RERA – Real Estate (Regulation & Development) Act
For Real Estate Agent
Under RERA – Real Estate Regulation (& Development) Act,, the major parties dealing parties for Real Estate Property, are Builder, Buyer and Broker who are respectively defined as Promoter, Allottee and Real Estate Agent.
All Real Estate Agents have to register with MahaRERA authority, who want to make property deal in any new or ongoing project (where Occupation / Completion Certificate is not obtained), has to compulsorily register with MahaRERA as per provisions of RERA Act, 2016.
At present, the MahaRERA authority is ‘Property Buyer’ centric, with core focus to bringing regulations on dealings for saleable properties of Promoters directly and/or through Real Estate Agents. Consequently, under provision of RERA Act, it is not specified anything about dealings of the properties between the parties, none of them being Promoter and other type of property transactions viz. 1) Re-sale deal, 2) Lease deal, 3) ‘Leave and License’ deal and/or 4) ‘Paying Guest’ deal etc.
Therefore, the role of a Real Estate Agent is also not specified, who is dealing in such types of property transaction (dealings with other than RERA registered Promoter). Considering this vital aspect, it may be interpreted that an Estate Agent, who is dealing in Re-Sale, Lease or Rental dealing and providing allied services to the parties, other than RERA registered Promoter, are not required to be registered with the authority.
An Estate Agent, though being ‘Individual / Proprietor’, but who has deployed staff on his payroll, shall be considered as ‘Other than Individual’ and thus will have to register by paying registration fees of rupees one lakh. Exemption if any, in such case may be subject to approval by the authority.
In the certificate of registration, there are six conditions defined by the authority for Real Estate Agent while carrying on their profession in realty industry.
There are many real estate agents, who actually practice their profession in accordance with the terms laid down by the MahaRERA authority.