Real Estate Agents with an annual turnover of more than 20 lakhs to appoint a Principal Officer and a Designating Director.
Henceforth, the agents working in the real estate sector and playing an important role between the developer and the customer are now required to publish the overall details of their transactions twice a year, i.e. from April to September and October to March, on their own website.
Apart from this, those whose annual turnover in the real estate sector is more than 20 lakhs have been made mandatory to appoint a Principal Officer and a Designated Director as per the Anti-Money Laundering Act of the Central Government. Of course, the details of the amounts in which the intermediaries have to fill in the form prescribed by Maharera will be available only to the authority and not to the public.
According to MahaRERA Act, Income Tax Act, 1961 and Companies Act, 2013, agents in this immovable property transaction have been instructed to keep this information on the website.
Of course, those who invest in real estate such as flats, shops, flats, land, buildings need this information for agent selection.
It will be a big help.
This circular will be implemented from April 1 and these agents will have to submit the first report on their website by October 20 as per the format prescribed by MahaRERA.
Name of the project along with MahaRERA registration number of the developer for whom the transaction was made in this form. The details of the transaction such as flat, shop, plot, building, land and how much money has been received along with the date will have to be given. Of course, although it is mandatory to show the hard work received due to this transaction, that detail can only be seen by Maharera, it will not be publicly available to others.
Customers in the real estate sector often take the help of agents in this sector while buying and investing. Once this information is available, it will help them to choose an agent for their transaction.
Therefore, MahaRERA will monitor whether this information is published on the website as per the prescribed period. MahaRERA, also clarified that strict action will be taken against those who will not follow this.
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