In a circular released earlier last week, the MahaRERA authority has announced its intention to train real estate agents. From 1 May 2023, the authority will only allow agents with a valid certificate of competence to register as licensed real estate agents on its portal. This decision comes in light of increasing number of grievances related to self-employed real estate agents, who without proper oversight and training are not being held accountable for their actions. Through mandatory training, the authority hopes to streamline the activities of real estate agents while increasing knowledge and awareness of the legal and regulatory frameworks and practices.
Changes in regulations have been brought about by RERA, in view the increasing number of grievances related to self-employed real estate agents, who without proper oversight and training are liable to commit or be involved actions which may be detrimental to customer satisfaction. The regulations have been sought out to bring about a certain degree of consistency in the practices of real estate agents and to raise awareness of the legal and regulatory framework in the industry.
Realtors, the middleman between property seekers and landlords, will soon have to be tested and certified to do their job. In a new circular, MahaRERA has announced its intention to train real estate agents. From 1 May 2023, upon completion of six years of operation, the Agency will only allow agents with a valid certificate of competence to register as licensed real estate agents on its portal. RERA was enacted in 2017 to bring professionalism, accountability, and skills to the highly organized real estate industry. RERA has brought about structural changes in the sector and forced promoters to make changes in their internal management and comply with regulations. Similarly, real estate agents must first register with MahaRERA before they can start a brokerage business and comply with a similar set of regulations that developers must follow.
The circular states that real estate agents are the face of the public and mediators between developers and home buyers, so it is essential to provide them with training to equip them with the knowledge of the legal framework. To provide a certain degree of consistency in the activities of real estate agents, to increase knowledge and awareness of the legal and regulatory frameworks and practices, the application of the code of conduct and in order to ensure that real estate agents are professional to help assist home buyers, MahaRERA is proposing to introduce basic training and certification in real estate agents for real estate agents across the state of Maharashtra.
Over the past two years, the administration has developed a core curriculum for training real estate agents, and from February approved training providers will offer training in online, offline and hybrid forms. It has coordinated with the Banking Personnel Screening Institute to conduct online exams so that real estate agents who pass the exam can receive a certificate of competence. Agents currently registered with MahaRERA must obtain a certificate of competence by September 1, 2023. There are currently 37,746 real estate agents across Maharashtra registered with MahaRERA.
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