Brokers will have to register under state’s new real estate rules

MUMBAI: Apart from developers of real estate projects, the Maharashtra government is also framing rules to register real estate agents and brokers with the proposed

MUMBAI: Apart from developers of real estate projects, the Maharashtra government is also framing rules to register real estate agents and brokers with the proposed housing regulatory authority under the Centre’s Real Estate (Regulation and Development) legislation.

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Once the housing regulator comes into force, real estate agents will have to register themselves with the authority every five years, on the payment of a sum, which the state government is still to determine. The registered brokers will have to prominently display their registration number in every mode of communication with the buyers, whether in a newspaper advertisement, or a website, or even a text message. The move is expected to make transactions in the housing sector more transparent.

A senior official from the state housing department said, “At the time of registration, brokers will have to give details such as their financial statements for the past three years, their Aadhaar card and their permanent account number (PAN) card details.” The official added, “Developers too will have to display the names and registration numbers of brokers whom they have roped in to sell a particular project while advertising it so that buyers are fully aware of who they can transact with.”

The state housing department along with the state law and judiciary department is currently in the process of finalising the rules for the state housing regulator under the Union government’s Act.

The brokers will be registered under three categories — entities set up under the Companies Act, smaller entities not under the Companies Act, and individuals working as real estate agents.