Realty Brokers in NCR Pay Attention!

Delhi NCR based real estate brokers are facing the real tough times. In recent news a Delhi based property broker is pondering to shut his shop. As the payment of commission to him from a Gurgaon based large developer has been delayed for so long and the amount was too large.

It is high time when real estate brokers should be highly aware of this. Once real estate was a booming business but now-a-days it has been transformed into necropolis for the brokers in National Capital Region and particularly in Noida and Gurgaon. Delayed commission payments are due to severe liquidity and project delays, henceforth imposing the small brokerage firms to be closed.  Other reasons that have been cited in delayed payments are illiteracy in brokerage business and improper protocol for commission payments. Generally brokers get 2-3% commission from builders.

Procreation of numerous brokers in the market and impediment of project completion are the chief reasons of commission payment delay. It doesn’t matter to developers as they have several options in the market. The time period to get the commission payment was 12 months and now it has been escalated to 24 months. Brokers are receiving the payment for their work done in 2012 and 2013 now. Illiteracy in the business is the major setback. Brokers who are not aware of their rights cannot impose it over the builders for their delayed payments. Therefore they tend to shut their shop due to lack of funds.

In India anyone can become realty broker without any certification. Hence they get mislead by the developers due to lack of proper education and knowledge. Bad financial condition of developers is also responsible for this. According to statistics, builders are able to sell only 100 flats per month now against 500-600 flats per month due to real estate economy slowdown. According to recent report, housing absorption in Delhi NCR has been slowed down to 43 percent. This slowdown in sales volume led to rise in unsold inventory.

Commission payment falls at the last positions in builder’s priority lists. There is no defined protocol for the payments of realty brokers. Whenever an issue arises brokers are the first ones to get impacted. Brokers also tend to encounter a huge issue of part payment that results into accumulated money and delayed payments. A regulatory protocol must be introduced for real estate brokers as it is going to harm the economy of real estate in long run.

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Created on Dec 31st 1969 18:00. Viewed 0 times.

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