The Maharashtra Real Estate Regulatory Authority (MahaRERA) has taken a significant step by suspending the registration of approximately 20,000 real estate agents for failing to obtain the MahaRERA Real Estate Agent Certificate of Competency. This suspension, lasting for a year, prohibits these agents from engaging in any real estate transactions.
The move by MahaRERA follows its mandate, set in January 2023, requiring agents to undergo training and obtain the prescribed certificate of registration. Despite multiple extensions, a considerable number of agents failed to comply, leading to the recent action. Agents who complete the training and obtain the Certificate of Competency within the stipulated timeframe will have their licenses renewed. However, those who fail to do so risk having their registrations cancelled after the designated period.
Ajoy Mehta, Chairman of MahaRERA, emphasized the importance of compliance, stating that the decision to mandate certification was made in January 2023 and became binding for all agents on January 1, 2024. Mehta warned developers against engaging with unqualified agents, indicating that MahaRERA would not hesitate to cancel the registration of developers who continue to do so.
This development highlights MahaRERA’s commitment to ensuring transparency and professionalism in the real estate sector, ultimately aiming to protect the interests of homebuyers and promote accountability among industry stakeholders.
The suspension of registrations affects more than 42% of the total registered real estate agents in Maharashtra, indicating the scale of non-compliance with MahaRERA’s regulations. Out of the 47,000 agents registered with MahaRERA since its inception in May 2017, around 20,000 are now unable to conduct business legally until they obtain the required certification.
MahaRERA’s decision underscores the need for agents to adhere to regulatory requirements to maintain their eligibility to operate in the real estate market. Additionally, it serves as a reminder to developers and other industry players of their responsibility to engage only with certified professionals, thus upholding standards of quality and professionalism in the sector.
MahaRERA’s suspension of real estate agent registrations in Maharashtra sends a clear message about the importance of compliance with regulatory mandates. It is a crucial step towards fostering trust and accountability within the real estate industry, ultimately benefiting both consumers and stakeholders alike.