by THO
The Maharashtra Real Estate Regulatory Authority (MahaRERA) on May 23 said that it has suspended registration of about 20,000 agents for a period of one year after they failed to obtain the MahaRERA Real Estate Agent Certificate of Competency.
The MahaRERA said it has restricted these real estate agents from engaging in any transaction.
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This essentially means that more than 42% of the total registered real estate agents now do not have legal registration to practice in Maharashtra. As many as 47,000 real estate agents were registered in Maharashtra with MahaRERA ever since its inception in May 2017.
What is Certificate of Competency?
In an order dated January 2023, the MahaRERA had made it mandatory for agents to undergo training and obtain the prescribed certificate of registration.
According to MahaRERA, if the 20,000 real estate agents complete the training, obtain the Certificate of Competency, and upload the same on the portal within a year, their license will be renewed.
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“Those who do not follow the procedure within the stipulated time frame, their registration will stand cancelled after a year,” MahaRERA said in a statement.
MahaRERA chairman warns real estate agents
“MahaRERA has made it mandatory for agents to undergo training, clear the examination, and obtain certification. This decision was taken on January 10, 2023, and was extended multiple times before finally becoming binding for all agents on January 1, 2024. Despite this, around 20,000 agents operating are still unqualified and their approval was revoked,” said Ajoy Mehta, chairman of MahaRERA.
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“MahaRERA will not hesitate to cancel the registration of developers who will continue to engage with the unqualified agents. Developers must not overlook this warning,” added Mehta.
