Brokers promise transparency

Sudhakar Rao / TNN / Mar 15, 2007, 22:31 IST

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The Baroda Estate Brokers'Association is all set to register their body with the state govt and streamline real estate transactions.

VADODARA: Next time when you think of shifting into a rented house for residential or commercial purpose, it may be mandatory to give some documents to the landlord before you could see your deal through. Reason?
The Baroda Estate Brokers' Association (BEBA) is all set to register their body with the state government and streamline real estate transactions.BEBA members say that they have appointed a legal advisor and formalities have been chalked out for the purpose.
While Ahmedabad has a registered body since 2003, Vadodara would be the second city to have a registered brokers' association. According to the plan, a tenant would have to submit identity proof, PAN card, residence proof and a passport size photo to the nearest police station before shifting into a rented house.
Earlier, an agreement on a notarised stamp paper between the landlord and tenant was enough for the property transaction.Even the broker would have to share the responsibility.

"In case of a dispute between the buyer and seller or tenant and landlord even after the deal is struck, it would be the responsibility of the broker who was involved in the transaction to ensure that the issue is resolved," said Rajiv Shiva BEBA president.
"BEBA, that has currently 70 members, will also work in co-operation with the builders," said Shiva, who is also proprietor of Gujarat Land and Estate. Even the token amount that the buyer or tenant pays to the broker before the deal would have to be refunded if the deal does not work out.
Names of brokers with their ID proof will be listed in newspapers and leaflets so that customers know which broker to approach for deals. If a broker commits a fraud, the association will have the right to discontinue his membership and make it public so that buyers do not approach him.

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