-MahaRERA issues a fresh circular, on April 29, highlighting the importance of having a certified agent
-Failure to comply could lead to MahaRERA withholding registration and may even lead to cancellation of project’s registration
-Starting January 1, promoters of all the housing project are required to engage only trained and certified agents
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued a fresh circular on 29th April, emphasising the need to have a trained and certified agent for every housing project. Starting January 1, 2024, promoters of all the housing projects across Maharashtra are required to disclose names and addresses of the trained and certified agents they are transacting with for sale and marketing of their respective projects. Non-compliance of the directive may result in action against such projects, a point emphasised in Maharashtra Real Estate Regulatory Authority’s (MahaRERA’s) order issued earlier this year. As per the order, action can be initiated even during the project’s development phase.
Following the order issued on January 10, 2023, training for obtaining certification for new agent registrations and renewals was delayed. MahaRERA granted several extensions to meet with this requirement. Thereafter, MahaRERA’s organised various awareness programs in collaboration with other institutions. Experts and senior figures from the industry from the field provided guidance about a multitude of topics. Then, the agents took a year to obtain the mandatory certificates.
A year from issuing mandatory certification order, MahaRERA resolved not to allow new agent registrations or renewals without this certification. Developers were also instructed to engage with only trained and certified agents for their operations post-January 1, 2024. January 2024’s order also explicitly stated action on failure to comply.
As some developers did not adhere to MahaRERA’s directives, as mentioned in the order, despite regularly highlighting the same, it was found necessary to initiate tough action.
The action can include rejection of project’s registration application or revocation of existing registration or imposition of penalty.
Having ‘agents’ in a stable real estate sector is crucial for homebuyers and developers, alike. Often, agents are the first point of contact for homebuyers and the agent introduces them to the projects. Even the receive primary information of a housing project through the agents.
Hence, agents are an integral part of a stable real estate sector and they need to be aware of the importance of RERA regulations. They must be knowledgeable about various aspects such as project credibility, validity of land rights, RERA-compliant carpet area, commencement certificate, local authority approvals, potential litigations, and financial capabilities of developers. Customers make home buying decisions based on this information. Therefore, MahaRERA has made it mandatory for agents to obtain certification after training to ensure customer satisfaction.
Also Read: MAHARERA PROPOSES THREE BANK ACCOUNT SYSTEM TO SAFEGUARD HOME BUYERS’ INTERESTS
