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PNN
New Delhi [India], September 23: In a landmark moment for India's real estate market, the National Association of Realtors-India (NAR India) and Magicbricks Realty Services Limited today announced a renewed partnership, bringing to a close several months of public disagreement. Joint Statement The two organisations released a joint statement declaring that all past differences have been resolved and outlining a shared commitment to ethical practices, accountability, and the long-term growth of the real estate sector. As part of the resolution, Magicbricks addressed key concerns raised by NAR India and its member associations, taking constructive and corrective measures that included the removal of objectionable content and a reaffirmation of its respect for the dignity, professionalism, and vital role of the Realtor community. The joint statement confirmed that "all prior actions by either side now stand withdrawn", describing the agreement as "a new chapter in our collective efforts to elevate industry standards, empower real estate professionals, and strengthen trust across the value chain." In a reciprocal move, NAR India has officially withdrawn its earlier disengagement and delisting directive, signalling a complete reset of the relationship. Future Collaboration Both organisations emphasised the complementary strengths that will define their renewed partnership: * Magicbricks continues to drive digitisation, market expansion, and developer-broker collaboration, bringing advanced technology and scale to the real estate marketplace. * NAR India remains a cornerstone in building a professional and ethical broker ecosystem, leveraging knowledge sharing, advocacy, and institution-building to uplift the Realtor community nationwide. Leadership Perspectives Sumanth Reddy, Chairman of NAR India: "This milestone is the outcome of determined teamwork and open dialogue. I extend my sincere thanks to Hari Babu, President of NAREDCO, for his steadfast support, and to Mr. Haseet Bathiya, Bathiya Legal for their expert counsel. I also applaud the tireless efforts of our entire NAR India team--especially Vice Chairman Tarun Bhatia--for guiding both sides back to the table. With this agreement, we stand united as one industry, committed to shared values and ethical growth. This resolution shows what collective leadership can achieve when we prioritise the larger good of the industry." Tarun Bhatia, Vice Chairman of NAR India: "This resolution demonstrates the industry's ability to rise above differences. Magicbricks has taken meaningful positive steps forward, and we reaffirm our respect for their role in creating opportunities for real estate agents and developers. With this understanding, we close the chapter on past disagreements and focus on building a stronger, more collaborative real estate ecosystem. My thanks to Magicbricks and the entire NAR India leadership for embracing this constructive path." Amit Chopra, President of NAR India: "Today's agreement is not just about settling past differences--it's about shaping the next chapter of our industry. This renewed engagement allows us to strengthen market infrastructure, raise professional standards, and create value for brokers, developers, and consumers alike. I want to acknowledge the relentless efforts of Sumanth Reddy for leading the negotiations for us, as well as the invaluable contributions of Tarun Bhatia and the steadfast support of NAR India President Elect Chandresh Vithalani, which made this resolution possible." (ADVERTORIAL DISCLAIMER: The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same)
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