Chennai realty body calls for regulation

The Chennai Real Estate Agents' Association has appealed to the Tamil Nadu government to regulate the real estate industry by issuing licences to real estate agents.

Pointing out that the real estate agent licensing systems are already in existence in countries like Singapore and the US, the association said issuing licences to agents would bring in more accountability and transparency into the system.

"The licensing system will give the public confidence to interact and conclude business transactions through the licensed agents approved by the government," said an association statement.

The Association also appealed to banks to register hypothecation of properties against loans at the time of releasing the loan, as this would be reflected in the encumbrance certificate and alert the innocent buyer, the statement stated.