MahaRERA Suspends Registration Of 20,000 Real Estate Brokers

MahaRERA Suspends Registration Of 20,000 Real Estate Brokers

There were a total of 47,000 agents registered with the regulator, which began the registration of the middlemen for property transactions in 2017.

PTIUpdated: Thursday, May 23, 2024, 04:39 PM IST
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Maharashtra's realty regulator on Thursday said it has suspended the registration of 20,000 real estate brokers, leaving only 13,000 such registered agents in the state.

There were a total of 47,000 agents registered with the regulator, which began the registration of the middlemen for property transactions in 2017.

Earlier this year, it cancelled the registration of 13,785 agents for not renewing their licenses.

Suspension of Real Estate Broker Registrations

The registrations of an additional 20,000 agents have been suspended for one year for not obtaining MahaRERA's real estate agent certificate of competency or not uploading the certificate on the watchdog's website, an official statement said.

Licenses of these 20,000 agents can be renewed if they complete training, obtain the certificate of competency, and upload the same on the portal within a year, it added.

According to an official, about 5,500 new candidates are likely to appear for the examination to get registered as agents next month.

The body's chairman Ajoy Mehta said an agent plays an important role and it is essential for them to be well-versed with the Real Estate (Regulation and Development) Act, 2016 regulation.

"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," he said.

Despite this, around 20,000 agents operating are still unqualified and their approval was suspended, he said, warning that the regulator will not hesitate to cancel the registration of developers who will continue to engage with the unqualified agents.

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