The MahaRERA issued an order mandating the inclusion of a clause in the model form of agreement for sale, where the transaction is facilitated by a registered real estate agent, the agreement must document the commission, brokerage, charges, etc, which the promoter or allottee has agreed to pay the real estate agent. The order is expected to help recognise the role of agents, besides ensuring transparency and accountability.
Real estate agents believe the order will also ensure timely payment and minimise disputes over commission, besides holding promoters responsible for honouring their commitments. The issuing of the order by MahaRERA helps in recognising the fact that real estate agents are entitled to brokerage in transactions enabled by the agent, pointed out a real estate agent.”The circular by MahaRERA was issued on the basis of the Gazette issued by the state Housing Department in 2019.
For one and a half years, the National Association of Realtors (NAR)-India, a Self-Regulatory Organisation of real estate agents, worked with MahaRERA. The circular is an outcome of NAR-India’s pursuit with MahaRERA, advocating fair recognition of real estate agents’ contributions for the last one and a half years,” said Pramod Vyas, vice-chairman, RERA, NAR-India.
“Real estate agents are not protected while helping clients in carrying out transactions. Now there will be proof of the transaction in the agreement for sale and allotment letter. The agent is going to be bound from both sides, that is, by the allottees and the developers. People were not taking the role of real estate agents seriously so far, and real estate agents were working in an unorganised manner. The MahaRERA is organising them,” Vyas added.
The MahaRERA earlier made it mandatory for developers to include all details related to parking as part of annexures to the allotment letter and agreement for sale after receiving complaints regarding parking spaces.
The regulatory authority also issued a draft order earlier, which made it mandatory for promoters to provide comprehensive details, including the size and area of all amenities and facilities that the developer will provide in common areas of the project, including within the building and in the overall layout.
