MahaRERA directs real estate agents to obtain certificates
The MahaRERA has collaborated with the Institute of Banking Personnel Selection (IBPS) for undertaking online examinations so that real estate agents who clear the examinations are provided with a ‘certificate of competency
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued a new directive requiring all channel partners and property agents to take the exam and obtain a certificate from the authority before providing professional services.
The MahaRERA has collaborated with the Institute of Banking Personnel Selection (IBPS) for undertaking online examinations so that real estate agents who clear the examinations are provided with a ‘certificate of competency’. MahaRERA secretary Vasant Prabhu in his order issued on Jan 10 stated, “With effect from May 1, 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 mentioned in the clause above shall apply to the following persons: All individual real estate agents authorized for making applications for MahaRERA real estate agent registration in case of firms, companies and organisations other than individuals.”
Prominent real estate developer Ranjit Naiknavare, who is the Vice President of CREDAI-Pune Metro, lauded the move and said that the directive from the governing body is both necessary and welcome.
“The move will enhance knowledge and awareness of the regulatory and legal framework and also enforce code of conduct,” he said.
“As the real estate agents are the intermediary between developers and property buyers, it is essential to provide them with training to equip them with the knowledge of the regulatory framework. Sometimes channel partners and agents lack proper knowledge about the property they are trying to sell. These agents may sometimes persuade customers to buy without providing adequate information, which frequently leads to disagreements and contention between the developer and the buyer. If these agents are registered with RERA and have the necessary qualifications to provide services, it will benefit not only homebuyers but also developers,” Naiknavare added.
Prominent realtor Jehangir Dorabjee of Dorabjee Real Estate called it a significant step for the betterment of the sector.
“ It is a significant step toward further professionalisation of the sector, in which real estate agents play a critical role in providing properties to their clients. With a legal certification in place, buyers will benefit the most and the number of complaints against agents for nonprofessional conduct will drop significantly, furthering the growth of the real estate sector,” he opined.