RERA Guidelines on Registration of Real Estate Agents and Brokers
The Real Estate (Regulation and Development) Act 2016 launched the Real Estate Regulatory Authority (RERA) with the aim to enhance transparency and accountability in real estate transactions and organize the whole process. The Act requires every real estate agent to register with their state’s respective real estate regulatory authority to procure a RERA registration number/license. Once issued, the license will be valid for five years.
As per RERA guidelines, a RERA registered/licensed real estate agent shall
- not facilitate the purchase/sale of any unregistered property.
- obey the rules stated in the Act.
- not indulge in any unfair trade practices such as making a statement (orally or in writing) that is false and misleading or allowing the advertisement of services that will most likely not be offered.
- facilitate the possession of all the documents and information that the homebuyer is entitled to at the time he/she books any apartment, plot, or building.
RERA Act regulates real estate transactions and ensures that home buyers have access to licensed, responsible agents without having to worry about being misled or cheated. Security, fairness, authorization, transparency, and quality are all taken care of by RERA. It offers a number of benefits to the promoter, the buyer, and the real estate agent as well