US firm REMAX forays into India

NEW DELHI: US-based realty brokerage firm REMAX has forayed into India aiming to tap potential offered by middle-class families in the country, with its business in America hit by the ongoing slump in the property market.

"Our business in the US is down by about 20 per cent in last 18 months...India is strong market and the strength of middle-class families are increasing day-by-day. These families are expected to be actively involved in property transactions," REMAX Senior Vice-President (International Development) William E Soteroff said.

Apart from newly developed properties, the company would also deal with secondary sales, he said, adding, "We will also try to organise the disorganised property brokerage business here".

"We have already appointed the master franchisee of India and he will now appoint 30-35 regional owners representing all the states. These regional owners will finally appoint the broker associates for the ground level operations," Soteroff said.

He noted that the company would mainly offer brokerage service in residential segments.

Soteroff said the country has a potential to have about 20,000 broker associates under REMAX in the next 5-10 years.