Maharashtra Cracks Down on Unqualified Agents: Over 20,000 Real Estate Registrations Suspended

Mumbai, Maharashtra - May 24, 2024: In a move aimed at protecting homebuyers and promoting professionalism in the real estate sector, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has suspended the registrations of over 20,000 real estate agents across the state.

The suspensions stem from a new regulation implemented in January 2024, which mandated that all real estate agents must obtain a mandatory "Real Estate Agent Certificate of Competency" from MahaRERA. This certification requires agents to undergo training, pass an examination, and register their credentials with the regulatory body.

MahaRERA Chairman Ajoy Mehta emphasised the critical role real estate agents play in facilitating transactions between homebuyers and developers. He stressed, "MahaRERA has made it compulsory for agents to undergo proper training, clear an examination, and obtain certification. This decision, taken in January 2023, was extended multiple times to ensure ample time for compliance. Despite these extensions, a significant number of agents, roughly 20,000, have failed to meet the requirements."

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The suspension effectively bars these unqualified agents from engaging in any real estate transactions for a period of one year. This action serves as a strong deterrent against unprofessional practices and promotes transparency within the sector. Mehta further warned, "MahaRERA will not hesitate to take action against developers who continue to engage with unqualified agents."

Benefits for Homebuyers:

This crackdown by MahaRERA is expected to benefit homebuyers in several ways:

• Enhanced Professionalism: By ensuring agents possess the necessary knowledge and skills, homebuyers can expect a more professional and informed service.
• Improved Transparency: The mandatory training and certification process promotes greater transparency in dealings between agents, developers, and homebuyers.
• Reduced Risk of Malpractice: The regulations aim to minimize the risk of fraudulent or unethical practices by unqualified agents.

Reactions from the Industry:

While the move has been welcomed by homebuyer associations, some concerns have been raised within the real estate industry. A few agents have expressed concerns about the feasibility of the training requirements, particularly for those with extensive experience.

However, MahaRERA maintains that the competency certification is a crucial step towards professionalizing the real estate sector and ensuring a fair and secure environment for both homebuyers and legitimate real estate agents.

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