Overview on RERA Registration for Agent
A real estate plan that must be registered under the RERA Act can be dealt with only by an agent having RERA Registration for Agent. RERA registration is required to do the following works, which are as follows:-
- Advertise,
- Market,
- Book, sell or, offer for sale or,
- Invite persons to invest in any plot, apartment, or building.
Also, the State Governments have been provided with the powers to issue rules and regulations related to RERA registration for real estate agent registration. Hence, only an Agent having RERA Registration is eligible for dealing in properties having RERA registration.
Who is a Real Estate Agent?
A “Real estate agent” is an individual who performs on behalf of another person in a real estate transaction and is profited with fees for the service extended. The agent helps his clients buying, selling, or renting properties. The real-estate agent advice clients about-
- Market Scenario, and
- Provide aid through the process of buying, selling, or leasing properties.
When Projects can only be sold by an Agent having RERA Registration?
The project can only be sold by an agent having RERA Registration when-
- Any real estate project where the area of development exceeds 500 sq. meters, or
- If the number of apartments developed are more than 8.
What are the Advantages of obtaining a RERA Registration for Agents?
- Ensures TransparencyThe main motive behind obtaining a RERA Registration for agents is to ensure full transparency in the real estate projects.
- Builder’s TrustworthinessWith the help of RERA registration, the agent gives assurance of the credibility of the builder. Normally, the buyers prefer to deal with the builders who have RERA registration.
- Full Disclosure Of Project DetailsAgents registered under RERA registration are well-aware of all details like project-plan, layout, govt. approvals, etc. that help the client in decision making.
- Entertains The ComplaintsAll complaints or grievances raised by the clients and investor is directly entertained by the Agent registered under RERA.
- Complete Information Of BuilderRERA registration allows the buyers or investors of real estate to be able to get full information related to the builders or developers.
What Documents are Required for RERA Registration for Agent?
Below-mentioned documents are required for RERA Registration-
- Id and address proof of the potential agent.
- Contact Details
- A passport size photograph of the agent
- Particulars related to his organization such as name and registered address.
- In case of a company, Certificate of Incorporation, PAN Card and MSME Certificate, etc.
- Details of the Project along with the promoter details.
- The Approved layout of the project.
What is the Procedure to obtain the RERA Registration for Agent?
Every real estate agent is directed to make an application for registration to the state Real Estate Regulatory Authority. An application shall be submitted along with the documentation and fees as prescribed by the law.
Once the application is reviewed, the authority will grant a registration for the respective state as applied for. However, the authority may even reject the application if he has a sufficient reason for rejection. However, before such a rejection, the opportunity of being heard will be provided.
Note-If the applicant does receive any reply from the authority, consider your application to be accepted. The authorities shall issue the registration number, along with the certificate, within 30 days from the date of registration.
Step-By-Step Process To Obtain The RERA Registration For Agent
- Filing Of Application FormThe applicant shall make an application to the authority along with the requisite details and documents.Note-The Form Varies From State To State.
- Payment And Requisite DocumentsOnce the application is submitted along with the required documents, the applicant shall also pay the requisite fees either by the way of –• Demand draft or,
• Bankers cheque is drawn on any scheduled bank or,
• Online payment to the real estate regulatory authority is calculated in the schedule.
- Acceptance Or Rejection Of ApplicationThe authority will accept or reject the application within 30 days of receipt of such application form.
- Issuance Of Registration CertificateThe authority shall issue a registration certificate to the agent.
What are the Penalties Associated for Agents under the RERA Act?
- In case of default, the agent shall be liable for a penalty of Rs 10000 per day that can extend to 5% of the cost of the plot or building.
- In case the agent is involved in any unfair trade practices, he shall be liable for punishment by way of 1-year imprisonment.
- Up to 5 % of the property cost for non-compliance with the orders of REM.
- Up to 10% of the cost, imprisonment of up to 1 year or both for non-compliance with the orders of the Appellate Tribunal.
What are the Roles of the Real Estate Agent?
The real estate agents play various roles which are explained below:-
- Keeping RecordsThe real estate agents keeps all the records of the promoters as well as their projects.
- Provide Proper Documents To BuyerThe agents must present all the records and documents to the buyer as and when required.
- Provides Information To The PublicThe agents provide the accurate and genuine information to the public and shall not misguide them with false facts of the projects.
- Deal FairlyThe agent should act fairly with the hard-earned money of their clients.
