The Maharashtra Real Estate Regulatory Authority (MahaRERA) has suspended the registration of approximately 20,000 real estate agents for one year. This is due to their failure to fulfill the conditions laid down by the authority. A major factor for this action was the non-uploading of the Certificate of Competency on the regulator's website.

Starting January 1, 2024, real estate agents were required to undergo training, clear the examination, and register their certificate as outlined by the authority. Failing this, they will not be able to continue business operations. If agents complete the training, obtain the Certificate of Competency, and upload it on the portal within a year, their license will be renewed, according to a MahaRERA statement.

Those who do not complete the procedure within the stipulated timeframe will have their registration cancelled after a year. Furthermore, for the next six months, they will be unable to apply for a fresh registration. This effectively bars them from engaging in real estate transactions. Individuals violating the rules will face appropriate action. These guidelines were recently announced by MahaRERA through a circular.

Ajoy Mehta, Chairman of MahaRERA, emphasized the vital role played by real estate agents. He stated that agents are often the first point of contact for homebuyers as most buyers initially reach out to them. Typically, potential homebuyers receive key project details directly from these agents. Therefore, it is crucial for agents to have thorough knowledge of the Real Estate (Regulation and Development) Act, 2016 and associated regulations.

Mehta added that agents must be well-versed in various aspects of projects and the industry, such as developer credibility, project details, land title validity, RERA-compliant carpet area, commencement certificates received, and local authority approvals. They should also know how to obtain information on defaults, developer financial standing, and related issues. With this comprehensive understanding, customers can make well-informed purchasing decisions, according to Mehta.

Keeping this in mind, MahaRERA has mandated agent training, testing, and certification. This decision was taken on January 10, 2023 and extended multiple times before taking effect from January 1, 2024. Despite this, around 20,000 agents currently lack qualifications and had their approval revoked. MahaRERA will not hesitate to cancel developer registrations for continuing to engage unqualified agents. Developers were warned against disregarding this, Mehta stressed.

Approximately, 47,000 agents have been registered with MahaRERA since its inception on May 1, 2017. Earlier this year, MahaRERA had cancelled the registration of 13,785 agents for not renewing their licences. Several people who were previously registered appealed to the MahaRERA that they wish to terminate their registration as agents, on different grounds.

Acknowledging the genuine need for agents to exit the system, MahaRERA announced a de-registration process. Individuals must apply through a prescribed format to the Director (Registration), MahaRERA at dereg.agent@gmail.com. However, certain conditions need to be fulfilled to get themselves de-registered. For example, the applicant should not be listed by promoters as their authorised real estate agent for any 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 deregistration application date.

In case, if not submitted, they should provide the reason for being unable to submit the same on their letterhead, the release said and added that if a person files a complaint against a real estate agent, whose de-registration application is permitted, the aggrieved person can approach MahaRERA and the authority will take necessary decision which shall be binding on the concerned agent.

The strict action taken against unqualified agents indicates MahaRERA's commitment to enhancing transparency and protecting homebuyers. By ensuring that only trained and certified individuals are able to advise customers, the authority aims to promote well-informed property purchases. Overall, MahaRERA's reforms seek to professionalize real estate transactions for the benefit of all stakeholders in the sector.