Maharashtra’s real estate regulator has announced the suspension of registration for 20,000 real estate brokers, significantly reducing the pool of registered agents in the state to just 13,000.
Maharashtra’s Real Estate Regulator Suspends Registration of 20,000 Property Brokers
Since its inception in 2017, the regulator has been actively involved in the registration and oversight of property brokers. Earlier this year, it took action against 13,785 agents for failing to renew their licenses, signaling a stringent approach towards compliance.
The Latest Decision: Suspension of 20,000 Agent Registrations
The recent decision by Maharashtra’s realty regulator targets an additional 20,000 agents whose registrations have been suspended for one year. This action was taken due to their failure to obtain the MahaRERA real estate agent certificate of competency or to upload the certificate on the regulator’s website.
Affected agents have the opportunity to renew their licenses by fulfilling certain criteria within the stipulated time frame. This includes undergoing training, clearing the examination, and obtaining the necessary certification, which must be uploaded onto the portal within a year.
The regulatory body anticipates approximately 5,500 new candidates to undergo the examination for agent registration next month. Chairman Ajoy Mehta emphasized the importance of agents being well-versed with the Real Estate (Regulation and Development) Act, 2016 regulations, highlighting the mandatory training and certification requirements introduced by MahaRERA.
Despite the mandatory requirements, around 20,000 agents continue to operate without proper qualification, leading to their registration suspension. Chairman Mehta issued a stern warning, indicating that the regulator will not hesitate to cancel the registration of developers who persist in engaging with unqualified agents.
Conclusion: Navigating the Evolving Real Estate Regulatory Landscape
As Maharashtra’s real estate sector undergoes regulatory transformation, the suspension of agent registrations underscores the importance of adherence to regulatory standards. With stringent measures in place, the regulator aims to ensure transparency, professionalism, and accountability within the industry.
For more updates and insights on Maharashtra’s real estate regulatory framework, stay tuned to trusted sources and regulatory announcements.
FAQs
What led to the suspension of 20,000 property broker registrations in Maharashtra?
The suspension was primarily due to the failure of these agents to obtain the MahaRERA real estate agent certificate of competency or to upload the certificate on the regulator’s website.
How can suspended agents renew their registrations?
Suspended agents can renew their registrations by completing the necessary training, passing the examination, and obtaining the required certification within the specified time frame.
What measures has MahaRERA introduced to ensure regulatory compliance among property brokers?
MahaRERA has mandated training, examination, and certification for property brokers to ensure compliance with the Real Estate (Regulation and Development) Act, 2016 regulations.
What consequences await developers who engage with unqualified agents?
Developers who continue to engage with unqualified agents risk having their registrations cancelled by the regulatory authority, emphasizing the importance of compliance with regulatory standards.
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