Mumbai's Illicit Real Estate Agents Undermine MahaRERA's Efforts
Despite MahaRERA's stringent measures, unregistered real estate agents continue to flourish, posing significant challenges to homebuyers in Maharashtra.
MahareraReal Estate AgentsUnregistered AgentsMaharashtraHomebuyersReal Estate MumbaiAug 27, 2024
There are 13,370 agents registered with MahaRERA who are trained and aware of all the details of the projects. However, thousands of unregistered or illegal agents often lure unsuspecting homebuyers with promises of lucrative deals and quick transactions, only to trap them in fraudulent schemes or substandard properties.
The lack of accountability for these unregistered agents leaves homebuyers vulnerable to financial losses and legal complications. MahaRERA officials have urged developers to report unregistered agents, and the Authority will take suitable action against them.
Prashant Sharma, President of National Real Estate Development Council (NAREDCO), Maharashtra, emphasized the need for more stringent enforcement and greater awareness among consumers. He suggested that MahaRERA can identify such agents and take appropriate legal action against them.
Furthermore, NAREDCO is committed to educating the public about the risks of dealing with unregistered agents and encouraging them to only work with those who are registered and well-informed about the projects they are promoting.
To combat this growing menace, stricter enforcement, increased public awareness, and stronger collaboration between MahaRERA and local authorities are essential. Homebuyers are urged to verify the credentials of agents through the MahaRERA portal to safeguard their interests.
Dhiraj Mandal, Director of Mumbai Realtors Pvt Ltd, suggested that MahaRERA make it mandatory for agents who deal in secondary sales to register and obtain the Certificate of Competency (CoC) examination. He also requested the Authority to conduct the exam monthly.
Nitin Singhal, Co-Founder of PropFina, attributed the presence of unregistered agents to several factors, including lack of awareness, enforcement challenges, and the informal nature of the real estate market. He suggested that stronger enforcement, better education, and simplifying registration could help address these issues.
In conclusion, the presence of unregistered real estate agents in Maharashtra is a serious concern that undermines the integrity of the sector. It is essential for MahaRERA, developers, and consumers to work together to combat this menace and ensure a more transparent and reliable real estate market.
Frequently Asked Questions
What is MahaRERA?
MahaRERA is the Maharashtra Real Estate Regulatory Authority, established to regulate and promote transparency in the real estate sector.
How many agents are registered with MahaRERA?
There are 13,370 agents registered with MahaRERA who are trained and aware of all the details of the projects.
What is the Certificate of Competency (CoC) examination?
The CoC examination is a mandatory exam for agents who deal in primary sales, to ensure they are well-versed with the nuances of dealing in under-construction projects.
How can homebuyers safeguard their interests?
Homebuyers can verify the credentials of agents through the MahaRERA portal to safeguard their interests.
What is the role of NAREDCO in combating unregistered agents?
NAREDCO is committed to educating the public about the risks of dealing with unregistered agents and encouraging them to only work with registered agents.
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