Mumbai: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has suspended registration of around 20,000 real estate agents for a year who failed to fulfil conditions laid down by the authority. One of the major factors for the action include non-uploading of Certificate of Competency on the regulatory authority’s website.
Starting January 1, 2024, real estate agents are mandated to undergo training, clear the examination and register their certificate as detailed out by the authority failing which they will not be able to continue doing business. 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, MahaRERA said in a release.
Those who fail to complete the procedure within the stipulated time, their registration will stand cancelled after a year. Thereafter, for the next six months, they will not be able to apply for a fresh registration, which translates into being unable to deal in real estate transactions. Those found violating the rules will be subject to appropriate action. These guidelines have recently been announced by MahaRERA through a circular.
Stating that an agent plays a vital role in the real estate sector, Chairman of MahaRERA, Ajoy Mehta, said, “Agents are the link between a homebuyer and a developer since buyers often contact them first. Usually, a potential homebuyer receives primary project related information directly from these agents. So, it is essential for real estate agents to be well-versed with the Real Estate (Regulation and Development) Act, 2016 regulation.”
“They must be knowledgeable about various aspects of the project and the industry, such as developer's credibility and about the projects, 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, financial standing of developers, and related matters. Based on all this information, customers can make informed decisions about purchasing a property,” Mehta said.
“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 Despite this, around 20,000 agents operating are still unqualified and their approval was revoked. MahaRERA will not hesitate to cancel the registration of developers who will continue to engage with the unqualified agents. Developers must not overlook this warning,” he added.
Approximately, 47,000 agents have been registered with MahaRERA since its inception on May 1, 2017. Earlier this year, MahaRERA had cancelled the registration of 13,785 agents for not renewing their licences. Several people who were previously registered appealed to the MahaRERA that they wish 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 also announced the de-registration procedure. For this, the individuals need to apply to the Director (Registration), MahaRERA on dereg.agent@gmail.com in a prescribed format.
However, certain conditions need to be fulfilled to get themselves de-registered. For example, the applicant should not be listed by promoters as their authorised real estate agent for any 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.
In case, if not submitted, they should provide the reason for being unable to submit the same on their letterhead, the release said and added that if 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 decision which shall be binding on the concerned agent.
