Citizens' Issues
Naxals attack Dhanbad-Patna train, kills RPF jawan

About 150 Maoists opened fire on Dhanbad-Patna Intercity Express between Jamui and Mananpur stations in Bihar

About 150-armed Maoists on Thursday shot dead a jawan from the Railway Protection Force (RPF) and injured two others including the train guard after forcibly stopping a Patna-bound train in a forested area in Bihar.

 

According to reports, the Maoists stopped the Dhanbad-Patna Intercity Express near Kunder halt between Jamui and Mananpur stations at around 1.20pm and fired indiscriminately for about half-an-hour.

 

They shot dead an RPF jawan Sukanta Dev while injuring the train guard and  a passenger. The Naxals also took away weapons from two RPF personnel and later let the train go on its onward journey.

 

Railway Board Chairman, Vinay Mittal, had said that all passengers were safe and the train resumed its onward journey after about 75 minutes.

User

Registration of Real estate brokers: Huge challenges ahead

The real estate bill, recently adopted by the cabinet, seeks to register brokers or agents. While this would bring in some accountability, its effectiveness may fail in implementation given our experience of other regulators

The Union cabinet on 5 June 2013, cleared the Real Estate (Regulation and Development) Bill 2013, which seeks to create a Real Estate Regulatory Authority (RERA) and an Appellate Tribunal (AT) that will act as a watchdog for the real estate sector, set up specifically to protect consumer interests and redress grievances. The bill also mandates the registration of real estate brokers. In India, real estate agents could be anyone who makes buyers and sellers meet. This means that from a paanwala to a tailor to a scrap metal dealer, anyone can be a real estate agent. Would all of them fall in line and register with RERA? This would be quite a challenge.
 

In a Moneylife Foundation seminar on the Real Estate Bill, Pranay Vakil, one of the most respected names in the real estate industry and former chairman of Knight Frank India, said, “Though this is a step in the right direction, what is not clear is whether this would be a generalised registration or whether it would be for a specific project. The reason being, the developer has to disclose to the authority the name of the real estate agent. Every time a developer changes a real estate agent he would have to contact the authority to get the name changed on the website. One would still have to wait for the bill to know as to what are the exact qualifications that are required to register as a broker.”
 

The Bill proposes to register real estate agents which have hitherto been un-regulated, with clear responsibilities and functions, thereby leading to money trail and curbing money laundering. This clause has been added on the recommendations of the Department of Revenue, Ministry of Finance. The registration of brokers would bring some accountability in to the system. Consumers would be more confident as there would bring in credibility of the broker as well. At present, any person can become a real estate agent with no professional certification or licensing for specific areas of operation.
 

Over the past few years, brokers have been dominating the transactions market. They lure customers with ‘special’ discounts, another reason why consumers too prefer going through a broker than direct to a builder. Builders too, are dependent upon them for sale. Usually, they form groups to achieve their targets. Once they form a contract with a developer to sell a particular number of flats within a project, they will focus only on that. At the end of the day, the broker would favour the developer.
 

The new law may try to make all agents register, but would it be able to crack down on those who continue to operate unregistered? Will the authority be able to identify these agents and punish them?
 

Even after registration, there would be issues of enforcing fair conduct. In the financial sector despite strict regulations by Securities and Exchange Board of India and the Insurance Regulatory and Development Authority there have been numerous cases of mis-selling. Therefore, it would also need to be seen whether the regulation of real estate agents would be a workable model. If the real estate regulator is lax, the registration of real estate brokers would be a much-needed by a wasted effort.
 

Read more about the Real Estate Regulation Bill:
 

A bulk allottee or buyer will also be considered as a promoter causing confusion

Will the regulation really exclude commercial property?

The humungous job of monitoring 30,000 crore sq ft of construction planned

Moneylife Foundation event on decoding the realty regulator

Here is the Real Estate Bill, kept hidden from public
Centre and states may collude on parallel laws, cost
 

 

User

COMMENTS

Karamvir Singh

3 years ago

What about the safety of brokers and dealers who are often ditched by the buyers in lieu of brokerage. Totally agree with the fact that any Tom-Dick & Harry is becoming real estate broker now a days and this step towards registering brokers is very good. In fact, in Haryana government is registering brokers by taking Rs.25000/- fee for 5 years but I don't see any monitoring authority after that. Seems fee is just to get the money from brokers..

common man

4 years ago

Being a Real Estate Agent working for corporates in this un organised industry i strongly welcome such a bill. this shall keep out plumbers, carpentors, watchmen out. In fact one should pass a exam so one know the legal issues and paperwork to be done when all other professions have exams why not this

drsharmilaraopn

4 years ago

how would this effect the market?

Next Dalai Lama may be a woman

The 77-year-old monk said the world is facing a moral crisis of inequality and suffering and needs leaders who can bring compassion to their post and in that respect, biologically, females have more potential

Tibetan spiritual leader the Dalai Lama has said that his successor may be a woman as women have the all qualities needed in leaders.

 

Speaking with reporters, ahead of his 10-day tour of Australia, the Nobel Peace laureate said, “If the circumstances are such that a female Dalai Lama is more useful, then automatically a female Dalai Lama will come”.

 

The spiritual leader is scheduled to speak in Sydney, Melbourne, Adelaide and Darwin.

User

COMMENTS

MOHAN

4 years ago

Dalaini Lama ?!! or Dalai Lamini ?!!

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)