- Under Real Estate Regulatory and Development Act 2016 every real estate agent is required to get enrolled in RERA before making any sale or marketing.
- The RERA registration number will be valid for 5 years.
- will be renewed thereafter by submitting a renewal application 60 days prior to the expiry date.
Under Real Estate Regulatory and Development Act 2016 every real estate agent is required to get enrolled in RERA before making any sale or marketing. Section 9 and section 10 defines the roles and responsibilities of real estate consultant or agent in RERA.
Who is a real estate agent?
Section 2 (zm) of RERA clearly defines real estate agents. As per the definition, a “real estate agent” means any person, who negotiates or represents other persons for transfer of a real estate property by way of sale to another person and receives remuneration or fees or any other charges for his services whether as commission. A real estate agent is also a person who introduces, through any medium, prospective buyers and sellers to each other for negotiation for sale or purchase of real estate property, as the case may be, and includes property dealers, brokers, middlemen etc.
RERA Registration Process for Real Estate Agents
1) Submit application form along with the fees and documents as applicable.
2)The authorities shall deliver the registration number, along with the certificate, within 30 days from the date of registration.
3)The registration certificate should be displayed at the place of business. It should also be mentioned on advertisement collateral as well.
4)The agent shall maintain the book of accounts, records, and documents, separately for each real estate project.
Validity of Registration number
The RERA registration number will be valid for 5 years and will be renewed thereafter by submitting a renewal application 60 days prior to the expiry date.
Penalty in case of non registration in RERA
Rs 10,000 per day during the period of failure and a maximum of up to 5 percent of the value of the project value.