EDUCATING THE REAL ESTATE AGENTS – A STEP TOWARDS PROFESSIONALISM AND COMPETENCY!

On 10^th January, 2023 the Government of Maharashtra has notified the Maharashtra Real Estate (Regulation and Development) (Registration of Real Estate Projects, Registration of Real Estate Agents, Rates of Interest and Disclosures on Website) Rules, 2017 (the “Rules”) for carrying out the provisions of the Act.

Amongst other things, the Government aims at schooling and educating the real estate agents and bring about a change from the old school and traditional methodology of real estate broking to a systematic, well read, competent way of real estate broking.

The Act, initially drafted to enact professionalism, competency and accountability but always lacked a systematic implementation towards it and therefore the Maharashtra Government has come up with an online examination for real estate agents. After successfully passing the examination, they will receive a “Certificate of Consistency”.

A transaction in the real estate sector needs utmost awareness and knowledgeable input and as the real estate agents act as an intermediary, they are expected to know the basics like a clear title of the property, the ready reckoner rates, stamp duty, registration process, and basic legal know how about sale and lease. The MAHARERA has over the past two years, in consultations with several associations of real estate agents, homebuyers, promoters and All India Institute of Local Self Governance (AIILSG), have developed a basic curriculum for real estate agent training and has empaneled training providers for imparting the training as per the convenience of the real estate agents, online, physical and in hybrid, effective from the first week of February. The initiative by the Governing body towards schooling and educating the real estate agents in the state, is in the hope that the transactions in the real estate sector work in a smooth, sound and altogether in a legal and ethical way.

In view of the directions and orders issued, with effect from 1^st May, 2023 only those real estate agents who have a valid MAHARERA Real Estate Agent “Certificate of Competency” can apply for MAHARERA real estate agent registration / renewal of registration. The mandate should apply to: –

All real estate agents in case of individuals and authorized signatory (Authorized for making application for MahaRERA real estate agent registration) in case of firms / companies / organizations (Other than Individuals).
All employees / staff / officers by whatever designation called working in firms / companies / organizations of real estate agents, who interact with homebuyers / allottees for effecting transactions in real estate projects.
The existing registered real estate agents shall obtain Maha RERA Real Estate Agent Certificate of Competency before 1^st September, 2023 and shall upload the same at their respective webpage failing which action as deemed fit shall be initiated by the Authority.
With effect from 1^st September, 2023 promoters of the real estate project shall ensure that the names and addresses of the real estate agents if any to be given in compliance of Section 4 (2) (j) of the Act, shall be only for such real estate agents who have the MahaRERA Real Estate Agent Certificate of Competency.
Guidelines detailing the process for real estate agents training and certifications shall be discussed further.

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