Mumbai, May 23: Over 20,000 real estate agents in Maharashtra face registration suspensions following actions by the Maharashtra Real Estate Regulatory Authority (MahaRERA). The move comes as these agents failed to obtain the necessary certificate of competency from MahaRERA or neglected to register the certificate on the authority's website, despite multiple opportunities to do so. MahaRERA also announced procedures for cancellation of agents license after some agents wanted to exit the system.

Economic Times reported that effective from January 1, 2024, real estate agents must undergo training, pass an exam, and register their certificate with MahaRERA to continue their operations. Failure to comply results in suspension of registration for a year. However, if agents complete the training, acquire the certificate, and upload it within the given timeframe, their license will be renewed. Otherwise, their registration will be canceled after a year, rendering them unable to apply for a new registration for the following six months. India’s Real Estate Sector to Grow Multifold to About USD 6 Trillion by 2047: Report.

MahaRERA disclosed that since May 1, 2017, approximately 47,000 agents have been registered, but earlier this year, the authority revoked the registrations of 13,785 agents for failing to renew their licenses. MHADA Maharashtra Lottery 2024: Know Eligibility Criteria, List of Required Documents and How To Apply Online at housing.mhada.gov.in.

According to MahaRERA, agents are the first point of contact for homebuyers, who may be investing their life savings in the project. The home buyers receive primary information of projects through the agents, therefore the latter need to be aware of RERA regulations and the real estate industry. The agents also need to have knowledge about various aspects such as credibility of the project, validity of land rights, RERA-compliant carpet area, commencement certificate, local authority approvals, potential litigations, and financial capabilities of developers. Despite the mandatory training, exam clearance, and certification implemented from January 1, 2024, around 20,000 agents were found unqualified and had their approvals revoked.

MahaRERA cautions developers against engaging with unqualified agents, highlighting potential consequences for their registrations. Additionally, several registered agents have requested termination of their registration for various reasons, leading MahaRERA to introduce a de-registration procedure. To exit the system, agents must apply to the Director (Registration), MahaRERA, meeting specific conditions.

Certain specific conditions to deregister are that 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.

(The above story first appeared on LatestLY on May 23, 2024 01:32 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).