RERA (Real Estate Regulatory Authority) was launched in 2016 to bring law and order to the Real Estate sector. Since its launch, RERA has gained significant control over Real Estate frauds and inconsistencies. RERA has successfully brought professionalism, accountability, and trust across all transactions in the sector.
This year, MahaRERA has announced plans to provide training to Real Estate agents. From May 1, 2023, when it completes six years of operations, the authority will only allow agents with a valid Competency Certificate to register as authorized Real Estate agents on its portal.
With a view to ensuring consistency in the practices of Real Estate agents, improving knowledge and awareness of the regulatory and legal frameworks and practices, enforcing the code of conduct, and making sure that Real Estate agents are professionally qualified to assist home buyers, MahaRERA proposed to introduce a basic Real Estate agent training and certification course for Real Estate agents across the state of Maharashtra.
Real estate agents will receive a mix of online, offline, and hybrid training in February from accredited training providers. Over the past two years, the authority has developed a primary curriculum for training Real Estate agents.
By partnering with the Institute of Banking Personnel Selection, it has developed online exams so that Real Estate agents who pass them can earn a Certificate of Competency. By September 1, 2023, agents registered with MahaRERA must obtain the competency certificate.
As long as one could smooth-talk the customer, the Real Estate agent business was the easiest way to self-employment until now. But, Real Estate agents or brokers are the public faces and the intermediaries between owners and buyers. Every broker has a code of conduct; this initiative will enhance buyers' home-buying experience and increase the level of trust among owners and buyers.
MahaRERA has been taking constructive steps in managing India's real estate sector. In 2022, it introduced a separate vertical to revive 4000 stalled projects in the state. It is constantly taking strict actions against developers who don't abide by its rules.
This new plan of obtaining a Competency Certificate will force non-registered Real Estate Agents to register on the RERA portal and get the certificate.
Currently, 37,746 Real Estate agents in Maharashtra are registered with MahaRERA. If the non-registered developers too follow the registration protocol and get certified, investing in Real Estate will completely transform for good in the future!
