MahaRERA Suspends Nearly 20,000 Agents for Lack of Competency Certificates

MahaRERA Suspends Nearly 20,000 Agents for Lack of Competency Certificates

MahaRERA Suspends Nearly 20,000 Agents for Lack of Competency Certificates

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The Maharashtra Real Estate Regulatory Authority (MahaRERA) has suspended the registrations of nearly 20,000 real estate agents due to their failure to obtain the required competency certificates. 

This action follows the implementation of a new rule effective January 1, mandating all agents to complete specific training, pass an examination, and register their certifications with MahaRERA.

Key Points:

Mandatory Certification: From January 1, it is compulsory for all real estate agents to undergo training, pass a competency exam, and upload their certificates to the MahaRERA portal. Failure to comply results in a one-year suspension.

Authority’s Statement: Ajoy Mehta, Chairman of MahaRERA, stressed the importance of agents being well-versed in industry regulations, including the Real Estate (Regulation and Development) Act, 2016. He noted that agents are crucial in providing primary project information to homebuyers and must be knowledgeable about various legal and regulatory aspects.

Enforcement and Compliance: Mehta warned that developers engaging with unqualified agents will face the cancellation of their registrations. He emphasized that developers should ensure their agents are certified and compliant with MahaRERA regulations.

Reinstatement and Penalties: Agents who complete the required training and upload their competency certificates within a year will have their licenses renewed. Failure to comply within this period will result in permanent cancellation of their registration, with a six-month prohibition on reapplying.

Historical Context: Since MahaRERA’s inception on May 1, 2017, approximately 47,000 agents have registered. However, earlier this year, MahaRERA canceled the registrations of 13,785 agents for not renewing their licenses. Some agents have also voluntarily sought to cancel their registration.

De-registration Procedure: In response to appeals from agents wishing to terminate their registration, MahaRERA has introduced a de-registration procedure to accommodate these requests.

MahaRERA has issued detailed guidelines through a circular, emphasizing the need for compliance and the repercussions of failing to meet the new certification standards. The authority’s stringent actions aim to ensure that real estate agents are adequately trained and knowledgeable, ultimately benefiting homebuyers and maintaining industry standards.