Push for Comprehensive RERA Registration of Property Brokers
Goa Association of Realtors (GAR) demands RERA registration for all property brokers to streamline the industry and enhance customer confidence.
Rera RegistrationProperty BrokersGoa Real Estate Regulatory AuthorityReal Estate IndustryAccountabilityReal Estate MaharashtraMay 28, 2024
According to GAR vice-president Raj Mehta, even agents operating in the secondary and rental markets should be required to register. This move is expected to bring accountability to the property broking industry and improve customer confidence. Mehta emphasized that the current real estate broking business is disorganized, with agents not being answerable to anyone and anyone being able to start a property broking business.
Mehta believes that registration will ensure that only serious individuals start real estate firms, and clients will have more confidence in regulated agents. The Goa RERA has been registering middlemen in property transactions for about five years now, with 590 brokers currently on the RERA portal. It is compulsory for builders with agents working for them to get their agents registered with the regulator.
Mehta also noted that there are more brokers operating in the secondary market than in the primary market, primarily due to the fear of losing out on brokerage through direct deals between homebuyers and builders. He added that RERA registration benefits agents by ensuring regular payments from customers through legal agreements.
The Maharashtra RERA was the first state to introduce registration for real estate agents, requiring them to complete a course and obtain a certificate of competency. In contrast, registration in Goa does not involve any tests, and brokers need only provide supporting documents, such as a licence from local authorities.
The Goa Association of Realtors (GAR) is the state's real estate agent representative body, advocating for the interests of real estate agents and promoting a transparent and organized industry.
Frequently Asked Questions
Who is required to register with the Goa RERA?
Currently only brokers dealing in the primary real estate market are required to register with the regulator
Why is RERA registration beneficial for agents?
RERA registration ensures regular payments from customers through legal agreements and enhances customer confidence in regulated agents
How many brokers are currently registered on the Goa RERA portal?
There are 590 brokers currently registered on the Goa RERA portal
What is the requirement for registration in Goa?
Brokers need to provide supporting documents such as a licence from local authorities to register with the Goa RERA
Which state was the first to introduce registration for real estate agents?
The Maharashtra RERA was the first state to introduce registration for real estate agents
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