Dedicated locality research platform
Dedicated locality research platform
Enter your email address and you will receive
a link to reset your password
In a groundbreaking move, the Maharashtra Real Estate Regulatory Authority (MahaRERA) is set to conduct the inaugural certification examination for real-estate agents in the state. A total of 457 agents, having completed the preliminary certification course, will participate in the examination, spanning multiple cities including Mumbai, Thane, Navi Mumbai, Aurangabad, Dhule, Kolhapur, Nagpur, Nashik, Pune, and Solapur.
Earlier this year, on January 10, MahaRERA stipulated professional training and certification for real-estate agents to legally operate. According to this mandate, all 39,000 agents registered under MahaRERA, as well as fresh candidates, were required to earn their certification before the deadline of September 1.
Over the last two years, the Authority has crafted a foundational training curriculum for agents, hiring a panel of experienced trainers to provide instruction through online, offline, and hybrid methods starting from February. MahaRERA has also partnered with the Institute of Banking Personnel Selection to administer online examinations, offering competency certificates to agents who pass the test.
Effective from September 2023, promoters will need to verify that the property agents they enlist, in order to comply with RERA regulations, hold valid competency certificates. This examination signifies a shift towards structural changes aiming to heighten transparency in real-estate transactions. In line with this, MahaRERA issued a directive in February requiring agents to submit biannual reports of their transactions in compliance with the Prevention of Money Laundering Act (PMLA) guidelines established in November 2022.
Additionally, the directive requires agents with a business turnover exceeding Rs 20 lakh to appoint a principal officer and a designated director in their firms and to update these records with the Authority following the guidelines under the Prevention of Money Laundering Act (PMLA). These stipulations allow for a more stringent examination of property transactions and provide law-enforcement agencies with greater access to trace transactions in money-laundering investigations.
Existing laws under Section 10 (b) of RERA and Maharashtra Rule 11 (5) already compel estate agents to maintain separate books of accounts, records, and documents for each project. Furthermore, Maharashtra Rule 16 demands these records to be made available for inspection when required under the IT Act and the Companies Act.
This pioneering initiative by MahaRERA signals a significant step towards increasing transparency and accountability within the real-estate sector. By mandating certification for real estate agents, it aims to professionalize the industry while enhancing scrutiny to deter potential illegal activities, ultimately safeguarding the interests of property buyers and sellers alike.
Propscience is India’s dedicated property news portal. We cover the latest events, news, trends, deals, new launches and more.
All our services and tools are completely free of cost and available 24X7!
