Revolution Needed in The Property Dealing Space In India
Addressing the students concern
College days are one of the liveliest and enriching experience for every individual.
The USP of it is students tend to learn more outside the class than what knowledge they consume inside the class. It’s a phase where a boy/girl moves beyond his/her comfort zone and explore the world and gradually learn how the actual world functions.
One of the close aspects of college life is accommodation. The majority of people migrate from their hometown to cosmopolitan cities like New Delhi, Mumbai, Ahmadabad, Chennai, etc.
For Instance, Delhi University, which is among the most prestigious institutions for studies, the majority of the colleges don’t offer hostel facilities to students.
Therefore, students have to resort to private PG and Flats as a means of accommodation.
Unarguably, the market of brokers is exceptional in areas surrounding the college vicinity.
We can take an example of – Malviya Nagar, Sheikh Sarai, Satyaniketan, New friend’s colony, GTB Nagar etc.
The students are naturally inexperienced and naive to tackle the sales gimmicks of these brokers.
Initially living in the private PG, 90 out of 100 students seek to find a flat at a reasonable cost so that they can live in solitude, peace, and obviously, with their own choice of food.
But to rent a flat, involvement of Broker becomes necessary because they are the ones who mediate between owners and tenants and have good connections in the area.
Following are the issues which hold an important aspect-
- Students usually don’t have any idea regarding the prevailing amount of rent in a particular area.
- Students also lack any sort of knowledge about the rate of commission
Majority of the students are cheated by these brokers who form a cartel with the flat owners and rent the flat at a higher amount.
Students, who are unknown about these practices fall for the trap and agree to the amount quoted by the agents and the deal gets closed.
What we conclude from this situation is, there is an alarming need for a student to be aware. He needs to be aware of the facts and trends of the market he/she is going into.
In this situation, it’s the real estate market which is the most unorganized and shady sector in India.
There is a need for a platform that standardizes the permissible value of rent that can be quoted, valuation of properties, and commission of the real estate agents based upon certain criteria to bring more transparency in the transaction.
In this way, the students can verify whether the rate being quoted by the brokers complies with the rate associated with such flats of identical area.
In this way, we can make things transparent and even remove malpractices from the real estate sector. Marching ahead with a similar vision, we can go on and make the most unorganized sector i.e. the real estate a little bit more organized and professional.
It’s a tremendous business opportunity on which various companies are already working, I hope they get a good breakthrough in the near future and we can witness change.
Change which makes us more ethical and professional in what we do.
These steps will ensure that the students won’t get crooked at such tender age and witnessing good changes around them, they’ll move on to make the world a better place to live.
