This article on ‘Steps to obtain a Real estate license in India‘ was written by Deekhsha Kushwaha, an intern at Legal Upanishad.
Introduction
Real estate is one of the growing sectors in the world. In India, it is the second most growing industry. According to a survey by the ministry of housing and urban, there is a high chance of real estate in 2030 reaching a market of 1 trillion USD. Apart from this, it is the second growing sector, after agriculture in India. 7-8 percent growth of GDP (Gross Domestic Product) in India due to real estate. In this article, we are going to study, what is real estate and how to get a license for real estate from an Indian perspective.
What is the real state?
Actual property is called real estate. Which is included – land and improvements consisting of buildings, fixtures, roads, structures, and use systems. Property rights confer land rights, modifications, and environmental assets such as minerals, plants, animals, water, and so on.
There are many kinds of real estate. There are some important categories:
- Land
- Residential
- Commercial
- Industrial
Each category has a unique purpose and utility. This sector is also expected to attract more non-resident Indian (NRI) investment, both short and long-term. The most popular property investment destination for NRIs is expected to be Bengaluru, followed by Ahmedabad, Pune, Chennai, Goa, Delhi, and Dehradun.
How to get a license for the Real estate?
The process of taking a license is not difficult as someone thinks. In fact, it is quite simple. Whoever wants to take a license, must follow the simple steps given below. These steps will help you provide knowledge on getting a license in India for real estate.
Step 1. – The first step is to contact your local government to see if there are any special requirements for real estate licensing in your area. If they do, you must ensure that you have met all of the requirements before proceeding to the next step.
Step 2. – After you’ve checked with your local government to see what their requirements are, contact a few different real estate schools in your area and inquire about their programmes. Some schools provide online courses, which can be useful if you have a hectic schedule.
Step 2. – After you’ve narrowed down your school options, the next step is to enroll in the programme of your choice and begin classes. To obtain your license, most programmes will require you to complete both classroom and field training.
Step 2. – The final step in obtaining your real estate license is to pass the state-level exam after successfully completing your coursework and field training.
Congratulations! In India, you are now a licensed real estate agent!
The requirement to get a license
If someone wants a real estate license in India, There are many formalities that need to be fulfilled. Here are some important points-
- The first thing needs to fulfill, the person must complete is his age of 21.
- The second thing is he must complete his/her 12 grade.
- The Third step is must complete his accredited real estate education program.
Along with these, you have to pass a state license exam. Then finally you have got your license then you should keep your license active, you must complete continuing education courses every year.
Benefits of getting a license
A real estate license in India enables a person to work as a broker or agent in the purchase, sale, or rental of real estate. In India, having a real estate license has numerous advantages.
- A larger pool of potential clients: With an Indian real estate license, you will have access to a larger pool of potential clients. This is due to the fact that people looking to buy, sell, or rent property will frequently seek the services of a licensed professional.
- Greater earning potential: As an Indian licensed real estate professional, you will be able to earn commissions on property sales. Working as an unlicensed individual may result in a higher earning potential.
- Credibility: Having a real estate license in India will boost your credibility among clients and colleagues. This is due to the fact that obtaining a license necessitates fulfilling educational and professional requirements that instill trust and confidence.
- Working independently: You will be able to work independently as a licensed real estate agent in India. This means that you can work from home and set your own hours.
If you want to work in real estate, getting your real estate license should be one of your top priorities. There are numerous advantages to having a real estate license in India, which can lead to greater success in this field.
Uses of real estate license
For using your real estate license in India you should keep these things in mind-
- The license should be issued by the Indian government.
- This can be accomplished by contacting the Registrar of Companies and obtaining an application form. You must also have your fingerprints taken and submit them along with your application.
- You can begin working as a real estate agent in India once you have obtained your license. You must find a broker who is willing to collaborate with you.
- Once you’ve found a broker, you can begin showing properties and assisting people in buying and selling homes in India.
Suggestions
Registration and getting a real estate license are very easy in India. The demand for real estate professionals has been becoming day by day. It has an amazing career option for the upcoming generation. Anyone who fulfilled the above requirement that has been mentioned may make their career in this field. Every field required hard work and consistency, so this field also required these qualities from your side.
Conclusion
The real estate sector is a fantastic career opportunity. If you want to get a real estate license in India, the process is fairly simple. All you have to do is complete a real estate course and pass the exam. Once you receive your license, you will be able to work as a real estate agent, assisting people in the purchase and sale of the property. If you’re seeking a new career challenge or a way to supplement your income, becoming a real estate agent is an excellent choice.
References
- Learn How To Get A Real Estate License In India 2023, Available at, https://top5foru.info/learn-how-to-get-a-real-estate-license-in-india-2023/. (last visited on February 08, 2023).
- How to Become a Real Estate Agent in India? RERA Registration and Guidelines, India, Available at, https://www.magicbricks.com/blog/how-to-become-a-real-estate-agent/125634.html. (last visited on February 08, 2023).