We are pleased to welcome guest blogger, NAR President’s Liaison to India, Baro Shalizi. Mr. Shalizi is broker-owner at Shalizi Real Estate in Santa Fe, New Mexico, and has held the President’s Liaison position since 2010.
India’s real estate market is developing rapidly and becoming more cohesive by the day. The government is starting to regulate the industry, though they have not yet instituted licensing. India now allows foreign nationals to purchase one residential property in India without having to form a corporation in India through which the transaction is funneled.
Six years ago, a national association of real estate practitioners was created, known today as the National Association of Realtors – India, not to be confused with our U.S.-based trade association, National Association of Realtors (NAR). NAR-India has adopted a Code of Ethics very similar to the one in the US and is actively promoting education, ethics, co-operation between brokers and is in the initial phases of developing a robust MLS. As such, members of the National Association of Realtors – India hold themselves out to be of a higher caliber and more professional than a real estate practitioner who is not a member of the national association.
India’s real estate market still faces a few challenges, such as, land title that may be cloudy, a need for under-the-table money to exchange hands in resales (commonly known as “black money,” the need for such extras is now quite rare), and the fact that India’s housing market may see a correction sometime in the near future. Having said that, real estate in India is still a good investment and India’s luxury real estate market is comparable to any in the world. With a shortage of close to four hundred million units, real estate in India is bound to remain vital for the foreseeable future.
Interested in learning more about how you can make the most of NAR’s partnerships in India? Contact Baro at Shalizi@aol.com, and discover the possibilities for U.S.-based real estate professionals doing business with both inbound and outbound Indian buyers and sellers.