In a significant move to bring professionalism, accountability, and competence to the real estate sector, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has implemented a new training and certification program for real estate agents. This article will provide an in-depth analysis of the case and its implications for the industry. The case number for this order is Ll1 12023, MahaRERA/Secy/File No. lf 9112023.
The Government of India enacted the Real Estate (Regulation and Development) Act 2016 (the Act), which came into force on 01.05.2017. To enforce the provisions of the Act, the Government of Maharashtra established the Maharashtra Real Estate Regulatory Authority through Notification No. 23 dated 08.03.2017. Additionally, the Maharashtra government notified the Maharashtra Real Estate (Regulation and Development) (Registration of Real Estate Projects, Registration of Real Estate Agents, Rates of Interest and Disclosures on Website) Rules, 2017.
Importance of Real Estate Agents:
Real estate agents play a crucial role in facilitating real estate transactions by connecting home buyers/allottees with promoters. Recognizing their significance in the industry, the Act mandates that all real estate agents must be registered with MahaRERA before engaging in activities related to the sale or purchase of real estate projects.
Introduction of Training and Certification:
To ensure consistency in industry practices and enhance the knowledge and awareness of real estate agents regarding regulatory and legal frameworks, MahaRERA has introduced a basic real estate agent training and certification course. This initiative aims to enforce a code of conduct and ensure that real estate agents are professionally qualified to assist home buyers/allottees effectively.
Eligibility Criteria for Corporate Real Estate Agents:
Corporate real estate agents meeting specific criteria are considered eligible to provide MahaRERA's prescribed real estate agent training. To qualify, an organization must hold a valid MahaRERA real estate agent registration certificate, employ a minimum of 500 full-time employees/staff who interact with home buyers/allottees for MahaRERA registered projects, and possess a robust in-house training capacity with experienced trainers and necessary facilities.
Training and Certification Process:
Eligible corporate real estate agents need to submit an application to MahaRERA, providing comprehensive details about their trainers, training facilities, and more. The training should strictly follow the curriculum and guidelines prescribed by MahaRERA and can be conducted through online, classroom, or hybrid methods. Upon completion of the program, the organization must share the candidate's records/details with MahaRERA using the provided formats. Only candidates who have successfully completed the training program/course, as certified by the organization, will be eligible to appear for the exam.
Obligations of Selected Real Estate Agent Organizations:
Selected real estate agent organizations should appoint a nodal officer based in Maharashtra, responsible for attending fortnightly review meetings on behalf of the organization. This helps ensure effective communication and compliance with MahaRERA's directives.
MahaRERA's introduction of a training and certification program for real estate agents marks a significant step toward enhancing professionalism and accountability in the industry. By setting guidelines, enforcing a code of conduct, and ensuring adequate knowledge and competence, MahaRERA aims to create a more transparent and reliable real estate sector in Maharashtra.
Note: The information provided in this article about Maharashtra Real Estate Regulatory Authority (MahaRERA) is for informational purposes only. It is not intended as legal or professional advice and readers should consult qualified professionals for advice specific to their circumstances. The information provided in this article is based on the MahaRERA / Secy / File No. lf 9112023 before the Maharashtra Real Estate Regulatory Authority
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