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‘East should meet the west'

Two global real estate bodies to work in unison



Farook Mahmood, Founder-President, National Association of Realtors-India (third from left in second row), at the Berlin meet of real estate organisations

Last month the international real estate organisations FIABCI and ICREA took a formal step towards a more collaborative alliance and the possibility of a unified organisation with the signing of an alliance during the ICREA board meetings in Berlin. 2011-2012 FIABCI World President Alex Romanenko signed on behalf of FIABCI; 2011 Chair Alan Tennant signed on behalf of ICREA.

Speaking on the occasion, Farook Mahmood, Founder-President, National Association of Realtors-India, and board member ICREA, representing India said, “This is a historic occasion for the global realtor fraternity. These two giant organisations coming together is a huge step forward for the realty industry.”

Mr. Farook was bullish on the prospects of the industry with such developments that bring realtors across the globe together on a common platform. “We need to integrate business and thought processes to make the playing field more inclusive and global in dimension. There is a need for the East to meet the West in terms of demand and supply equations. These amalgamations help build global businesses. India has embarked on a globalisation journey. This will be a significant milestone along the way,” he said.

Reacting to developments that indicate tough times ahead such as the default prospects in Europe and high inflation plaguing markets, he said there is hope in the emerging markets as the growth rate here is higher, given the base rate effect. “So, more global funds will flow into emerging markets and fuel growth there. This tie-up will help those looking at a base in emerging markets. It makes it easier to source property and infrastructure, and at a cost-effective investment.”

During the past 18 months the two organisations have met periodically to discuss opportunities to cooperate in order to optimise the combined strength of the two groups and maximise the benefits for the professional real estate community throughout the world.

In the spirit of continued cooperation and dialogue, both groups have approved direct membership affiliation in each other's organisation. Immediate past ICREA Chair Peter Bolton King has been appointed by Alex Romanenko to represent ICREA on the FIABCI Board. Mr. Romanenko will have a seat on the ICREA Board.

In a message sent to both groups' member organisations, Romanenko and Tennant emphasise that “While the future will be exciting and different, there is no reason for our organisations to lose our history or organisational cultures. Our members, leadership and staffs have much emotional and intellectual equity in both FIABCI and ICREA. Thus, every effort must be made to move forward with respect for our traditions.”

The International Consortium of Real Estate Associations (ICREA) is an alliance of more than 45 of the world's leading real estate associations. www.worldproperties.com; icrea@worldproperties.com.

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