Mumbai: The Maharashtra Real Estate Regulatory Authority (MahaRERA) in a fresh circular has emphasised on the need to have a trained and certified agent for every housing project. Non-compliance with the directive may result in action against such projects, a point stressed in the regulatory body’s previous order as well. As per the circular, action can be initiated even during the project’s development phase.
Starting January 1, 2024, promoters of all the housing projects across Maharashtra are required to disclose names and addresses of the trained and certified agents they are transacting with for sale and marketing of their respective projects.
Following the order issued on January 10, 2023, training for obtaining certification for new agent registrations and renewals was delayed. MahaRERA granted several extensions to meet this requirement. Thereafter, MahaRERA organised various awareness programmes in collaboration with other institutions. Experts and senior figures from the industry from the field guided a multitude of topics. Then, the agents took a year to obtain the mandatory certificates.
A year after issuing a mandatory certification order, MahaRERA resolved not to allow new agent registrations or renewals without this certification.
As some developers did not adhere to MahaRERA’s directives, mentioned in the order, despite regularly highlighting the same, it was found necessary to initiate tough action. The action can include rejection of the project’s registration application or revocation of existing registration or imposition of penalty.
Having ‘agents’ in a stable real estate sector is crucial for homebuyers and developers, alike. Often, agents are the first point of contact for homebuyers and the agent introduces them to the projects. They even receive primary information on a housing project through the agents.
Agents are an integral part of a stable real estate sector and they need to be aware of the importance of RERA regulations. They must be knowledgeable about various aspects such as project credibility, validity of land rights, RERA-compliant carpet area, commencement certificate, local authority approvals, potential litigations, and financial capabilities of developers. Customers make home-buying decisions based on this information.
