All you need to know about RERA in Maharashtra for real estate agents

Under Real Estate (Regulation and Development) Act 2016, all Real Estate Agents shall have to register with RERA before facilitating any transaction. Every Agent has to be listed by Promoter during the Project Registration / Status Updates without which agent can’t market the project. If any real estate agent fails to register, he shall be liable to a penalty of ten thousand rupees for every day during which such default continues, which may cumulatively extend up to five percent of the cost of plot, apartment or buildings, as the case may be, of the real estate project, for which the sale or purchase has been facilitated.

The registration number for real estate agents shall be valid for five years.In total, over 4,000 real estate agents are registered in Maharashtra.

Now, Let's have a look at the process of RERA Registration for real estate agents in Maharashtra.

Documents required for RERA Registration in Maharashtra for real estate agents:

1. Pan Card of real estate agent /partners/ Directors
2. Aadhaar card of real estate agent /partners/ Directors
3. Photograph of real estate agent /partners/ Directors
4. Registration proof (Partnership Deed or COI in case of Company)
5. Income tax returns for last 3 financial years preceding the application or in case the applicant was exempted from filing returns in any of the three years preceding the application, a declaration to such effect.
6. Business Pan card (in case of partnership & company)
7. Self Certified Letterhead along with rubber stamp
8. acknowledgment receipts proposed to be used by the real estate agent.
9. Government Fees for Registration:

The real estate agents are required to pay registration fees at the time of application to the authority through NEFT or RTGS or any other digital transaction mode. The Registration Fees is as follows:

• In case of Individual: Rs 10,000
• In case of other than individual: Rs 1,00,000

Maharashtra was one of the first states in the country to build an authority in the Real Estate Regulation and Development Act. Real Estate (Regulation and Development) Act 2016 is a step towards reforming the real estate sector in India, encouraging more transparency, accountability, and professionalism.

TAG:  Real Estate (Regulation and Development) Act 2016,  RERA in Maharashtra, RERA Registration in Maharashtra