The Real Estate Regulatory Authority requires agents involved in the buying and selling of properties to be registered under RERA. The RERA Act is applicable in India, and each real estate agent must obtain a RERA registration. Don’t wait! Contact vakilsearch, we can assist you in obtaining the RERA Registration for Agents.
RERA Agent Registration Overview
An agent with RERA Registration for Agent can only deal with real estate plans required to be registered under the RERA Act. In order to perform the following works, RERA registration is required:-
- Promote your business,
- Describe the market,
- Offer for sale, book, or sell
- Plots, apartments, or buildings can be offered for investment.
A rule and regulation regarding RERA registration for real estate agents can also be issued by state governments. The only agent eligible to deal with properties registered under RERA is one who has a RERA registration.
What is a real estate agent?
A “Real estate agent” is an individual who assists another person in a real estate transaction and is compensated with fees. Clients can purchase, sell, and rent properties through real estate agents. A real estate agent advises clients on:
- An overview of the market scenario
- Assist in the process of buying, selling, or leasing properties.
Do projects have to be sold by an agent who is registered under RERA?
A RERA-registered agent can only sell the project when:
- Any real estate development project larger than 500 square feet. meters, or
- More than eight apartments have been developed
The benefits of RERA registration for agents
- Enhances transparency
Obtaining a RERA Registration for agents is the main goal of ensuring full transparency.
- Trustworthiness of the builder
Through RERA agent registration ensures the credibility of the builder. In most cases, buyers prefer to deal with builders who are registered with RERA.
- Detailed disclosure of project details
In RERA registration, agents are very familiar with all details, such as the plan of the project, the layout, and the government. Approvals, etc., that assist the client in making a decision.
- Complaints are entertained
- Any complaints or grievances raised by the clients and investors will be directly addressed by the RERA agent.
- Builder’s Complete Information
- A RERA registration allows purchasers and investors to obtain full information about builders and developers.
For RERA registration Agent, what documents are required?
Documents required for RERA registration include:
- Proof of the potential agent’s identity and address.
- Contact Details
- A passport-sized photo of the agent
- Information about his organization, such as its name and registered address.
- Company incorporation certificate, PAN card, and MSME certificate, etc.
- Detailed information about the project and the promoter.
- Approved project layout.
In order to obtain a RERA registration for an agent, what is the procedure?
Real estate agents are required to register with the state’s Real Estate Regulatory Authority. As prescribed by law, an application must be submitted with all required documentation and fees.
After reviewing the application, the authority will grant registration to the respective state. However, if the authority has a valid reason for rejecting the application, he may reject it. In the event of such a rejection, the applicant is however given the opportunity to be heard before the decision is made.
It is important to note that if the applicant does not receive a reply from the authority, your application will be considered accepted. Registration numbers and certificates should be issued within 30 days of registration by the authorities.
RERA Agent Registration Step-by-Step Process
- Filing Of Application Form
An application must be submitted to the authority along with the required details and documents.
Note-The Form Varies From State To State.
- Payment And Requisite Documents
In addition to submitting the application, the applicant must also pay the applicable fees. The applicant may do so in one of the following ways: –
• A demand draft,
• A bankers’ check drawn on a scheduled bank, or,
• Paying online to the real estate regulatory authority is calculated in the schedule.
- Application Acceptance Or Rejection
Within 30 days of receiving the application form, the authority will accept or reject it.
- Registration Certificate Issuance
Agents shall receive a registration certificate from the authority.
Under the RERA Act, what are the penalties associated with agents?
- Defaulting agents are liable for penalties of Rs 10000 per day which can reach 5% of the building’s cost.
- Agents who engage in unfair trade practices are liable for a year’s imprisonment if found guilty.
- Non-compliance with REM orders could result in a fine of up to 5% of the property’s cost.
- You may be fined 10% of the costs, imprisoned for up to 1 year, or both if you do not comply with the Appellate Tribunal’s orders.
What are the roles of real estate agents?
There are various roles that real estate agents play, as explained below:-
- Keeping Records
Real estate agents keep records of promoters and their projects.
- Provide Proper Documents To Buyers
Whenever necessary, the agents must present all records and documents to the buyer.
- Provides Information To The Public
Agents provide accurate and genuine information to the public and shall not mislead them with false information.
- Deal Fairly
– A real estate agent should treat the money of their clients fairly.