What Are the Disadvantages of Non-Registration?
Every aspiring real estate agent wants to know how to become a real estate agent in India. As we’ve already seen, the first and most important step is to register under RERA and obtain a professional license. If any broker or agent continues to do business without registration, he/she will be liable to pay a penalty of Rs. 10,000 per day in case of any defaults. The penalty price may also extend up to 5% of the cost of the property that he/she is selling.
A major disadvantage of non-registration is that an agent will not be authorized to sell properties or involve in any real estate business. Furthermore, a penalty of up to 5% will be applicable in the event of non-compliance with the orders of RERA. In case of indulgence in any kind of unfair trade practices, the agent will be subject to one year of imprisonment.