MahaRERA Cancels 20,000 Real Estate Agents’ Registrations: Why?
20,000 real estate agents’ registrations have been suspended by the Maharashtra Real Estate Regulatory Authority (MahaRERA) for not meeting the requirements set out by the housing authority. Real estate agents were required by the MahaRERA to complete training, pass a test, and register their certificate as of January 1, 2024. If they don’t, they won’t be able to go on with their company.
The inability to post the Certificate of Competency to the website of the regulating body is one of the reasons why 20,000 agents have been suspended. In certain situations, registration has been halted for a year. Their license will be renewed if they successfully complete the program, get the Certificate of Competency, and submit it to the site within a year. After a year, registration for those who do not follow the process within the allotted period will be canceled. They will therefore be unable to seek new registration for the next six months, which means they won’t be allowed to conduct real estate transactions. Anybody detected breaking the regulations will face the relevant consequences.
MahaRERA has released a circular including the previously indicated comprehensive recommendations. Since its launch on May 1, 2017, almost 47,000 agents have enrolled with MahaRERA. 13,785 real estate agents had their registrations revoked by MahaRERA earlier this year for failing to renew their licenses. For various reasons, a number of previously registered individuals have filed appeals with MahaRERA to have their registration as agents canceled. A de-registration process has been established by MahaRERA, with consideration for the legitimate necessity of allowing real estate brokers to leave the system. For this, the person must submit an application in the required format to the Director (Registration), MahaRERA, at [email protected].
De-registration is contingent upon meeting certain requirements. For any real estate project, for instance, promoters should not designate the applicant as their authorized real estate agent. There shouldn’t be any outstanding grievances against the person. Two years prior to the date of their de-registration application, they were supposed to have sent in annual reports detailing the transactions they had facilitated. If not submitted, they must state on their letterhead why they were unable to submit it.
If an individual lodges a grievance against a real estate agent whose de-registration application is approved, they may submit a complaint with MahaRERA. The regulatory body will then make judgments that will legally bind the agent in question.
“As the intermediary between a developer and a homebuyer, the ‘Agent’ is essential in the real estate industry,” says Ajoy Mehta, Chairman of MahaRera. They are generally contacted initially by homebuyers. These agents often provide major project-related information directly to prospective homebuyers.
Real estate agents must have a thorough understanding of the Real Estate (Regulation and Development) Act of 2016. They need to be aware of a number of project- and industry-related topics, including the legitimacy of the land titles, the carpet area that complies with RERA, the commencement certifications obtained, and the local government’s permissions. They should also be aware of how to get information on defaults, developers’ financial situation, and other relevant topics. Customers are able to make well-informed judgments about buying a house because of all of this information. As a result, MahaRERA has mandated that agents complete training, pass the test, and become certified. This decision was made on January 10, 2023, and it was postponed many times until going into effect on January 1, 2024, for all agents. In spite of this, the approval of almost 20,000 agents was canceled since they remain untrained.
Mehta has said that developers who continue to work with untrained agents will have their registrations cancelled without hesitation by MahaRERA. Mehta said, “Developers must not ignore this warning.”
