India Realtors is dedicated to upholding the highest ethical and legal standards and is proud of its reputation for honesty and morality. These key values, to which we are dedicated, are essential to the success of the company. In order to always enforce and maintain the highest level of ethical and legal standards in all of our business efforts and in pursuing our company goals, it is essential to our principles and values.

Even while the code of ethics creates obligations that may be higher than those required by law, in any situation where they clash, the legal requirements must be followed.

Preamble

The land is underneath everything. The continuation and development of free institutions and our civilization are dependent upon its smart use and broadly distributed ownership. India Realtors should understand that the highest and best use of the property and the broadest distribution of land ownership are required to serve the interests of the country and its people. They call for the construction of livable cities, the growth of prosperous enterprises and farms, the maintenance of a wholesome environment, and the provision of suitable housing.

These obligations go above and beyond those of regular commerce. They place a heavy burden on India Realtors’ commitment to civic duty and social responsibility, for which we work hard to prepare. As a result, we are driven to uphold and raise the bar for their profession, and we share with their fellow Realtors® a duty for its integrity and honor.

India Realtors continuously strive to become and remain informed on issues affecting real estate and knowledgeable professionals, they willingly share the fruit of their experience and study with others. This is done out of recognition and appreciation for their obligations to clients, customers, the public, and each other. They recognize these behaviors and take action to stop them by enforcing this Code of Ethics and working with the relevant regulatory organizations. These actions could harm the public or bring the real estate profession into disrepute. Realtors in India who have firsthand knowledge of behavior that might be in violation of the Code of Ethics—such as the theft of client or customer funds or property, willful discrimination, or fraud causing significant financial harm—should bring it to the attention of the relevant local Real Estate Association, to which they are currently members in good standing.

Realizing that working together with other real estate professionals serves the interests of those who hire them, India Realtors must encourage exclusive client representation, abstain from trying to outdo their rivals, and avoid speaking ill of other practitioners without permission. When asked for their opinion or when India Realtors feels that it is important, they provide it objectively and professionally, free from any personal motives or prospective advantages or gains.

India As a result of commitment to a high ideal of moral conduct in business relationships, the term “real estate agent” has come to be associated with competence, fairness, and high integrity. No economic motive or customer directive can ever be used to excuse deviation from this standard.

India Realtors believe that the Golden Rule—”Whatever you would have others do to you, do likewise to them”—is the best model for how to understand this commitment. It has been passed down through the ages.

India Realtors undertakes to uphold this standard in all of its endeavors and to run its operations in accordance with the principles outlined below after accepting it as its own.

obligations to clients and the real estate industry.

The following standard SCHEDULE of Rates of Commission for its members, payable by their clients on various sorts of transactions handled by them, has been established by the Estate Agent Association of India.

(1) SALE – Purchase

Whenever a movable property is transferred or agreed to be transferred, a commission at the following rates on the total consideration amount (inclusive of the loan amount) and/or deferred payment, if any, is payable. This applies whether the transfer occurs through purchase from the builder, resale, enrolling as a member, or transfer of shares in a cooperative society, company, or other association of persons.

(a) Both the Buyer and the Seller must pay commission at the rate of 2% each where a member represents both the Buyer and the Seller.

(b) The party acting on behalf of the member is responsible for paying the 2% commission when the member exclusively represents the Buyer or the Seller.

(c) In cases where there are more than two parties participating in the transaction, the Buyer and Seller are each required to pay 2%, which will be divided up according to the parties’ mutually agreed-upon terms.

Unless otherwise agreed, the foregoing commission at the aforementioned rates shall be paid as follows:

When a contract, deed of transfer, or agreement for sale is signed, the commission is paid to the member; however, in the case of an agreement for sale, it is paid upon receipt of the complete purchase price or upon taking possession of the subject property, whichever comes first.

(2) [A] RENTAL OR LEAVE AND LICENSE

(a) Commission equal to two months’ worth of wages, rent, or licence fees is due and payable by the Licensee/Lessee to the Member for the first 12-month period on premises secured on a leave-and-license basis. After then, the Lessee / Licenses must pay the members an additional commission for each additional 12-month renewal period, or portion thereof, as the case may be, in the amount of one month’s pay/rent.

(b) In a similar manner, the lessor or licensee must pay the brokerage an amount equal to one month’s worth of rent or other remuneration. For each subsequent period of 12 months or portion thereof, as the case may be, an extra sum from the lessor or licensor, equal to one and a half months’ salary or rent, must be due and payable to the member.

[B] PAYING CLIENT, FRANCHISEE, BUSINESS CENTER, OR JOINT VENTURE

Paying guests, franchisees, tenants, or other parties using the space must pay the member a commission equal to two months’ worth of pay, and the owner must pay a commission equal to one month’s worth of pay.

The Purchaser/Seller/Licensee/Owner, as the case may be, shall pay the member the entire commission at the time of the execution of the agreement and/or at the time of turning over or taking possession of the premises, whichever occurs first.

Under no circumstances can a commission, brokerage fee, agency fee, service charge, or terminal charge paid to a member for services delivered be refundable.

GST (Goods and Service Tax) (Goods and Service Tax)

Real estate agents and real estate consultants must charge GST on their services, according to Section 116 of the Finance (No. 2) Act of 1998. The 7th of October 1998 Notification Nos. 53/98-ST and 58/98-ST went into force on October 16th.

Right now, the GST rate for real estate services is 18%.

The Brokerage that the Client has paid to the Realtors is subject to a total GST charge of 18%.