May 3, 2024: The Maharashtra Real Estate Regulatory Authority (MahaRERA) on April 29 has issued a circular that stresses on all housing projects in the state to only deal with trained and MahaRERA certified agents.
The regulatory body had made it mandatory for promoters to declare the agent details including name and address and the project that they handle with respect to marketing and sale, starting January 1, 2024. However, this was not followed diligently and hence a second order was issued in April.
In the recent order, the regulatory authority has made it very clear that non- compliance will result in action against such projects and this can be taken even during the development phase of the project. The action can include rejection of MahaRERA registration application, revoking of MahaRERA registration application, a monetary penalty etc.
According to the MahaRERA, real estate agents are one of the most important points of contact for homebuyers. These people play a vital role in the decision making process and hence they should be well-aware about the details of the project and should be MahaRERA certified. MahaRERA had started preparations for this last year itself when in January 2023, MahaRERA had given deadlines for agents to submit their ‘Certificate of Competence”.
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