06 February,2009 08:56 AM IST | | Bipin Kumar Singh
Property agents now must have licences, charge not more than 1 per cent commission
If you have been dreaming of owning a plush house in millennium city Gurgaon, a recent Haryana government order restricting the monopoly of corrupt property dealers should make you happy.
The strongly-worded Haryana Regulation of Property Dealers and Consultants Rules, 2009 notification aims at curbing the malpractices of property dealers. It also says that the agents can't charge more than one per cent commission on a property deal. The non-registered property dealers are its main target.
As per the notification, any company dealing in properties will have to obtain a licence from the concerned authority before it can start functioning. Also, the order restricts the amount of commission that these dealers can charge from the customer.
As this would mean a substantial drop in property prices, buyers are happy. "I had approached many property dealers but their very charging a very high commission. Now it seems I will be able to purchase a house," said Santosh Kumar, a software engineer who is planning to buy a property in Gurgaon.
But property dealers do not share this euphoria. "The new rules will force us to strike unfair deals to maintain our profit margins," said Kuldeep, owner of 99 spot.com, a real estate agency at DLF-I.
Other dealer Pawan of Shubham Properties agreed, "Now we will have to associate with the big players to
garner the maximum margin of commission."
