RERA for Real Estate Agents
Under Real Estate (Regulation and Development) Act 2016, all Real Estate Agents shall have to register with RERA before facilitating any sale. Promoters while applying for registration to RERA will have to provide the names of registered real estate agents who would be facilitating the sale of apartments in the said project. The registration shall be valid for five years and can be renewed thereafter. The key facilities being provided to real estate agents are as follows:
□ Registration of Real Estate Agents
□ Renewal of registration of Real Estate Agents
□ Complaints Filing
The RERA registration of a real estate agent is valid for 5 years and it must be quoted by him during every transaction.
Also, If the Agent/Broker fails to comply with the duties and responsibilities prescribed by the RERA, his/her registration can be revoked. Further, he/she can be penalized up to Rs 10,000 per day, which may extend up to 5% of the total estimated cost of the unit in question. The intermediary can also face imprisonment up to one year if he/she breaches any orders given by the Appellate Tribunal.
Checklist for Agents/Brokers:
✓ Get registered immediately with the respective State/UT RERA prior to conducting any business.
✓ Make sure that the Promoter has nominated/updated your name in the Project Database which has been submitted to the State/UT RERA in the list of Broker/Agents.
✓ Be very informative and thorough about the project and make sure that you don’t over promise anything to make a Sale.
✓ Be up to date with the Project Documents as and when they are updated on the State/UT RERA website.