National Association of Realtors to set up National Multiple Listing Service in India
National Association of Realtors (NAR) India has partnered with Universal Consulting Opportunities (UCO), a subsidiary of Stellar MLS, to set up a National Multiple Listing Service (MLS).
MLS aims to revolutionize Indian real estate by introducing a standardized and centralized property listing system.
With India’s real estate market projected to reach $1 trillion by 2030, the introduction of MLS could significantly elevate industry standards and boost the economy, NAR said in a press statement adding that MLS will address the information gaps and reduce fraudulent practices to create a trustworthy ecosystem for property transactions.
«MLS is expected to enhance market transparency, streamline processes, boost global reach, and support ancillary industries.»
According to NAR, for stakeholders in both India and the US, this initiative holds immense potential. Florida, home to a large NRI population, has benefited from MLS, driving $2.5 trillion in annual residential sales. With NRIs contributing $5.4 billion to Florida’s real estate market in 2020, the MLS system could further facilitate cross-border investments and partnerships.
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