Overview

A "Real Estate Agent"There is a person who works on behalf of someone else in matters related to real estate transactions, and makes profits with expenses for extended services. Property dealers, middlemen, brokers can be considered as real estate agents. His primary job of real estate agents is to strike a deal on the sale of plots, land, buildings, and apartments. Under the appropriate RERA Act in India, all Realtors must obtain RERA registration for agents.

As per RERA Act 2016, RERA registered agents have the authority to deal with the real estate sector. They can legally indulge in the process of sale and purchase of immovable property which are registered under Section 3 of the Act.

The Section 2(zm) of the act defines “Real Estate Agent“–

“This means that any person who negotiates or acts on behalf of a person in the transaction of transfer of his plot, apartment or building, as the case may be, in a real estate project, by way of sale, in any With the transfer of another person or plot. , Apartment or building, as the case may be, receives remuneration or fees or any other charges for any person possessed and for his services whether as commission or otherwise and includes any person who Through the medium, it is possible for potential buyers and sellers to negotiate for the sale or purchase of plots, apartments or buildings, as the case may be, and includes property dealers, brokers, middlemen, by whatever name called. goes.”

Section 9 of the Act makes the registration of an agent a mandatory thing.

(1) No real estate agent can facilitate the sale / purchase of properties in real estate projects in the registered U / s 3 of the Act without obtaining registration under Section 9.

(2) Every real estate agent shall make an application to the Authority for registration in such form, manner within such time and accompanied by such fee and documents as may be prescribed in respective State’ s rules. The Authority shall grant a single registration to the real estate agent for the entire State or Union territory.”

The RERA Act empowers state governments to draft rules and guidelines related to RERA registration for real estate agents. Any undertaking where the area of ​​development is more than 500 square meters or the quantity of condos manufactured is more than eight, such projects must have RERA registration and only agents with RERA registration can be involved in the sale of the project. Subsequently, only one agent with RERA registration is eligible to deal with properties with RERA registration.

Impact

The origins of the RERA have given rise to the State Real Estate Regulatory Authority and the Real Estate Appellate Tribunal, both of which are intended to set off debate concerning the acquisition of property. There will be no other client assembly and general courts for the oppressed party to settle such issues. RERA forms the basis for resolving disputes on a fast-track basis.

RERA's main impact on the real estate industry

h2> Benefits

A real estate enterprise that must be registered under the RERA Act can be managed separately by a real estate agent with RERA registration. RERA registration is required to publicize a market, book, sale, or offer to buy, buy, or welcome people to buy in any plot, condo, or building.

Plots and apartments exempted from RERA registration requirements:

• The area of ​​land under the development process should not exceed 500 square meters.
• The number of plots to be constructed under the project should not exceed eight.
• Any type of renovation activity or repair that is conducted without marketing, advertising, sale of any apartment, building or plot.

Required Document

• Name of the agent mentioned in the PAN card
• Agent's Authentic Address
• Contact Details
• Agent's passport size photo
• Information related to his enterprise such as name, registered address
• Specific details stating the type of organization like partnership firm, proprietorship firm, private limited, public limited or LLP with registration number

Some Functions

• Do not encourage deal or acquisition of any plot, scaffolding or building in any real estate project or part thereof, being sold by the promoter in any planned area which does not cover under the authority registration,
• Preserve and recommend recorded books, records and documents,
• Do not involve yourself outside of any line business practices
• At the time of booking any plot, scaffolding or building, allot ownership of all data and records, as is allotted, to be eligible for
• Other such functions can be determined

Registration process

For RERA registration, an application form will be filed with expenses and important documents.

• When you file the application, the regulator will issue a registration number which is mentioned in the documents that pertain to the sale of the property.
• It is necessary to keep the books of accounts, records and other exchange related documents on quarterly basis.
• You need to provide definitive data and reports regarding the enterprise entered into with the buyer.
• While recording an application, you should be aware that an agent may be suspended if an incident of deception or extortion occurs at the time of RERA registration.

RERA registration fee for real estate agent under RERA

• If there is an incident of a person being a candidate, then an amount of ten thousand.
• Rs. One lakh, should an event of a candidate occur, is an entity not listed under the Companies Act 2013 or it / li>
• Rupees twenty - five lakhs, should an event of a candidate occur, a body corporate, registered under the Companies Act, 2013, will be paid as a fee to the authority for obtaining registration.
• The fee will be paid to the authority through NEFT or RTGS system at the time of filling the online application or through compensation request or demand draft payable to the authority leader and drawn on any employed bank along with the application, While submitting such application.

Validity

• RERA registration for agents is valid for one year or longer depending on the amount paid. Agents can renew their registration at the end of its term.
• In case of any misrepresentation, fraud or breach authority posses the right to revoke the agent’s registration at any time.

RERA Complaints for Real Estate Agent

• To ensure that the real estate property is registered with the respective state RERA
• To ensure that all the papers or documents required in the arrangement have been allocated
• Try not to give any fake guarantee or false commitment
• Try not to get involved in any kind of abuse