How can Real Estate Agents work with RERA?

Author: Riya Kapoor

Highlights

Real estate agents will be penalized if they will falsely represent any information regarding the project to buyers.The penalty will extend up to Rs 10,000 per day and maximum 5% of total project cost.
Maintain records and documents of all the real estate projects and developers agents are working with.
Real estate agents will be given a registration number by the authority which will be valid for 5 years and will be quoted in every transaction facilitated by him

The Real Estate ( Regulation and development ) Act to come into force in India on 01 May 2017.

Real estate agents are the nerve of real estate industry.They are the mediators facilitating transactions between builder and buyer. Section 9 and 10 of act covers real estate agents.

Under RERA provisions, all brokers are

mandatory required to get registered with the concerned state-level regulatory authorities. Real estate agents will be given a registration number by the authority which will be valid for 5 years and will be quoted in every transaction facilitated by him. The act states that only registered are allowed to function in the real estate market. RERA puts into loop all real estate brokers dealing in under construction projects. Along with registration, real estate agents are also captured in penalty circle under RERA Regime.

Real estate agents will be penalized if they will falsely represent any information regarding the project to buyers.The penalty will extend up to Rs 10,000 per day and maximum 5% of total project cost.

So, real estate agents should take precautionary measures and work in a transparent manner. Let’s have a watch out on “Do’s and Dont’s for real estate agents after RERA.”

Don't indulge in unfair trade practices while working.
Follow guidelines as prescribed by RERA.
Work with builders after doing a proper research.
Before working with any builder, make sure that project is RERA certified.
Don't give false information to clients.
Maintain records and documents of all the real estate projects and developers agents are working with.
Do not make any false representation whether orally, written or by visual representation.
Be informative and have sound real estate knowledge.
Make sure you mention your RERA registration number on documents like brochures, sale deed, visiting card etc.
Share all the information and documents about the project with the buyer.