Agent Registration Renewal
The certificate of registeration of a registered agent is issued by the authority for a period of 5 years. On expiry of the same , has to be renewed with the authority in due course
The RERA not only makes it compulsory for agents to register, but also binds them into dealing only with RERA registered properties.
Agents are often the first — and possibly only — point of contact for many potential home buyers. The Act had provided a glimmer of hope to home buyers to have a list of agents who would be bound by the Act, so that they are not misled into investing their life’s savings on dubious projects.
Every person under the profession of the real estate broking should make an application to the appropriate authority for the formal registration in prescribed manner, within time, fee mentioned under the schedule and all relevant document as prescribed.
RERA rules require real estate agents, brokers, and property consultants, whether individuals or joint entities, to register themselves with the state regulator. They will be allowed to participate in any real estate transaction only after registration. The registration number must be displayed at their place of work as well as in all advertisements and documents. Brokers will also have to maintain a record of documents for each real estate project they deal with.
“Under RERA, real estate brokers have to obtain a brokerage licence from state governments. Post this, they will have to undergo certain courses to become a certified broker and to maintain the licence, they will have to take up such courses every year,” states Amit Wadhwani, Director, Sai Estate Consultants. RERA also requires brokers to provide accurate information to the consumers, promoting good quality projects and not participating in any malpractices.
Any unregistered broker found indulging in realty transactions will incur a penalty of Rs 10,000 per day during the period of failure and may extend up to a maximum of five percent of the project value. This penalty provision will also be applicable in case a registered broker violates any norms set out under RERA, such as marketing any unregistered project or indulging in any kind of fraud. Violation would also lead to his registration being revoked.