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Property Brokers Gets Alert As Maha-Rera Indicate Towards A Mandatory Registration



Property Brokers Gets Alert - MahaRERA

Soon a notification would be issued by the Maharashtra Real Estate Regulatory Authority (MahaRERA), for the 1 lakh and odd property brokers across the state to get themselves registered at the earliest. In spite of the eminent deadline, barely 12 per cent property brokers in Maharashtra have registered under the MahaRERA.


Being the back bone of the real estate market, real estate agent channelizes the markets, in which the money is either brought by the promoters or by the buyers. But with the passage of time, there is a loss of trust of real estate agents among the general public. In order to reverse this scenario, government has formed the RERA with, Central Advisory Council and Real Estate Appellate Tribunal, so that people can regain trust in real estate agents and also setting up a strict penalty to the system for the defaulters, due to which this unbalance has emerged.


The new guidelines for the agents are being set by the RERA consultants, that will bring awareness among the agents as well as the buyers, also it will provide the consulting service to the agents to get registered by RERA.


Currently, there are only 12 percent of the brokers, that have registered themselves with the authority. The facts given by the Confederation of Real Estate Brokers Association of India’s (CREBAI) Maharashtra, reveals that near about 7000 brokers have registered with MahaRERA till now. The authority further assures that after the registration, the brokers will get a special status and it will help them to generate more revenue in future. This registration by RERA, will be the license symbol for all brokers, projects and developers.


According to CREBAI members, there still exits a hesitation among the brokers for the registration, as nearly 80% of them usually deals in secondary or re-sale property. And in accordance with the new rule, only a Maha-RERA-registered broker can market newly registered projects. All the property brokers are supposed to be registered with the authority and the developer, in order to render their services. During this registration, the developers are also liable to disclose the name and other details of the authorized agents.


A registration number will be provided to the real estate agents by the regulators, which they have to mention in each sale they make. With this, the agents will be required to maintain books of account, records and documents related to every transaction made by them. They will also be restrained from making any kind of false representation, whether it be orally, written or by visual representation. Brokers will have to share all the documents and the information about the project with the buyers, which they are entitled to at the time of booking a property.


Under this act, the real estate brokers can register as an individual or as a part of an organisation. Under an individual registration, they have to pay Rs 10,000. But when registering as a part of a firm, they are expected to pay Rs 1 lakh, which they have raised as an issue with MahaRERA.


Once the regulation comes in order, and agents get registered, it would be a lot difficult for them to mislead the home buyers. And home buyers will be able to cross-check most of this information on the regulator’s website.

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