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The Maharashtra Real Estate Regulatory Authority (MahaRERA) has recently reduced the registration fees for individual real estate agents to INR 10,000 from INR 1 lakh. This move came after real estate agents and their associations in Maharashtra raised concerns over the high registration fees. However, the registration fees for partnership firms or those with multiple owners will remain at INR 1 lakh.
The registration fee charged by MahaRERA is valid for five years. In an order issued on February 20, MahaRERA stated that the fees payable by a real estate agent who is a sole proprietor, or the proprietor of a proprietary concern shall be INR 10,000, which is the fee prescribed for the category ‘Individual.’
This decision has come as a relief to almost 40,000 real estate agents who are registered with MahaRERA. According to a broker from the National Association of Realtors, this is good news, and the proprietary firms will now only have to pay INR 10,000 for the five years of registration. This move will also ensure that those not registered with MahaRERA will get registered.
Moreover, MahaRERA has made it mandatory for agents to have the MahaRERA Real Estate agent ‘Certificate of Competency’ starting from May 1, 2023. This certificate is required for agent renewal or registration with MahaRERA. Existing registered realty agents must obtain and upload the MahaRERA certificate before September 1, 2023.
The MahaRERA Real Estate agent ‘Certificate of Competency’ course includes basic training provided by institutes shortlisted by MahaRERA. This course will be provided online, offline, and in hybrid form as per the agent’s convenience.
The real estate industry has been affected by the COVID-19 pandemic, and real estate agents have been facing significant challenges. In this scenario, MahaRERA’ s decision to reduce the registration fees will provide some relief to the real estate agents. The reduction in registration fees will encourage more real estate agents to register with MahaRERA, and this will increase transparency and accountability in the real estate sector.
MahaRERA’ s decision to make the MahaRERA Real Estate agent ‘Certificate of Competency’ mandatory for agent renewal or registration with MahaRERA is a significant step towards improving the quality of services provided by real estate agents. The certificate will ensure that real estate agents have the necessary knowledge and skills to provide quality services to their clients.
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