The Maharashtra Real Estate Regulatory Authority (MahaRERA) cancelled the registrations of more than 20,000 real estate agents on May 23, 2024. This action was taken due to their failure to obtain competency certificates as mandated by MahaRERA. According to the authority, all agents must undergo training, pass the RERA Maharashtra certification exam, and register their certifications with the Maharashtra regulatory body. Failure to do so within the specified time frame will result in a one-year suspension of the MahaRERA agent registration.
Effective January 1, 2023, MahaRERA made it mandatory for all agents to complete training and obtain the MahaRERA agent certification. As of the establishment of the MahaRERA in 2017, approximately 43,888 agents have been registered with the regulatory body. However, following the suspension of registrations on May 23, only 23,888 agents maintain valid MahaRERA registrations.
MahaRERA emphasizes the pivotal role of agents as the crucial link between homebuyers and promoters. As agents significantly influence individuals’ investment decisions, the authority underscores the agents’ responsibility to have a thorough understanding of the projects they handle and the state’s property purchase regulations. The competency certificate for agents plays a crucial role in fulfilling this responsibility. In line with this, MahaRERA issued a notice on April 29, stating that promoters should exclusively collaborate with MahaRERA certified agents. Non-compliance with this directive will result in actions taken against both the promoter and the project itself.
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