The Maharashtra Real Estate Regulatory Authority (Maharera) has taken a significant step to ensure professionalism and compliance within the real estate sector by suspending the registration of approximately 20,000 agents. These agents failed to obtain the required competency certificates and did not register the certificates on the Maharera website, despite multiple opportunities to do so. This action is part of Maharera’s ongoing efforts to uphold high standards in the real estate market and protect homebuyers.
Mandatory Competency Certification
From January 1, 2024, real estate agents in Maharashtra must complete Maharera-prescribed training, pass an examination, and register their competency certificates on the official website to conduct business. Maharera has made it clear that agents who have not met these criteria will have their registrations suspended for a year. During this suspension period, agents must fulfill the required conditions to have their licenses renewed. Failure to comply within the year will result in the automatic cancellation of their registration, and they will be barred from reapplying for six months. This stringent measure aims to ensure that all practicing agents are qualified and knowledgeable about the RERA Act and other critical aspects of real estate transactions.
Impact on Agents and Developers
The suspension affects around 20,000 agents who have not yet fulfilled these mandatory requirements. If these agents do not complete the training and certification process within the specified timeframe, they will not be allowed to engage in any real estate transactions. Maharera has also warned developers against employing unqualified agents. Should developers engage the services of these suspended agents, Maharera will not hesitate to cancel the developers’ registrations. This move underscores the importance Maharera places on ensuring that all agents and developers operate within the regulatory framework to protect consumer interests.
Procedure for License Cancellation
Maharera has also outlined a procedure for agents who wish to voluntarily cancel their registration. Agents must apply to the Director (Registration) at dereg.agent@gmail.com using the prescribed format. Applicants should not be appointed as authorized agents by any promoter and should not have engaged in any real estate project transactions. They must submit the balance sheet for the last two years or provide reasons for non-submission on their letterhead. If complaints exist against an agent seeking cancellation, Maharera will address these complaints, and the decisions made will be binding on the concerned agents.
Statement from Maharera President Ajoy Mehta
Maharera President Ajoy Mehta emphasized the crucial role of agents in the real estate sector, describing them as the primary link between homebuyers and developers. Agents provide initial project information to clients, who rely on this data to make informed home-buying decisions. Therefore, it is essential that agents are well-versed in the provisions of the RERA Act, understand reliable project information, and are capable of assessing the developer’s financial capacity and project approvals. Maharera’s mandate for agent training and certification aims to enhance the quality of service provided to consumers and ensure that agents can competently guide clients through the real estate purchase process.
Conclusion
Maharera’s decision to suspend the registration of non-compliant agents highlights the authority’s commitment to maintaining high standards in the real estate industry. By enforcing these regulations, Maharera aims to ensure that only qualified and certified agents are active in the market, thereby safeguarding consumer interests and enhancing the overall professionalism within the sector.