The Indian real estate market today has been awarded 100% FDI from the government to foray into townships and settlements for ongoing development projects. This real estate industry is growing more in Healthcare, e-commerce, as well as the logistics industry.
Acts like RERA and REITs are also making the real estate sector into a transparent industry with robust communication, defined rules, and a set of expectations from the real estate agents.
De facto, the market size of the real estate today is estimated to reach $1 trillion by 2030 from the $120 billion in 2017.
So, to get the real estate broker license, move onto the following steps :
Research and know more about the industry
As a short note has already been given about the real estate industry, you must also gather ample information on your behalf before diving into this sector. You must read its news daily.
This gives you the cutting-edge over others who are competing in the market to apply for a license too.
Pick your speciality as a broker
The real estate itself has many buildings and infrastructural embodiments to offer. Know if you will be dealing with commercial or residential properties. Then go further by researching more in that field.
Start to gather information about the license rule, penalties, and the like
Firstly, you need to know today the license can be applied with the help of real estate consultants. Earlier it was not possible. But now, they have made it possible to deal with all the necessary compliance and examination procedures for obtaining a real estate license.
Know every state’s license affair before venturing into it
As per the RERA law, every state is supposed to maintain a separate licensing authority. Hence, you must apply for the state’s license as soon as possible. However, a particular state’s broker license limits them to render their services in only the mentioned state.
If you want to expand your business across multiple locations, then you will have to apply at the registered offices present in every state that is your next target.
Know the importance of licensing
Know that under section 2 and 3 of RERA, it is compulsory or mandated for the real estate agents to get the licensing done whenever they begin or as soon as they get the registration process clear for their business entity—entrepreneurship, partnership, or a legal firm.
Know the proper rules of licensing in India
One of the many penalties for breach the code of conduct after attaining registration and license is that you will be deemed to pay up to Rs. 10,000 per day because of the default—until it is compensated fully.
In the worst-case scenario, the total charge may rise up to 5 percent more of the total deal that was signed and promised earlier.
Know about the licensed practice in India
Having a license is not enough. You need to be aware that not every property can be sold or bought. As a real estate agent, if you try to sell or purchase a property that is not registered under the authority or RERA, then it is considered as a punishable offence as per section 9 and 10.