviews with key members from NARI, the National Housing Bank, and USAID. IRPF has provided and continues to deliver integral contributions to the forthcoming plans of the National Association’s Board of Directors and the development of the real-estate market in India. The capacity for growth is limitless, and IRPF and its affiliates have great faith in the future of the NARI.



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