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The Maharashtra Real Estate Regulatory Authority (MahaRERA) has raised an alarm as more than 13,000 real estate agents in Maharashtra have let their registrations lapse, according to a recent list released by the authority. MahaRERA, which oversees the real estate sector in the state, has urged homebuyers to exercise caution when dealing with such agents.
Since its establishment in May 2017, MahaRERA has mandated that all real estate agents must register with the authority. Additionally, six months ago, agents were required to display their RERA registration numbers and QR codes on their promotional materials and activities.
In Maharashtra, one of the largest real estate markets in the country, over 44,000 real estate agents are registered. However, approximately 13,785 of them failed to renew their licenses received back in 2017. The licenses are required to be updated every five years. Most of these lapses occurred between May and June 2022.
The majority of the agents with lapsed registrations are located in the Konkan region, encompassing the Mumbai Metropolitan Region, Pune, and the Nagpur region. Of the 13,785 delisted brokers, the highest number of them belong to Mumbai City and Mumbai Suburbs put together at 6,291, followed by Thane at 3,075 and Pune at 2,349.
To enhance professionalism in the sector, MahaRERA implemented a competency examination in January 2023. This examination assesses candidates on various aspects including homebuyers' rights, the RERA Act, and other relevant sectoral knowledge. Those who pass this exam are certified as real estate agents.
Recently, the fourth round of examination for agents was held. A total of 1,767 candidates appeared for the paper and as per the results declared 1,527 have cleared the same. Only 240 agents did not get through, with the overall passing percentage standing at 86.41%. The total number of agents clearing the exam stands at about 10,000.
A MahaRERA official emphasized the importance of vigilance among homebuyers and urged them not to engage with agents whose registrations have lapsed. Most of the agents whose registrations have lapsed are reportedly small-time dealers who may not perceive the necessity of registration.
However, regulatory measures are being tightened, indicating the importance of compliance with the framework for all stakeholders to maintain relevance in the real estate sector. The deregistered agents are required to complete the prescribed training and obtain certification if they have to work as agents again or else their license will not be renewed.
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