Forging global alliances: Realtors from India and US strengthen ties

November 15, 2024

- ADVERTISEMENT -

From left to right: Nick Verma, Sunita Kakarlapudi, Shrin Marvi, Kritish Korivi, TT Reddy, Bhailalbhai M Patel, Amit Chopra, Harsha Shukla, Pradeep B Shukla, Sumnath Reddy, Rajesh Patel, Chandrasekar, Ramkumar and Nimish Jani. PHOTO: Courtesy Bhailal M. Patel

Chicago,IL: In an important development for international real estate, the National Association of Realtors (NAR) recently concluded its annual convention in Boston, welcoming more than 13,000 real estate professionals, including some 1,500 international attendees.

Making a notable appearance, a delegation of over 15 leading real estate experts from NAR India participated in the event, marking a new chapter of U.S.-India collaboration in the industry. Among the prominent delegates were industry leaders such as Tarun Bhatia, Amit Chopra, Sumnath Reddy, TT Reddy, Ramkumar Krishnamoorthy, Chandrasekhar K., Shailesh Bahety, Kritish Korivi, Ashwin Rasane, and Amit Chug.

Following the convention, the NAR India team traveled to Chicago, aiming to deepen connections with U.S. real estate professionals and explore collaborative avenues, particularly the potential integration of Multiple Listing Services (MLS) in India. During their visit, the delegation toured the NAR headquarters, engaged with the Main Street Realtors, and met with MRED, LLC, the largest MLS provider in the Chicago area.

Strengthening the U.S.-India Real Estate Connection, Pradeep B. Shukla, a director at both NAR and MRED, LLC, warmly received the NAR India delegation alongside key members of the Association of South Asian Real Estate Professionals (ASARP), including Sunita Kakarlapudi, Shirin Marvi, Bhailal M. Patel, Harsha Shukla, Raj Patel, Nick Verma, and Nimish Jani. Shukla highlighted the significance of building robust connections between the U.S. and Indian real estate markets, envisioning streamlined transactions for Indian clients interested in U.S. residential, commercial, and investment properties.

The growing Indian diaspora in the United States makes this partnership particularly timely. In 2023, U.S.-India trade in goods and services exceeded $191 billion, with real estate investments playing a key role. Indian investors have been channeling significant capital into U.S. real estate to diversify their portfolios, a trend the NAR and NAR India hope to enhance.

Exploring MLS Implementation in India,The delegation engaged in high-level discussions with Rebecca Jensen and Pratik Padella of MRED on the prospect of introducing MLS to the Indian market. Sumnath Reddy, Chairman of NAR India, acknowledged the challenges of India’s unregulated real estate sector but emphasized the potential of an MLS system to enhance transparency, accessibility, and trust. This integration would empower buyers, sellers, and investors with comprehensive, reliable data, transforming the real estate experience in India.

Delegates Ramkumar and Kritish shared insights on the value of secure cross-border transactions, global partnerships, and real estate education in establishing a cohesive international real estate ecosystem. They underscored how MLS could facilitate informed decision-making for Indian consumers, similar to its impact in the U.S. market.

Championing Women in Real Estate Leadership,In a celebration of diversity, Association of South Asian Real Estate Professionals Chicago (ASARP) hosted a dinner highlighting women leaders in real estate. Speakers, including Shirin Marvi, Sunita Kakarlapudi, and Harsha Shukla, discussed the importance of women’s empowerment and representation in the industry. The event underscored ASARP’s commitment to promoting diversity and inclusion within real estate in both the U.S. and India.

Pradeep Shukla encouraged realtors to act as cultural and professional bridge-builders, using their bicultural expertise to guide clients through the complexities of the U.S. real estate market. Closing the event, Sunita Kakarlapudi,President of Association of South Asian Real Estate Professionals expressed gratitude to the delegation, emphasizing the value of this collaboration and inviting them to NAR’s legislative meetings in May 2025.

This visit sets the stage for lasting partnerships and a stronger global real estate network, connecting the U.S. and Indian markets and paving the way for new opportunities for investors, professionals, and clients worldwide.