The Hindu : Karnataka News : Need for valuation standards

Online edition of India's National Newspaper
Saturday, Aug 01, 2009
ePaper | Mobile/PDA Version

Karnataka

Karnataka

Need for valuation standards

Ranjani Govind

BRAI helps local realtors get better acquainted with business practices abroad

Farook Mahmood (left), President, Bangalore Realtors Association of India, with George Bedescu, Vice-Chairman, International Valuation Standard Committee, Canada

Wouldn’t you like a time when India offered its realty customers some educated broking? As a matter of fact, several experts associated with the real estate sector have, over the years, expressed the need for developing a system where knowledgeable and global-perceptive broking would meet the demands arising with economic globalisation and foreign investment. What we are witnessing in the country now is real estate broking operating in some kind of an unorganised sector.

“We are taking efforts to bring real estate broking into a certified class of services. Our educational and awareness workshops in several States will help tackle international investment with a professional transnational outlook,” says Farook Mahmood, President, Bangalore Realtors Association of India (BRAI), and founder member of the National Association of Realtors (NAR). NAR is all set to bring in a 120-hour course across India for realty valuers in association with the National Housing Bank.

As a beginning, a two-day course in seven cities saw a basic training session take off recently that sparked off some wonderful responses from hundreds of companies attached to NAR.

Workshop

The BRAI’s two-day workshop in Bangalore on property valuation, in affiliation with the National Association of Realtors, India Chapter (NAR-India), comprised a certification course covering a gamut of issues related to valuing property for sale and rent.

Funded by the International Real Property Foundation (IRPF), U.S., the course, conducted by George Bedescu, Vice-Chairman, International Valuation Standard Committee, Canada, also covered core issues such as finance and legalities involved in international property transactions.

BRAI is organising a series of workshops to gear up the local realtors to be able to compete in the international arena. This valuation course is also being conducted in Chennai, Hyderabad, Pune, Delhi and Kolkata.

Relevant

The workshop helped the local realtors get better acquainted with business practices abroad. “This course is most relevant today when property prices have gone through a correction. It is also necessary to gear up our realtors to meet global standards. Increasingly, we are dealing in a global arena where standards need to be along internationally-accepted lines,” says Farook.

Printer friendly page
Send this article to Friends by E-Mail

Karnataka