5 checks that homebuyers should undertake before choosing a real estate agent in Maharashtra

MahaRERA in January 2023 had made it mandatory for real estate agents to undergo training and obtain a certificate of registration.

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has made it mandatory for real estate agents to undergo training and obtain the prescribed registration certificate. It had warned that a failure to do so will lead to the authority suspending registrations of such real estate agents.

Maharashtra Real Estate Regulatory Authority (MahaRERA) has made it mandatory for real estate agents to undergo training and obtain the prescribed registration certificate. It had warned that a failure to do so will lead to the authority suspending registrations of such real estate agents.(HT Files)

In May 2024, it had announced that it had suspended registration of about 20,000 agents for a period of one year after they failed to obtain the MahaRERA Real Estate Agent Certificate of Competency.

This essentially meant that more than 42% of the total registered real estate agents had their registrations suspended. As many as 47,000 real estate agents were registered in Maharashtra with MahaRERA ever since its inception in May 2017.

Here are 5 things homebuyers need to keep in mind when choosing a real estate agent.

1 Check if the agent has a valid MahaRERA registration

The MahaRERA in May 2017 had made it mandatory for all real estate agents to register with the regulatory authority. The MahaRERA had also mandated that real estate agents must display their RERA registration number and QR code on all promotional activities being carried out by them. Before dealing with real estate agents or consultants, homebuyers should check if the agent has a valid MahaRERA registration.

2 Check if the agent has cleared his competency certification examination

Homebuyers willing to buy a house or rent one, should ask the agents to show their competency certification examination certificate. This will ensure that homebuyers have dealt only with MahaRERA registered real estate agents who have cleared the mandatory examination.

3 Check if the real estate agent has submitted progress reports on the MahaRERA portal

MahaRERA had directed all real estate agents to make half-yearly progress reports public from financial years 2023-24. MahaRERA had directed that real estate agents will have to furnish a progress report containing information on developer projects that they represent, and other details, including transactions made in a particular project, excluding individual financial gains.

4 Check MahaRERA’s website to verify registration status of real estate agents

Additionally, homebuyers can also log on to the official website of MahaRERA or contact MahaRERA authorities to check the registration status of a particular real estate agent before closing the deal.

5. Here’s why agents have to clear the competency examination

According to MahaRERA, real estate agents play a crucial role in educating and sensitizing homebuyers to take a decision with regard to purchasing property. Hence, it is important for real estate agents to have undergone training and cleared exams mandated by MahaRERA.

"In the real estate sector, an ‘agent’ plays a crucial role. It is imperative for agents to be well-versed in the provisions of RERA Act. Therefore, MahaRERA has made it mandatory for the agents to undergo training, pass an exam to obtain certification. Failure to comply within the stipulated time frame to obtain this certification will result in tough decisions," Ajoy Mehta, Chairman of MahaRERA had said in July 2024.