RERA Registration

RERA in Maharashtra: Procedure for Real Estate Agent Registration

A Real Estate Agent is a person who works like an intermediary with a view to facilitate transaction and also to stimulate fair practices between buyers and builders. It is mandatory for all the RERA agents to register themselves with the respective state level regulatory authorities. We are covering RERA in Maharashtra: Procedure for Real Estate Agent Registration in this article.

RERA in Maharashtra: Procedure for Real Estate Agent Registration

1. Every real estate agent required to be registered shall make an application in writing in case of registered real estate projects (RERA) and before engaging in any activity relating to marketing, advertising sale or purchase of any apartments.
2. The application shall be in Form ‘G’. The following documents shall also be submitted along with the application, namely:

• PAN / Aadhar Card No. / DIN of Real Estate Agent / Partners / Directors, as the case may be;
• Brief details of the enterprise including its name registered address or place of business, type of enterprise, etc.;
• Authenticated copy of Partnership Deed, Memorandum of Association, Articles of Association, Certificate of Incorporation, etc.;
• Photograph of the real estate agent /partners/ Directors;
• Income tax returns for last 3 financial years preceding the application or in case the applicant was exempted from filing returns in any of the 3 years preceding the application, a declaration to such effect;
• Authenticated copy of the proof of address of the principal place of business, number of branch offices if any along with contact details including Telephone Numbers, Fax Numbers, and email address;
• Details of all real estate projects and their promoters on whose behalf he has acted as a real estate agent in the preceding 5 years;
• Details of all civil or criminal cases pending against the individual/directors/partners, etc.
• Authenticated copies of all letterheads; rubber stamp images, acknowledgment receipts proposed to be used by the real estate agent.

3. The real estate agents are required to pay registration fees at the time of application to the authority through NEFT or RTGS^[1] or any other digital transaction mode, and the Registration Fees is as follows:

• In the case of Individual: Rs. 10,000
• In the case of the applicant other than an individual: Rs. 1,00,000

4. The real estate agent shall maintain and preserve books of accounts, records, and documents separately for each such real estate project.

5. The Authority, may, within 30 days of receipt of application may accept the application or reject the application:

• If the application is accepted, then the Authority shall issue a registration certificate with a registration number in Form ‘H.’
• In the case of rejection of the application, the Authority shall after recording the reasons in writing inform the applicant in Form ‘I’ after giving the applicant an opportunity of being heard in the matter by the Authority.

6. On completion of the period of 30 days, if the RERA Authority fails to issue any communication about the deficiencies or rejection of the application for his registration then the Authority shall provide registration number to the applicant within a period of 7 days.

7. The registration granted shall be valid for a period of 5 years.

8. On the expiry of the registration number, the applicant has to make an application for or renewal of his registration, in Form ‘J’ at least sixty days before the expiry of the registration.

9. In the case of renewal of registration number, the authority shall inform the real estate agent about the same in Form ‘K’ and in the case of rejection of the application for renewal of registration number the authority, shall inform the real estate agent in Form ‘I.’

10. The renewal granted for registration to a real estate agent shall also be valid for a period of 5 years from the date of its renewal.

11. Every registered real estate agent shall prominently display a number of his Registration Certificate at the principal place of business and its branch offices.

12. Registered real agent shall quote the registered number on all the documents related to the advertisement, marketing, selling or purchase issued by the actual estate agent, etc.

13. If the real estate agent commits any fraud or breaches any regulations, then the Authority may revoke the registration and shall intimate about the same to the concerned real estate agent in Form I.

RERA in Maharashtra: Penalties under RERA Act

The following penalty shall be applicable:

The agent will be liable for penalty of 10000 rupees per day in case of default and it may be extended to 5% of the cost of plot or building.

Where any agent is associated with any unfair trade practices then such agent will be liable for punishment of 1 year of imprisonment.

Conclusion

Real Estate agents play an important role in the real estate market. Therefore registration of agents has been made necessary thus building the trust among the buyers as well. In case you need more information on RERA in Maharashtra or RERA Registration, you may go through our blogs which contain wealth of information on the same.

Read our article:Statutory Provisions of RERA: Registration Process, Documents, Offences, etc.