The main problem for Real Estate Business in Mizoram is that there are more than 300 unorganized individual intermediaries (Property Dealers/Agents, locally called ‘Commissions’) as roughly estimated by ZRE. These intermediaries run the business with their own tradition; there is no transparency, no security and no proper regulation. Excessive pricing of property (two/three times of retail price) made them highly profited.
However, this kind of trade resulted to the suffering of the buyers (even including Government); they had to spend extremely huge extra money. So, this tradition is not entertained by many sellers and buyers. Nevertheless, market demand of real estate increases more and more, and the said tradition is going on as a black market. Since the business is run likewise, there is no office, no transparency, no security, no proper regulation, no revenue to the Government and no employment generation for the youth.
Zàmzo Real Estate (ZRE) came into being with an aim for all formalities. ZRE focuses on transparency, accountability, securitization, taxable, price control, etc. The first step taken by ZRE is that it sells properties in retail price (fixed by property owners) and got 5% commission as Service Charge. This kind of service is welcome by all the sellers and buyers. The buyers also saved huge sum of money which would have unnecessarily been spent in extra under the conventional real estate business prevailing in Mizoram.
As for now, ZRE is in its infancy. But in a long run, it aims at capturing all the real estate markets in Mizoram and it will generate employment opportunity to the large section of society. Further, ZRE aims at contributing handsome revenue to the Government.
ZRE further offers Third Party Shareholder Scheme. It aims at creating part time jobs for many youth through this scheme.