The Maharashtra Real Estate Regulatory Authority (MahaRERA) has suspended the registrations of approximately 20,000 real estate agents for non-compliance with regulatory requirements.
This suspension, which bars them from conducting business as agents, follows the regulatory body’s mandate requiring agents to obtain a certificate of competency and register it on the MahaRERA website. Since the beginning of the year, MahaRERA has made it obligatory for real estate agents to undergo training, pass a competency exam, and register their certificates with the regulatory authority to continue their operations. However, an alarming number of agents, amounting to around 20,000, have failed to adhere to these prerequisites, including the uploading of their competency certificates on the MahaRERA portal.
Consequently, MahaRERA has suspended the registration of these agents for a duration of one year, during which they are mandated to complete the requisite training, obtain the certificate of competency, and upload it onto the portal. Those agents who have already obtained the certificate must also ensure its registration on the platform. Failure to comply with these directives within the stipulated timeframe will result in the cancellation of their registration, with the possibility of reapplying for fresh registration only after a waiting period of six months thereafter.
According to MahaRERA statistics, approximately 47,000 agents have been registered since the authority’s inception on May 1, 2017. Additionally, MahaRERA has revoked the registrations of 13,785 real estate agents for failing to renew their licenses, while some agents have voluntarily requested the cancellation of their registrations. This regulatory crackdown underscores MahaRERA’s commitment to ensuring compliance within the real estate sector and upholding transparency and professionalism among real estate agents. The suspension of registrations serves as a stern reminder to industry stakeholders regarding the importance of adhering to regulatory standards and fulfilling prescribed obligations.
