100 realty brokers register with RERA in just 9 days

Another 1000 brokers are in queue, and are all set to register themselves by paying a fee of Rs10,000.

Around 100 real estate agents and brokers have registered under Real Estate (Regulation and Development) Act, (RERA) since it came into effect nine days ago. Sources added that another 1,000 brokers are in the queue to follow suit by paying a registration fee of Rs10,000.

Real estate brokers in the city have acknowledged that establishing RERA was a good move. (HT File)

Real estate brokers in the city acknowledged that RERA was a good move.

“There is lot of excitement, as only serious players will enter the market. This will weed out those who brought bad name to our fraternity,” said Prakkash Rohiira, director of Karma Realtors, a brokerage firm.

The Act states that no broker without a RERA certification will be allowed to market any project. The builders will also have to register the brokers who will market their projects. To keep a check on malpractices,the Act also states that brokers will be penalised 5% of the project costs in case of misrepresentation of facts pertaining to projects.

According to Tribhuvan Mishra, a homebuyer, brokers make lofty promises to attract buyers.

“We have dealt with brokers, and our experience was unpleasant. They never portray the ground reality,” he said.

While brokerage firms and homebuyers have given a thumbs up to the move, brokers objected saying their concerns were not addressed.

Vikram Mehta, president, Confederation of Real Estate Brokers of India (CREBAI), termed RERA unfair.

“It [RERA] has been silent on penalties to be imposed on builders and buyers who default on our brokerage,” said Mehta.

Seconding Mehta’s view, Rohiira said there was no penal clause against builders who mislead brokers.

“There is a possibility that builders may mislead us into selling their products, eventually forcing us to pay the buyers for no fault of ours,” he added.