The Maharashtra Real Estate Regulatory Authority (MahaRERA) has brought attention to a significant issue, revealing that more than 13,000 real estate agents in Maharashtra have allowed their registrations to lapse. This lapse in registration has prompted a cautionary advisory from MahaRERA, warning homebuyers against engaging in transactions with these agents.
Since its establishment in May 2017, MahaRERA has mandated the registration of all real estate agents operating in the state. Additionally, six months ago, agents were instructed to prominently display their RERA registration numbers and QR codes on their promotional materials and activities.
Despite these requirements, a concerning number of agents—amounting to over 13,000—have failed to renew their registrations, out of a total of more than 44,000 registered agents in Maharashtra. Registration renewal is obligatory every five years, yet a significant portion of agents neglected to fulfill this obligation, with a majority of registrations expiring between May and June 2022.
To become certified real estate agents, individuals must pass a competency examination assessing their knowledge of homebuyers’ rights, the RERA Act, and other pertinent aspects of the real estate sector.
In light of these developments, MahaRERA officials have issued a warning to homebuyers, urging them to exercise caution and refrain from engaging with unregistered agents. It is emphasized that the competency examination is crucial, and MahaRERA expects all agents to clear it and renew their registration promptly.
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The majority of agents allowing their registrations to lapse are reportedly smaller-scale operators who may not perceive the necessity of registration. However, MahaRERA underscores the importance of compliance with regulatory frameworks, stressing that adherence is essential for all stakeholders to maintain relevance within the real estate sector.
The list of agents whose registrations have lapsed, as published on the MahaRERA website, indicates that a significant proportion of these agents are located in the Konkan region, encompassing the Mumbai Metropolitan Region, Pune, and the Nagpur region.
This revelation underscores the need for stricter adherence to regulatory requirements within the real estate industry, ensuring transparency and accountability in transactions while safeguarding the interests of homebuyers. MahaRERA’s proactive approach in highlighting this issue serves as a reminder to all stakeholders of the importance of regulatory compliance and ethical conduct in the real estate market.