close
close
hsuses

MahaRERA blocks registration of nearly 20,000 agents for lack of competency certificates | Mumbai News

Theo

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has suspended the registrations of nearly 20,000 real estate agents for not having the required competency certificates.

With effect from January 1, it will be mandatory for all agents to complete their training, take an exam and register their certificates with MahaRERA, failing which they will be suspended for a year, officials said on Thursday.

Ajoy Mehta, Chairman, MahaRERA, highlighted the crucial role that brokers play in connecting homebuyers with developers. He explained that agents must provide primary project information to potential homebuyers and have knowledge of the Real Estate (Regulation and Development) Act, 2016, credibility of developers, land titles, RERA compliant carpet areas, commencement certificates and local authority approvals.

“It is important for real estate agents to be well versed with industry regulations and project specifics. Despite mandatory certification requirements, many agents are not qualified, resulting in cancellation of their licenses. MahaRERA will also cancel the registration of developers who work with unqualified agents. Developers must heed this warning,” said Mehta.

A MahaRERA official added that agents who complete the training, get their competency certificate and upload it on the portal within a year will get their licenses renewed.

Festive offer

Failure to comply with the deadline will result in a definitive cancellation and a six-month ban on re-application, effectively excluding them from real estate transactions. Violations will be penalized with appropriate measures.

MahaRERA recently issued detailed guidelines in a circular. Since its inception on May 1, 2017, around 47,000 agents have registered with MahaRERA. Earlier this year, the authority cancelled the registration of 13,785 agents for non-renewal of their licenses.

In response to appeals from previously registered agents seeking cancellation of their registration, MahaRERA has introduced a de-registration process to accommodate their requests.

Related Posts