Maharashtra Real Estate Regulatory Authority (MahaRERA) has suspended the registration of 20,000 real estate agents after they failed to fulfil the conditions laid down by the housing regulator. Starting January 1, 2024, real estate agents had been mandated to undergo training, clear an examination, and register their certificate as detailed by the MahaRERA. Failure to do so will prevent them from continuing their business.
One of the factors for the suspension of 20,000 agents is the failure to upload the Certificate of Competency on the regulatory authority’s website. Registration in such cases has been suspended for a period of a year. If they complete the training, obtain the Certificate of Competency, and upload the same on the portal within a year, their license will be renewed. Those who do not follow the procedure within the stipulated time frame will have their registration cancelled after a year. Thereafter, for the next six months, they will not be able to apply for fresh registration, which translates into being unable to deal in real estate transactions. Those found violating the rules will be subject to appropriate action.
The above-mentioned detailed guidelines have recently been announced by MahaRERA through a circular. Approximately, 47,000 agents have been registered with MahaRERA since its inception on May 1, 2017. Earlier this year, MahaRERA cancelled the registration of 13,785 real estate agents for not renewing their licences. Several people who were previously registered have appealed to MahaRERA to terminate their registration as agents on different grounds. Keeping in mind the genuine need to permit real estate agents to exit the system, MahaRERA has announced a de-registration procedure. For this, the individual should apply to the Director (Registration), MahaRERA at [email protected] in a prescribed format.
Certain conditions must be fulfilled to get de-registered. For example, the applicant should not be listed by promoters as their authorised real estate agent for any real estate projects. There should not be any pending complaints against the individual. They should have submitted yearly reports of the transactions facilitated for the last two years immediately prior to their de-registration application date. If not submitted, they should provide the reason for being unable to submit the same on their letterhead.
In case a person files a complaint against a real estate agent whose de-registration application is permitted, the aggrieved person can approach MahaRERA, and the authority will take necessary decisions that shall be binding on the concerned agent.
According to Ajoy Mehta, Chairman MahaRera, “In the real estate sector, the ‘Agent’ plays a vital role as they are the link between a homebuyer and a developer. Homebuyers often contact them first. Usually, a potential homebuyer receives primary project-related information directly from these agents.”
It is essential for real estate agents to be well-versed with the Real Estate (Regulation and Development) Act, 2016 regulation. They must know about various aspects of the project and the industry, such as the developer’s credibility, validity of land titles, RERA-compliant carpet area, commencement certificates received, and approvals from the local authorities. They should also know how to obtain details on defaults, the financial standing of developers, and related matters. Based on all this information, customers can make informed decisions about purchasing a property. Therefore, MahaRERA has made it mandatory for agents to undergo training, clear the examination, and obtain certification. This decision was taken on January 10, 2023, and was extended multiple times before finally becoming binding for all agents on January 1, 2024. Despite this, around 20,000 agents are still unqualified, and their approval was revoked.
Mehta has said that MahaRERA will not hesitate to cancel the registration of developers who continue to engage with unqualified agents. “Developers must not overlook this warning,” Mehta said.
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