Subscription Subscription
Home > Mumbai > Mumbai News > Article > MahaRERA cancel registration of 20000 real estate agents

MahaRERA cancel registration of 20,000 real estate agents

Updated on: 23 May,2024 11:20 AM IST  |  Mumbai
A Correspondent |

One of the factors being non-uploading of Certificate of Competency on the regulatory authority’s website

MahaRERA cancel registration of 20,000 real estate agents

File Photo

Listen to this article
MahaRERA cancel registration of 20,000 real estate agents

Starting January 1, 2024, real estate agents are mandated to undergo training, clear the examination and register their certificate as detailed out by the Maharashtra Real Estate Regulatory Authority (MahaRERA), failing which they will not be able to continue doing business.

So far, approximately 20,000 real estate agents have failed to fulfil the conditions as laid down by MahaRERA. One of the factors being non-uploading of Certificate of Competency on the regulatory authority’s website. Hence, registration in such cases has been suspended for a period of a year. 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. Those who do not follow the procedure within the stipulated time frame, 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.

The above mentioned detailed guidelines has recently been announced by MahaRERA through a circular.

"Approximately, 47,000 agents have been registered with MahaRERA since its inception i.e. from 1st May 2017.Earlier this year, MahaRERA cancelled the registration of 13,785 real estate agents for not renewing their licences," said a MahaRERA official.

MahaRERA chairman Ajoy Mehta, said,  "In the real estate sector, the 'Agent' plays a vital role as they are the link between a homebuyer and a developer. Homebuyers often contact them first. Usually, a potential homebuyer receives primary project related information directly from these agents."

"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, Mehta cautioned.

Procedure for Cancellation of Agents License Announced:

Several people who were previously registered have made an appeal with MahaRERA that they wish to terminate their registration as agents, on different grounds. Keeping in mind the genuine need to permit real estate agents exit the system, MahaRERA has announced de-registration procedure.

For this, the individual should apply to the Director (Registration), MahaRERA on in a prescribed format.

Certain conditions will have to be fulfilled to get themselves de-registered. For example, the applicant should not be listed by promoters as their authorised real estate agents for any real estate 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.

In case 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 and shall be binding on the  concerned agent.

"Exciting news! Mid-day is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest news!" Click here!

Register for FREE
to continue reading !

This is not a paywall.
However, your registration helps us understand your preferences better and enables us to provide insightful and credible journalism for all our readers.

Mid-Day Web Stories

Mid-Day Web Stories

This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. By continuing to use our website, you agree to our Privacy Policy and Cookie Policy. OK