MahaRERA Cracks Down on Unregistered Real Estate Agents
MahaRERA cancels registrations of 20
Maharashtra Real EstateReraReal Estate AgentsMahareraCompetency CertificatesReal Estate MaharashtraMay 26, 2024
As per MahaRERA, all agents must complete their training, pass the RERA Maharashtra certification exam, and register their certifications with the Maharashtra regulatory body. Failure to follow this process within the specified timeframe results in the MahaRERA suspending the agent's registration for one year. Effective January 1, 2023, the regulatory body made it compulsory for all agents to undergo training and obtain the MahaRERA agent certification.
According to the MahaRERA website, around 43,888 agents are registered with the regulatory body since its establishment in 2017. However, with the cancellation of 20,000 registrations, only 23,888 agents now hold valid MahaRERA registrations.
MahaRERA emphasizes that agents play a crucial role in the real estate market, serving as a link between homebuyers and promoters. They have a significant influence on people's investment decisions, making it essential for agents to have complete clarity about the projects they deal with and the rules and regulations governing property purchases in the state. The agent competency certificate helps ensure this.
In fact, MahaRERA issued a notice on April 29, stating that promoters must work only with MahaRERA-certified agents. Non-compliance with this directive will result in action being taken against the promoter and the project.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) was established in 2017 to promote transparency, accountability, and fair play in the real estate sector. The authority aims to protect the interests of homebuyers and regulate the real estate industry in Maharashtra.
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Frequently Asked Questions
Why did MahaRERA cancel the registrations of 20 000 real estate agents?
MahaRERA cancelled the registrations of 20 000 real estate agents who failed to obtain the mandatory competency certificates
What is the importance of agent certification in the Maharashtra real estate market?
Agent certification ensures that agents have complete clarity about the projects they deal with and the rules and regulations governing property purchases in the state thereby protecting the interests of homebuyers
How many agents are registered with MahaRERA since its establishment in 2017?
Around 43 888 agents are registered with MahaRERA since its establishment in 2017
What is the consequence of non-compliance with the MahaRERA directive on working with certified agents?
Non-compliance with the MahaRERA directive on working with certified agents will result in action being taken against the promoter and the project
What is the goal of MahaRERA?
The goal of MahaRERA is to promote transparency accountability and fair play in the real estate sector and to protect the interests of homebuyers
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