How has Business Changed for Real Estate Agent under RERA Act?

RERA aims to protect home buyers by laying down rules for agents and estate brokers. With around 8 to 9 lakh agents in the country things had been unorganised and no regulation existed in this segment. With RERA act in effect, only registered brokers will be able to sell new property, the rest will play in resale market. Only fair and organised agents can sell projects and properties. Business will be fair with no false promises to any clients. And regular training and certification on RERA guidelines will have to be carried out by RERA registered agents.

Highlights of RERA act for Agents:

  1. Marketing unregistered projects will attract penalty and cancellation of licence
  2. Validity of registration of Agent’s licence is for 5 years.
  3. Agents will Undergo a certification course and take up refresher course every year.
  4. Agent is required to maintain the books of accounts, records, and documents separately for each real estate project.
  5. Penalty for unregistered broker selling registered project.
  6. Cheating on Title documents, litigation, false promise of amenities, will all come to an end.
  7. This will improve the overall transparency and accountability in the sector.

How will RERA registered Agents, impact the industry and home buyers?

  1. Home buyers’ trust is likely to increase and this could lead to an increase in sales for brokers and builders.
  2. Home buyer with help of agents can make an Informed purchase decision on property.
  3. Agent will Help home buyers chose a RERA-compliant developer
  4. They will be consultants to buyers. They will educate customers with Title deeds, land documents, building certification documents, buyers’ right and so on.

How can Developers and Agents team up to contribute to growth in real estate sector?

  1. ‘Pictures speak a thousand words’, projects can exhibit more site photos, videos & install CCTv cameras for home buyers to have a good view of the development
  2. After stage completion they can inform the agents and announce to probable buyers of timely & competent speed of construction.
  3. Websites can have building wise details of development, this will ensure bookings & investments.
  4. Brokers can be informed of the sold & unsold inventory status at all times to enable spot booking
  5. All amenities on the brochure can be supported by appropriate photos
  6. Builders can Proactively share  RERA certificates with Agent members
  7. By supporting customers even after the agents role is over. Like Client Support post sales.
  8. All Disclosures on website can be clearly understood by home buyers
  9. Inclusion of brokers details explicitly on RERA website of projects (to prove authenticity of broker)

In conclusion, yes business has changed and will change for Real Estate Agent under RERA Act. RERA rules for agents and estate brokers will safeguard the rights of home buyers. You will see fair and organised agents selling projects and properties. Business will be transparent and no false promises will be made to any clients. Market will start believing in the phrase ‘Pictures speak a thousand words’.  A lot of site photos, videos & CCTv cameras installations will be seen at sites. Faith and trust will be restored in the coming years.

Responsibilities of Builders & Promoter under RERA

Builders and promoters are tasked with various responsibilities under the RERA Act. All builders and promoters who undertake a real estate project with over 8 units or 500 square meters of development are required to obtain RERA registration and fall under the ambit of RERA regulations. Under RERA, a promoter is defined as a person who is entrusted with the task of promoting the project, which was developed or constructed by the developer. In this article, we examine the responsibilities of real estate builders and promoters–.

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MahaRERA send notices to builders for not updating info regularly

As per Clause 20 of the Maharashtra RERA Act, the information of registered project needs to be updated every quarter, primarily with regard to project completion and units sold. However, following their mandatory registration with the regulator, most of the realty developers seem to have either forgotten or ignored the norm of updating project details every quarter. More than 65% of the MahaRERA-registered projects have not updated the information in the last three months, showed a study by Propstack, a real estate data analytics